Gabon: BICIG becomes AFG Bank Gabon with capital of US$88 million and record earnings of US$34 million

As of July 1st, 2024,  (Bicig), a subsidiary of the BNP Paribas Group, will become “AFG Bank Gabon”.

The owner of the ‘BICI’ brand, BNP Paribas, has demanded the dropping of the name. Following this demand, AFG’s new majority shareholders proposed the name AFG BANK GA

said Ghislain Mboumba, Deputy Managing Director of Bicig.

In addition to the changing of name , the meeting approved a significant increase in the bank’s share capital. AFG Bank Gabon’s capital now stands at 88 million US dollars, up from 29 million US dollars, with an increase in the shareholder base to 58.67 million US dollars.

88 million by direct incorporation of reserves, through the creation of 3,600,000 new shares of 10,000 each, numbered from 1,000,001 to 5,400,000. These new shares will be allocated free of charge to shareholders, in accordance to their stake in the share capital,

specified the Extraordinary General Meeting in its fourth resolution.

The capital of Bicig, now AFG Bank Gabon, is distributed as follows: the Gabonese state holds 21.35%, private Gabonese investors 26.61%, and AFG 52.04%. It should be noted that the shareholders’ meeting adopted the first resolution, and allocated the following results: the income statement for the 2023 financial year shows a net profit of 34 million US dollars (21 billion FCFA) compared to 32.59 million dollars (20 billion in 2022), total balance sheet assets of 1.62 billion US dollars (1000 billion) in 2023 compared to 1.44 billion US dollars (888 billion) at the end of the 2022 financial year, and shareholders’ equity of 138 million US dollars (85 billion FCFA). Shareholders will share gross dividends of US$26.07 million (FCFA 16 billion).

About International Bank for Trade and Industry of Gabon(Bicig)

Bicig’s mission is to support and develop the Gabonese economy. Bicig has always worked alongside with the Gabonese government and economic operators. It was the first Gabonese bank to support the country’s development efforts, helping to create a financial service market conducive to business.

Bicig is also seen as a commercial bank with a universal vocation, and its core retail banking business has enabled it to build up a relationship of trust with its partners and customers over the past 76 years, as well as optimum risk analysis and clear long-term visibility. With its extensive branch network and electronic banking system, Bicig represents a major player in the market for individual customers, businesses and associations, and a major partner of the Gabonese government.

In 2020, Bicig joined the AFG group (Atlantique Financial Group), opening up business development opportunities in Central, West and Southern Africa. AFG oversees the group’s activities in the financial sector (banking, insurance and new information technologies), with over forty (40) years’ experience in the Uemoa, Cemac and Indian Ocean zones.