BCIMR Opens First Commercial Bank in Somaliland

Hargeisa, 4 February (Somalilandpress) – The Banque pour le Commerce et l’Industrie – Mer Rouge (BCI-MR), the partly-owned subsidiary of French bank BNP Paribas, held a ribbon-cutting ceremony yesterday in Hargeisa to officially open the first commercial bank ever in Somaliland.

It is the first bank to open in Somaliland and is expected to boost Somaliland banking services and connect the unrecognized republic to the global market. It will also create new jobs for the locals.

The bank will issue a letter of Credit (LC) to it’s clients that can be used for international trade for both import and export transactions.

Participants in the ceremony included Mr Thierry Choinier – France’s Ambassador to Djibouti, business executives, traders, traditional elderly, Parliamentarians, Central Bank officials, varies organisations from NGO’s and special guests.

BNCI-MR (Djibouti) Managing Director Mr Ould Amar Yahya said the Bank’s program of branch openings was a solid indication of its confidence in the region and today is the most respected bank in the Horn of Africa.

“BNCI-MR opened the first branch in Djibouti 1954 and has since opened over 71 branches world wide – today it’s the most respected bank in the Horn of Africa and has contributed greatly to the development of the Horn of Africa,” he said.

Somaliland Finance Minister, Hussein Ali Duale (Awil) – who was also present described the event as a milestone for his administration who he said took alot of efforts to make this possible and for Somaliland as a nation.
“The world economy heavy relies on financial institutions that lets them borrow capital and issue them LC without them all businesses are crippled,” he said while addressing the guests.

He added that anyone who wants to open a bank in Somaliland is welcome as long as they will meet the country’s standards and terms.

Banque pour le Commerce et l’Industrie – Mer Rouge – (BCIMR) – is the largest bank operating in Djibouti with a market share of 45%. It is a subsidiary of the French bank BNP Paribas, which owns 51% of the bank. The Government of Djibouti owns 33%, and a Yemeni bank owns the remaining 16%. Therefore it’s possible this bank will connect Somaliland to Djibouti, Yemen and the French market.

This is a great milestone for a nation that is not recognized, now Somaliland businesses will be able to do business directly with the rest of the world. Despite the turbulent market conditions in  these times – banks like BCIMR see the potential of Somaliland’s economy.

Source: SomalilandPress

Published by: Qalinle

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