Finance fueled by improved services

Q+A: Jean-Louis Menann-Kouame

Editor's note: As a subsidiary of BNP Paribas, France's largest bank, the International Bank for Trade and Industry in Cote d'Ivoire, also known as BICICI, taps into France's widest multinational banking network, importing that expertise to Cote d'Ivoire where it stands among the most developed domestic financial institutions. BICICI Managing Director Jean-Louis Menann-Kouam explains more about Ivorian banking growth to The Business Report's David Lozano.

How fast is finance growing in Ivory Coast?

The Ivorian banking sector has, according to Fitch, witnessed steadily rising financial inclusion and credit, growing 22 percent in 2014, over twice the average growth rate of the sector, has benefited from strong macroeconomic policies.

Naturally, as the country grows, so must banking. This is why we have recently increased our capital base, boosting our liquidity and ability to lend. Because we're a universal bank, BICICI is offering a full range of services amid a maturing financial backdrop, such as what we are observing in Cote d'Ivoire today.

How do you benefit from BNP Paribas's network?

Because we are backed by BNP Paribas, our local expertise is supported by global reach and broad financial strength. This is particularly useful when it comes to serving the raft of Chinese businessmen coming to Cote d'Ivoire.

Chinese investors tend to be very discerning, and they appreciate the ability to diversify their banking service providers using the BNP Paribas global footprint, which has a presence in Shanghai, Beijing and Hong Kong in China.

Together, we offer our group's understanding of the Chinese way of doing business, which is linked to our deep local knowledge of the Ivorian and West African market.

Can import-export flows be managed in renminbi?

Yes. BNP Paribas has a facility, run from its Paris headquarters, which enables Chinese clients to work globally in renminbi.

With our "One Bank" concept, global clients are offered seamless, quality service in each country and across each region.

Are there any unique services like that in Cote d'Ivoire?

BICICI has a trade center that belongs to a network of over 100 locations, including China, within the BNP Paribas Group, which allows for the smooth handling of international trade operations. This is a valuable service, as it is not the case with other banks in Cote d'Ivoire.

How is your ability to support local operations?

BICICI has a large portfolio of services and products to support local operations, including property leasing, cash management, factoring transactions and much more.

How is your capacity to accommodate corporate clients in the sub region?

A Chinese corporation, for example, that would like to use Abidjan as their base to expand in the region, would be served under the same conditions available in Cote d'Ivoire. Also, BICICI has a presence in Mali, Senegal, Guinea, and Burkina Faso, making the extension of our services to these nations seamless.

How do you perceive Chinese investment in Africa?

Africa is in a major construction mode. There are significant infrastructural needs in Africa that have not been addressed yet.

Chinese investors have noticed this gap and entered in increasing numbers to provide structural investments. President Akinwumi Adesina of the African Development Bank, in his famous "High 5" model, has named agriculture, electricity, infrastructure, regional integration and improved living standards as priorities in Africa.

China has well understood this model, and their investments reflect this.

(China Daily 08/08/2016 page26)