The Pan-African banking group, Bank of Africa (BOA) could begin operations in Cameroon in the next few weeks, its application for authorization to open a subsidiary in the largest economy of Central Africa being on the “right track”, the Cameroonian Ministry of Finance announced on Tuesday.

This will be so, the successful development of an application for authorization submitted in 2014 to the national monetary authority and the Central African Banking Commission (COBAC) as well, which is the regulator of the banking sector in this part of the continent.

According to reliable sources, this is a step by BOA in creating a new bank with a capital of 10 billion CFA francs, in which it will be the major shareholder with 76 percent, as the other remaining 24 percent being open to partners who include Cameroonian investors.

Upon registration in the commercial register and BOA West Africa property lending, the holding company which controls the operation said it had purchased 760,000 shares with a par value of 10,000 francs CFA in the new institution under construction, through the reclassification to the position of equity securities and the payment of the capital of Cameroon BOA.

With this initiative, the group controlled by the Moroccan Bank Group of Foreign Trade (BMCE), intends to get a foothold in central Africa from Cameroon.

This will be the third Moroccan banking group to settle in Cameroon, after Attijariwafa Bank which has as a local subsidiary, Société commerciale de banque (SCB) and Banque Centrale Populaire, owner of Atlantic Bank.