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DR Congo gov't takes over management of bank facing liquidity crisis

Xinhua, June 2, 2016 Adjust font size:

Democratic Republic of Congo (DR Congo) government has temporarily taken over management of the third largest commercial bank in the country, BIAC, to guarantee its recovery and safeguard customers' savings, a statement released on Wednesday by the Central Bank said.

"The administration council and the general management of the International Bank for Africa in Congo (BIAC) have lost their managerial powers. They will be replaced with an interim management team appointed by the Central Bank," a statement signed by the Central Bank director said.

According to the same statement, the main tasks of the interim management team will be running normal operations of the bank and preparing its recovery plan within the next six months.

BIAC which is considered as the third largest bank in DR Congo, has been facing liquidity crisis since March. This has pushed many of its customers to withdraw their cash.

In a country where only 45 percent of the population has a bank account, most analysts believe the situation in which BIAC finds itself could fuel anxiety and doubt among members of the public who have bank accounts. Endit