BY NDUMBE BELL JOSEPH GASTON IN DOUALA
Following the decisions taken by shareholders during an extra-ordinary general meeting held in the month of June 22.2023, the Commercial Bank of Cameroon (CBC) has raised its capital.
The increase from FCFA 16.5 billion to FCFA 24 billion was announced by the chairman of the board Alfred Tiki and published on July 19. The actual increase of FCFA 7.5 billion is over 45.45 percent.
It is not mentioned how they arrived at the amount but this is a bank with 98 percent state control. The chairman orchestrated that, this is part of the positive evolution of the restructuration process marked and a particular facilitated and masterminded by a state consultant. The stakeholders are encouraged by the realisation of FCFA 5 billion in the 2022 financial year.
This new capital increase is now expected to be validated by the national and sub-regional relatedinstitutions just as it was done in July of 2020 when the bank increased its capital from F CFA 12 billion to FCFA 16.5 billion by incorporating reserves.
Right now, it is reported that the Minister of Finance is in search of another consultant whose responsibility would be to assist the state in finalising the restructuring process. The consultant will have to develop the overall schedule for the operation, verify compliance with the legal procedures and prepare for a smooth regularity. All the necessary stakeholders, business lawyers, chartered accountants, financial analysts, banking experts, human resources experts, banking organisations experts, would be needed. The consultant would be expected to support the state in the conduct of the stock market operation and prepare a notice of solicitation for expression of interest, among others.
The report states that after compiling the documents in preparation for this consultant, the file (they say) was supposed to have reached the Ministry of Finance since April 22, but there has been no reaction yet.