The Belgo-African Bank of Burundi (, BBAB) was a commercial bank in Burundi. It was active between 1949 and 1988, when it was absorbed by BANCOBU.
Foundation
The Belgo-African Bank was created in 1949 with a share capital of . Owners were Standard Bank (30%), the Bank of Brussels (30%), the government of Zaire (30%) and foreign private investors (10%).
History In the 1960s there three commercial banks in Burundi, linked to Belgian banking groups, (BJB), (BANCOBU) and BBAB. These banks gave credit to traders and farmers. They were most active during the coffee and cotton harvests between June and September. In the coffee business they avoided the risks of financing during cultivation, when defaults were common, but provided bridgng finance during the period of about three months between sale of coffee and receipt of payments from foreign buyers.
As of 30 September 1976 the BBAB had fixed assets of almost all in short-term investments. It had no branches in Burundi. It had 500 shares, or 3.1%, of the (BNDE). The financial network of Burundi consisted of the (the central bank), the three almost entirely foreign-owned commercial banks, as well as the Development Bank (BNDE), the Public Savings Bank (), the postal cheque system and the Social Security Fund.
In 1988 the BBAB was absorbed into BANCOBU.
See also List of companies of Burundi Economy of Burundi
References
Sources