All French banks stopped operating within the boundaries of the People's Republic of the Congo on October Ist following a decision of the Congolese authorities to form a new jointly owned Bank -- L'Union Congolaise des Banques (UCB).
LV EXTERIOR Bank
LV & CU Prime Minister arrives and greeted
SV INT Bank officials
CU Officials speaks
SV Prime Minister listening
SV Finance Minister speaks, officials applaud (2 shots)
SV EXT Banner removed, revealing new bank's insignia beneath
SV Prime Minister talks with officials outside
EXTERIOR VIEW OF BANK: BANNER: ARRIVAL OF PRIME MINISTER HENRI LOPES: BANK OFFICIALS: SPEECH BY OFFICIAL: PRIME MINISTER LISTENS ATTENTIVELY: FINANCE MINISTER SPEAKS, OFFICIALS APPLAUD: NEW BANK PIAQUE REVEALED: PRIME MINISTER TALKS WITH OFFICIALS.
Initials BB/1635 WK/MR/BB/1652
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Background: All French banks stopped operating within the boundaries of the People's Republic of the Congo on October Ist following a decision of the Congolese authorities to form a new jointly owned Bank -- L'Union Congolaise des Banques (UCB). The new bank's shareholders will consists of the Congolese State, the Banque Nationals de Paris and a group of French banks know as the Society General. The Congolese Government will put up fifty one per cent of the new Bank's capital. The Bank will have its headquarters in Brazzaville and be directed by a Congolese economist M. Paul Andeli helped by a French assistant M. Andre Kopeck.
The formation of the new Bank is a direct result of decision taken at a National Conference held in July 1972.
The ceremony to mark the establishment of the new Bank was attended by M. Henri Loeps, prime Minister of the People's Republic of the Congo and by M. Boniface Matingou, the Republic's Finance Minister.
SYNOPSIS: All French Banks stopped independent operations within the People's Republic of the Congo on October Ist...the day that marked the birth of a new Bank...L'Union Congolaise des Banques.
The new Bank is a consortium formed by the Congolese Government which holds fifty one per cent of its capital, the Banque Nationals de Paris and a group of French Banks known as the Society Generals. The Bank will be directed by a Congolese economist helped by a French assistant.
The Finance Minister of the People's Republic of the Congo, M. Boniface Matingou, spike at the ceremony. He thanked the Bank Union's French co-partners for their understanding and help in discussions which led to the formation of the new Congolese Bank.
The absorption of the French banks into the Union came as no surprise as plans for such a takeover were contained in resolutions passed by a Congolese National Conference in July 1972. The Union will now play a major role in the economic development of the People's Republic of the Congo.