Union des Banques Congolaise
Encyclopedia
The Union des Banques Congolaise became bankrupt and in 2006 was merged into the Banque Congolaise.
, and its corporate headquarters in Léopoldville
. Shortly thereafter, the CGD established branches in Matadi
, Elizabethville
, and Stanleyville
. In 1929, Banque de Bruxelles transferred the operations of CGD to the newly created Banque Belge d'Afrique. Shortly after the Belgian Congo
achieved its independence in 1960, the operations in the Congo became Union Zaïroise de Banques.
By 1989, the bank's ownership was 25% Banque Bruxelles Lambert, 28% the Government of Zaire
, and 48% Societe Financiere pour les Pays d'Outre-mer (SFOM). This Swiss-based holding company had three shareholders - Banque Nationale de Paris with 48%, Dresdner Bank
with 26%, and Banque Bruxelles Lambert 26%.
By 1991, Union Zairoise de Banques had 16 offices in Zaire and was the second biggest bank in the country after Banque Commerciale Zairoise. Banque Bruxelles Lambert held 41.5% of its capital, directly and indirectly through SFOM, which was then equally owned by BBL, Deutsche Bank
and Banque Nationale de Paris. The Zairean Government held 15% of the capital, a group of private investors another 15%, and the rest was distributed among small investors.
In 1995, the Zaire government arbitrarily and summarily nationalized the bank, dismissing all its staff. In 2005, the bank's name changed to Union des Banques Congolaises. However, by then the bank was bankrupt and in 2006, the Banque Congolaise acquired it.
History
In 1920, the Banque de Bruxelles established the Crédit General du Congo, with its administrative headquarters in BrusselsBrussels
Brussels , officially the Brussels Region or Brussels-Capital Region , is the capital of Belgium and the de facto capital of the European Union...
, and its corporate headquarters in Léopoldville
Kinshasa
Kinshasa is the capital and largest city of the Democratic Republic of the Congo. The city is located on the Congo River....
. Shortly thereafter, the CGD established branches in Matadi
Matadi
Matadi is the chief sea port of the Democratic Republic of the Congo and the capital of the Bas-Congo province. It has a population of 245,862 . Matadi is situated on the left bank of the Congo River from the mouth and below the last navigable point before rapids make the river impassable for a...
, Elizabethville
Lubumbashi
Lubumbashi is the second largest city in the Democratic Republic of the Congo, second only to the nation's capital Kinshasa, and the hub of the southeastern part of the country. The copper-mining city serves as the capital of the relatively prosperous Katanga Province, lying near the Zambian border...
, and Stanleyville
Kisangani
Kisangani is the capital of Orientale Province in the Democratic Republic of the Congo. It is the 3rd largest urbanized city in the country and the largest of the cities that lie in the tropical woodlands of the Congo....
. In 1929, Banque de Bruxelles transferred the operations of CGD to the newly created Banque Belge d'Afrique. Shortly after the Belgian Congo
Belgian Congo
The Belgian Congo was the formal title of present-day Democratic Republic of the Congo between King Leopold II's formal relinquishment of his personal control over the state to Belgium on 15 November 1908, and Congolese independence on 30 June 1960.-Congo Free State, 1884–1908:Until the latter...
achieved its independence in 1960, the operations in the Congo became Union Zaïroise de Banques.
By 1989, the bank's ownership was 25% Banque Bruxelles Lambert, 28% the Government of Zaire
Zaire
The Republic of Zaire was the name of the present Democratic Republic of the Congo between 27 October 1971 and 17 May 1997. The name of Zaire derives from the , itself an adaptation of the Kongo word nzere or nzadi, or "the river that swallows all rivers".-Self-proclaimed Father of the Nation:In...
, and 48% Societe Financiere pour les Pays d'Outre-mer (SFOM). This Swiss-based holding company had three shareholders - Banque Nationale de Paris with 48%, Dresdner Bank
Dresdner Bank
Dresdner Bank AG was one of Germany's largest banking corporations and was based in Frankfurt. It was acquired by competitor Commerzbank in December 2009.- 19th century :...
with 26%, and Banque Bruxelles Lambert 26%.
By 1991, Union Zairoise de Banques had 16 offices in Zaire and was the second biggest bank in the country after Banque Commerciale Zairoise. Banque Bruxelles Lambert held 41.5% of its capital, directly and indirectly through SFOM, which was then equally owned by BBL, Deutsche Bank
Deutsche Bank
Deutsche Bank AG is a global financial service company with its headquarters in Frankfurt, Germany. It employs more than 100,000 people in over 70 countries, and has a large presence in Europe, the Americas, Asia Pacific and the emerging markets...
and Banque Nationale de Paris. The Zairean Government held 15% of the capital, a group of private investors another 15%, and the rest was distributed among small investors.
In 1995, the Zaire government arbitrarily and summarily nationalized the bank, dismissing all its staff. In 2005, the bank's name changed to Union des Banques Congolaises. However, by then the bank was bankrupt and in 2006, the Banque Congolaise acquired it.