USA Africa Dialogue Series - Nigerian Bank Shuts Its Doors In Cote d'Ivoire

United Bank for Africa Says Operations Suspended in Ivory Coast

By Paul Okolo - Feb 19, 2011 11:23 AM ET

 

United Bank for Africa Plc, a Nigerian lender, said its Ivory Coast subsidiary has suspended operations because of the political crisis in the West African country.

Operations have become "non-sustainable," Liby Guillamme, the chief executive officer of UBA Cote d'Ivoire, said today in an e-mailed statement. The lender will resume business when the situation improves, the statement said.

More than 300 people have been killed in post-election violence after incumbent President Laurent Gbagbo refused to cede power to Alassane Ouattara, the internationally recognized winner of a Nov. 28 vote.

At least five banks closed for business this week because of security concerns in the world's biggest producer of cocoa.

Gbagbo on Feb. 17 ordered the seizure of "some" of the banks that suspended operations, including units of BNP Paribas SA and Societe Generale SA, according to a statement read out on state-owned television.

To contact the reporter on this story: Paul Okolo in Abuja pokolo@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net