Bankers Protest Congo's Shareholding Rule as Being Too Onerous [BNN Bloomberg (Canada)]
Citigroup, Inc. (C)
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Source: BNN Bloomberg
The order signed a year ago requires each bank to have at least four unrelated shareholders — including current owners — who hold a minimum of 15% each to spread risk. This means most of Congo's banks would need to find multiple new, unique investors to buy a large chunk of their equity by 2026. “It can't work,” said Henry Wazne, chief executive officer of closely held Sofibanque SA, Congo's fourth-biggest lender. “You have 15 banks. And if you cannot have the same shareholder in two banks, and if the shareholders need to have certain specifications, that means 45 new shareholders in banks, who don't exist.” Bankers have been seeking clarity from the central bank since the directive was released, but it has yet to officially respond. It didn't provide comment to multiple text messages and a letter from Bloomberg. Sign up here for the twice-weekly Next Africa newsletter The directive is already complicating plans for new and current investors in the industry, despite the marke
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