Cameroon Installs New Leadership to Shape State-Owned Bank’s Future

Two months after acquiring Société Générale Cameroun, the Cameroonian government has completed another step in reshaping the lender by appointing the leadership team of the newly renamed General Bank of Cameroon (GBC).

Meeting in Yaoundé on July 15, the bank’s board appointed Ezéchiel Passam Mukwade as chairman and named Victor Noumoué chief executive officer. Jean-Michel Ondo and Roland Firmin Same Dikongue were appointed deputy chief executive officers.

The appointments follow the completion of the government’s acquisition on May 12 of the 58.08% stake previously held by France’s Société Générale. Already the owner of a 25.60% stake, the Cameroonian state now controls 83.68% of the bank, while SanlamAllianz Cameroun Assurances holds the remaining 16.32%.

Betting on management continuity

The appointments suggest the government is prioritizing operational continuity despite the change in ownership.

Passam Mukwade is already familiar with the institution, having previously served as deputy CEO of Société Générale Cameroun. Before joining the bank in 2017, he held senior positions at BICIC, now BICEC, and Citibank Cameroon, where he worked in legal affairs, compliance, credit, and human resources.

Noumoué officially takes over as CEO after overseeing the transition following the ownership change. As deputy CEO of Société Générale Cameroun, he supervised operations, information systems, compliance, the general secretariat, and customer experience.

His career also includes senior positions within Ecobank across Cameroon, Chad, Togo, and Burundi. He notably led Union Bank of Cameroon after its acquisition by Ecobank and participated in several banking restructurings and mergers.

By relying on executives from the former management team, the government is seeking to minimize disruption to customer relationships, loan portfolios, and information systems. The ownership change, however, does not yet define the bank’s long-term commercial strategy.

Recapitalization comes next

One of the new management team’s first priorities will be bringing the bank into compliance with Central African banking regulations.

Under Société Générale Cameroun’s former bylaws, the bank’s share capital stood at CFA12.5 billion, only half the CFA25 billion minimum capital requirement now imposed by the Central African Banking Commission (COBAC) for banks operating within the Central African Economic and Monetary Community.

A capital increase and amendments to the bank’s bylaws were included on the agenda of an extraordinary shareholders’ meeting convened on June 5 in Douala. However, neither the final structure of the recapitalization nor the respective contributions of shareholders have yet been disclosed.

The operation will provide an early indication of the government’s strategy as majority shareholder. It will determine whether the state intends to finance the capital increase on its own, seek additional funding from SanlamAllianz, or eventually bring in another investor.

Beyond regulatory compliance, the new leadership must also define General Bank of Cameroon’s long-term role. One option is to continue operating as a universal commercial bank along the lines of the former Société Générale subsidiary. Another is to position the institution more directly as a financing arm for government economic priorities.

First major assignment

The bank has already secured its first significant mandate under public ownership.

On July 1, state-owned electricity company Socadel appointed GBC to arrange and raise CFA60 billion from the local banking market to finance priority investments in electricity generation, distribution, and commercialization infrastructure.

The transaction has not yet been completed. At this stage, GBC is acting as lead arranger responsible for structuring the financing and assembling a banking syndicate rather than providing the entire amount itself.

The mandate nevertheless represents one of the bank’s first major assignments since coming under state control and will test its ability to mobilize local lenders around a state-owned enterprise facing substantial financing needs.

With its new leadership now in place, General Bank of Cameroon has completed the first phase of its institutional transition. The next questions concern its financial structure, the degree of independence it will retain from the government, and the role it will play in financing public enterprises and the broader Cameroonian economy.

Amina Malloum