Banque Belgo-Africaine du Burundi

Last updated
Belgo-African Bank of Burundi
BBAB
Native name
Banque Belgo-Africaine Burundi
Founded1949;75 years ago (1949) in Rwanda-Burundi
Defunct1988 (1988)
Headquarters
Bujumbura
,
Burundi

The Belgo-African Bank of Burundi (French : Banque Belgo-Africaine Burundi, BBAB) was a commercial bank in Burundi. It was active between 1949 and 1988, when it was absorbed by BANCOBU.

Contents

Foundation

The Belgo-African Bank was created in 1949 with a share capital of 36 million  BIF. Owners were Standard Bank (30%), the Bank of Brussels (30%), the government of Zaire (30%) and foreign private investors (10%). [1]

History

In the 1960s there three commercial banks in Burundi, linked to Belgian banking groups, Banque de Credit de Bujumbura (BJB), Banque Commerciale du Burundi (BANCOBU) and BBAB. These banks gave credit to traders and farmers. They were most active during the coffee and cotton harvests between June and September. In the coffee business they avoided the risks of financing during cultivation, when defaults were common, but provided bridgng finance during the period of sbout three months between sale of coffee and receipt of payments from foreign buyers. [2]

As of 30 September 1976 the BBAB had fixed assets of 0.4 billion  BIF almost all in short-term investments. It had no branches in Burundi. [1] It had 500 shares, or 3.1%, of the Banque Nationale de Developpement Economique (BNDE). [3] The financial network of Burundi consisted of the Banque de la Republique du Burundi (the central bank), the three almost entirely foreign-owned commercial banks, as well as the Development Bank (BNDE), the Public Savings Bank ( Caisse d'épargne du Burundi ), the postal cheque system and the Social Security Fund. [4]

In 1988 the BBAB was absorbed into BANCOBU. [5]

See also

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References

  1. 1 2 Evaluation de la Banque Nationale de, p. 7.
  2. ↑ McDonald et al. 1969, p. 113.
  3. ↑ Evaluation de la Banque Nationale de, p. i.
  4. ↑ Evaluation de la Banque Nationale de, p. 6.
  5. ↑ Rapport d'activités 2010 Bancobu, p. 6.

Sources

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