Cameroon’s biggest private Banker, Cameroon’s International Bank of Savings and Credit (BICEC), will soon be owned and controlled by Morocco’s Peoples Central Bank after BICEC largest shareholder, the French banking group, People’s Savings Bank (BPCE), agreed to sell its sixty eight percent shares in BICEC to the Moroccan banking group.
“We are looking for a partner who already knows Africa very well and has an African development project,” said Jean Pierre Levayer, Managing Director of BPCE International, according to Business in Cameroon.
Cameroon’s top Banks are controlled by its French colonial master. Although Cameroonians have decried French control of their financial sector, the government of Biya has been reluctant to reform the sector to encourage local domination. In July this year, Philippe Wattecamps, a French citizen, was appointed as the new managing director of BICEC. He replaced another French citizen, Alain Ripert, the former director who was promoted as BICEC’s board member.