Banque pour le Commerce et l'Industrie – Mer Rouge (BCIMR) is a

bank A bank is a financial institution that accepts Deposit account, 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 m ...

Djibouti Djibouti, 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 Sea and the Gulf of Aden to the east. The country has an area ...

. It has a

market share Market share is the percentage of the total revenue or sales in a Market (economics), market that a company's business makes up. For example, if there are 50,000 units sold per year in a given industry, a company whose sales were 5,000 of those ...

of around 45%, and is the largest bank in the

Horn of Africa The Horn of Africa (HoA), also known as the Somali Peninsula, is a large peninsula and geopolitical region in East Africa.Robert Stock, ''Africa South of the Sahara, Second Edition: A Geographical Interpretation'', (The Guilford Press; 2004), ...

. BCIMR is a

subsidiary A subsidiary, subsidiary company, or daughter company is a company (law), company completely or partially owned or controlled by another company, called the parent company or holding company, which has legal and financial control over the subsidia ...

of the French bank BRED Banque populaire, 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 ( ; ; ) is the capital and largest city of the Republic of Somaliland, a ''List of states with limited recognition, de facto'' sovereign state in the Horn of Africa, still considered internationally to be part of Somalia. It is also th ...

, situated in the self-declared Republic of

Somaliland Somaliland, officially the Republic of Somaliland, is an List of states with limited recognition, unrecognised country in the Horn of Africa. It is located in the southern coast of the Gulf of Aden and bordered by Djibouti to the northwest, E ...

, internationally considered to be part of Somalia.

History

In 1943, BNCI, an ancestor of

BNP Paribas BNP Paribas (; sometimes referred to as BNPP or BNP) is a French multinational universal bank and financial services holding company headquartered in Paris. It was founded in 2000 from the merger of two of France's foremost financial instituti ...

, 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, also called a ramus in botany, is a stem that grows off from another stem, or when structures like veins in leaves are divided into smaller veins. History and etymology In Old English, there are numerous words for branch, includ ...

in Djibouti the same year. In 1977, when Djibouti achieved independence from

France France, officially the French Republic, is a country located primarily in Western Europe. Overseas France, Its overseas regions and territories include French Guiana in South America, Saint Pierre and Miquelon in the Atlantic Ocean#North Atlan ...

, 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

, becoming the first bank there since the dissolution of the Commercial and Savings Bank of Somalia in 1990.

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 {{Djibouti-stub

History

See also

External links

Citations and references