Banque pour le Commerce et l'Industrie - Mer Rouge
Encyclopedia
Banque pour le Commerce et l'Industrie - Mer Rouge - (BCIMR) - is the largest bank
in Djibouti
with a market share
of about 45% and the largest bank in the Horn of Africa
. It is a 51%-owned subsidiary
of the French bank La Bred, itself part of the Groupe Banque Populaire
. (The Government of Djibouti owns 33% of BCIMR, and a Yemeni bank owns the remaining 16%.) BCIMR has a branch in Hargeisa
in Somaliland
.
in Djibouti in 1954. In 1977, when Djibouti achieved independence from France
, BNP converted the branch into a subsidiary. (In 1943, BNCI, an ancestor of BNP Paribas
, had taken over Crédit Foncier de Madagascar et de la Réunion, which it renamed BNCI Océan Indien in 1954.)
In July 2007, BNP Paribas sold BCIMR to the French banking group Banques Populaires.
In February 2009, BCIMR opened a branch in Hargeisa
, becoming the first bank there since the failure in 1990 of the Commercial and Savings Bank of Somalia.
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
in Djibouti
Djibouti
Djibouti , officially the Republic of Djibouti , is a country in the Horn of Africa. It is bordered by Eritrea in the north, Ethiopia in the west and south, and Somalia in the southeast. The remainder of the border is formed by the Red Sea and the Gulf of Aden at the east...
with a market share
Market share
Market share is the percentage of a market accounted for by a specific entity. In a survey of nearly 200 senior marketing managers, 67 percent responded that they found the "dollar market share" metric very useful, while 61% found "unit market share" very useful.Marketers need to be able to...
of about 45% and the largest bank in the Horn of Africa
Horn of Africa
The Horn of Africa is a peninsula in East Africa that juts hundreds of kilometers into the Arabian Sea and lies along the southern side of the Gulf of Aden. It is the easternmost projection of the African continent...
. It is a 51%-owned subsidiary
Subsidiary
A subsidiary company, subsidiary, or daughter company is a company that is completely or partly owned and wholly controlled by another company that owns more than half of the subsidiary's stock. The subsidiary can be a company, corporation, or limited liability company. In some cases it is a...
of the French bank La Bred, itself part of the Groupe Banque Populaire
Groupe Banque Populaire
Groupe Banque Populaire is a French group of cooperative banks. It is controlled by 18 regional banks, the CASDEN Banque Populaire and the Crédit Coopératif....
. (The Government of Djibouti owns 33% of BCIMR, and a Yemeni bank owns the remaining 16%.) BCIMR has a branch in Hargeisa
Hargeisa
Hargeisa is a city in the northwestern Woqooyi Galbeed region of Somalia. With a population of approximately 2 million residents, it is the second largest city in the country. Hargeisa is the capital of Somaliland, a self-declared republic that is internationally recognized as an autonomous region...
in Somaliland
Somaliland
Somaliland is an unrecognised self-declared sovereign state that is internationally recognised as an autonomous region of Somalia. The government of Somaliland regards itself as the successor state to the British Somaliland protectorate, which was independent for a few days in 1960 as the State of...
.
History
BNCI Océan Indien opened a branchBranch (banking)
A branch, banking center or financial center is a retail location where a bank, credit union, or other financial institution offers a wide array of face-to-face and automated services to its customers....
in Djibouti in 1954. In 1977, when Djibouti achieved independence from France
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
, BNP converted the branch into a subsidiary. (In 1943, BNCI, an ancestor of BNP Paribas
BNP Paribas
BNP Paribas S.A. is a global banking group, headquartered in Paris, with its second global headquarters in London. In October 2010 BNP Paribas was ranked by Bloomberg and Forbes as the largest bank and largest company in the world by assets with over $3.1 trillion. It was formed through the merger...
, had taken over Crédit Foncier de Madagascar et de la Réunion, which it renamed BNCI Océan Indien in 1954.)
In July 2007, BNP Paribas sold BCIMR to the French banking group Banques Populaires.
In February 2009, BCIMR opened a branch in Hargeisa
Hargeisa
Hargeisa is a city in the northwestern Woqooyi Galbeed region of Somalia. With a population of approximately 2 million residents, it is the second largest city in the country. Hargeisa is the capital of Somaliland, a self-declared republic that is internationally recognized as an autonomous region...
, becoming the first bank there since the failure in 1990 of the Commercial and Savings Bank of Somalia.