On 29th April in Malabo the Ordinary General Meeting and Extraordinary General meeting of the National Bank of Equatorial Guinea (BANGE) were held. The two were overseen by Martín Crisanto Ebe Mba, President of the Board.
During the ordinary session, the results for the 2019 economic period were presented, in which the bank returned a net result of 3,573 million Franco CFA, of which the shareholders agreed a distribution of 40% as dividends as remuneration for the body of shareholders, and 60% to go into the voluntary reserves.
Another of the points covered at the ordinary session was the approval of the capital increase of the bank by 8,000 million Franco CFA charged to the voluntary reserve, with the capital increasing from 12,000 million FCFA to 20,000 million FCFA.
In the extraordinary session there was a modification to Article 6 if the BANGE statutes, in order to reflect the new social capital. Through this increase the bank will strengthen its balance, improve its solvency levels and the quality of its assets.
The Shareholders also backed the creation of the BANGE Business School, a business school through which the bank seeks to ensure the continuous training of its employees, and provide a quality training provision for the general public. In addition, the shareholders of our financial institution approves the creation of a securities company, which will provide consultancy services for asset management and equity trading on international financial markets.
The shareholders approved the management and evaluation of the results obtained by the bank in 2019, which show the advantages provided by the bank through its strategy, which consists in diversification and a business model with a focus on retail banking and the provision of banking services.
Source: Equatorial Guinea Press and Information Office