The Former Director of internal audit of Bange SA, takes the reins of the Cameroonian subsidiary of the Equatorial Guinean bank. His appointment comes in a difficult context, three years after the launch of the bank on the Cameroonian market, where it is struggling to establish itself in the face of fierce competition.
Change at the head of Bange Bank Cameroon. On September 7, 2024, the board of directors of the Equatorial Guinean bank appointed José Miguel Obiang Nchama as the new Managing Director. The latter succeeds Emilio Moyo Avoro, who is called to take the helm of the Bange group in Equatorial Guinea. José Miguel Obiang Nchama’s professional career remains discreet, but he is known for having held the position of director of internal audit within the parent company, Bange SA.
An Equatorial Guinean national, Obiang Nchama inherits a complex task: to turn around a subsidiary that, despite three years of existence in Cameroon, is struggling to position itself among the major players in the banking sector. With an initial capital of 10 billion FCFA, Bange Bank closed the 2023 financial year with a total balance sheet of 67.2 billion FCFA, placing it second to last on the Cameroonian market. It overtakes the Cameroonian Bank of Small and Medium Enterprises (BCPME) which has 41.9 billion FCFA, but remains far behind Access Bank, which, with nearly 100 billion FCFA, nevertheless began its activities after it.
In terms of resource collection and allocation, Bange Bank also occupies an unenviable position. Worse still, the bank has accumulated three consecutive deficitary financial years, reflecting a weakness in terms of performance. This situation contrasts with the ambitions displayed at its launch, when Bange Bank announced its intention to focus on financing the Cameroonian economy, with an emphasis on medium-term credit (three years) and leasing. Today, it is difficult to know whether this strategy has been maintained or revised.
However, the rapid expansion of the branch network is one of the few bright spots on the bank’s balance sheet. With 10 branches opened in just three years, an average of 3.3 branches per year, Bange Bank Cameroun has managed to strengthen its presence across the country. This expansion strategy could provide the new management with a foundation on which to build to capture market share in a highly competitive Cameroonian banking sector dominated by already well-established institutions.
For José Miguel Obiang Nchama, the mission is clear: to breathe new life into Bange Bank Cameroon in order to raise it among the key players in the market. With such competition, he will have to demonstrate ardor and innovation to achieve these objectives and redress the bank’s financial situation. Time will tell whether this change in governance will be the lever that Bange Bank needed to finally take off on the Cameroonian market.
