Afriland First Bank, a Cameroonian banking group, have purchased the assets and liabilities of a Congolese bank.

The Congolese bank dubbed First International Bank, FIBANK, is known to be the biggest bank in the Democratic Republic of Congo, DRC.

Going by APA, the repurchase of FIBANK operated by the financial holding company led by Cameroonian investor Paul Kammogne Fokam came after the decision of the Central Bank of Congo (BCC) dissolving the FIBANK in June.

The leaders of Afriland First Bank who “officially” confirmed the acquisition of the Congolese bank to APA, did not however want to elaborate on the financial transactions, promising to publish their details at the right time.

Sources close to the transaction reveal that FIBANK needed a CFA 23 billion recapitalization, whereas toxic assets made up mainly of credits not reimbursed mainly by companies and public administrations amount to CFA21 billion.

According to reliable information, Afriland First Bank, which has 14 branches in the DRC, has its largest network there after Cameroon.

With deposits estimated at CFA460 billion in 2016, the bank with its subsidiaries around the world claims for the same period a combined asset base valued at CFA1,200 billion.

It has subsidiaries in the Democratic Republic of the Congo, Equatorial Guinea, Guinea, Liberia, South Sudan, São Tomé and Príncipe, Benin and Zambia.