Cameroon buys Credit Agricole's 14 pct stake in SCB

Cameroon has bought French bank Credit Agricole's (CAGR.PA) 14 stake in Societe Camerounaise des Banques (SCB), Cameroon's third-biggest bank, for 4.2 billion CFA Francs ($9.13 million), its finance minister said.

The deal takes the state's share in the bank to 49 percent, Lazarre Essimi Menye, the finance minister of the Central African state told journalists at a press conference on Thursday.

Credit Agricole had managed SCB through its local partnership known as SCB-Credit Agricole. Read more...