Banque pour le Commerce et l'Industrie – Mer Rouge (BCIMR) is a
bank
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets.
Because ...
in
Djibouti
Djibouti, ar, جيبوتي ', french: link=no, Djibouti, so, Jabuuti officially the Republic of Djibouti, is a country in the Horn of Africa, bordered by Somalia to the south, Ethiopia to the southwest, Eritrea in the north, and the Red ...
. It has a
market share of around 45%, and is the largest bank in the
Horn of Africa. BCIMR is a
subsidiary of the French bank
BRED Banque populaire
BRED (formerly acronym for Banque régionale d'escompte et de dépôts / Regional Discount and Deposit Bank) is the most important cooperative bank in France. It was founded in 1919 by Louis-Alexandre Dagot in Vincennes.
As of 2018, the Bank has ...
, which owns a 51% share in the company. The Government of Djibouti and a Yemeni bank own the remaining 33% and 16% shares, respectively. BCIMR has a branch in
Hargeisa
Hargeisa (; so, Hargeysa, ar, هرجيسا) is the capital and largest city of the Republic of Somaliland. It is located in the Maroodi Jeex region of the Horn of Africa. It succeeded Burco as the capital of the British Somaliland Protector ...
, situated in the self-declared Republic of
Somaliland, internationally considered to be part of Somalia.
History
In 1943,
BNCI, an ancestor of
BNP Paribas, took over
Crédit Foncier de Madagascar et de la Réunion, which it renamed BNCI Océan Indien in 1954.
BNCI Océan Indien opened a
branch
A branch, sometimes called a ramus in botany, is a woody structural member connected to the central trunk of a tree (or sometimes a shrub). Large branches are known as boughs and small branches are known as twigs. The term ''twig'' usually ...
in Djibouti the same year. In 1977, when Djibouti achieved independence from
France
France (), officially the French Republic ( ), is a country primarily located in Western Europe. It also comprises of overseas regions and territories in the Americas and the Atlantic, Pacific and Indian Oceans. Its metropolitan area ...
, BNP converted the branch into a subsidiary.
In July 2007, BNP Paribas sold BCIMR to the French banking group
Banques Populaires.
In February 2009, BCIMR opened a branch in
Hargeisa
Hargeisa (; so, Hargeysa, ar, هرجيسا) is the capital and largest city of the Republic of Somaliland. It is located in the Maroodi Jeex region of the Horn of Africa. It succeeded Burco as the capital of the British Somaliland Protector ...
, becoming the first bank there since the dissolution of the
Commercial and Savings Bank of Somalia
The Central Bank of Somalia (CBS) ( so, Bankiga Dhexe ee Soomaaliya, ar, البنك المركزي الصومالي) is the monetary authority of Somalia. Somalia has struggled to reestablish a functioning state since the collapse of an autho ...
in 1990.
See also
*
Economy of Djibouti
External links
BCIMR @ DjiboutiPhoneBookBRED - Banque Populaire
Citations and references
Citations
References
*Alwan, Daoud Aboubakern, and Yohanis Mibrathu (2000) ''Historical Dictionary of Djibouti''. (Scarecrow Press).
Companies of Djibouti
Banks of Djibouti
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