Regulatory Alerts2025-03-01
Instruction N°021 /DGSIF/DSB/14 of 13/05/2014 Regarding the Reference Shareholder
The Central Bank of the Republic of Guinea (BCRG) issued Instruction N°021 /DGSIF/DSB/14, requiring credit institutions seeking "Bank" approval to designate a "Reference Shareholder" that is itself a recognized Bank. This Reference Shareholder must hold at least 20% of the institution's capital, be subject to banking supervision, and possess the capacity to provide expertise in governance and operations, as well as funds if needed. The instruction also mandates that such shareholders, including financial holdings acting as reference shareholders for subsidiaries, must annually submit certified accounts to the BCRG and formalize their commitment through an authentic instrument.
Conakry, May 13, 2014
REPUBLIC OF GUINEA CENTRAL BANK
INSTRUCTION N°021 /DGSIF/DSB/14 OF 13/05/2014 REGARDING THE REFERENCE SHAREHOLDER
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THE GOVERNOR,
- Having regard to Ordinance O/2009/046/CNDD of February 07, 2009, on the statutes of the Central Bank of the Republic of Guinea,
- Having regard to Law L/2013/060/CNT of August 12, 2013, on Banking Regulation in the Republic of Guinea,
- Having regard to Decree D/2010/010/PRG/SGG of December 27, 2010, on the appointment of the Governor of the Central Bank of the Republic of Guinea,
DECIDES
Article 1: This instruction sets out the terms of application of Article 54 of the Banking Law.
Article 2: Any credit institution, to be approved in the "Bank" category referred to in Article 15 of the Banking Law, must have at least one "Reference Shareholder" which is a Bank.
This Reference Shareholder must hold at least twenty percent of the institution's capital.
Article 3: For Banks that are subsidiaries of a financial Holding company, the Holding company must be subject to prudential supervision on a consolidated basis to be a Reference Shareholder.
Article 4: The Reference Shareholder must be a recognized Bank, subject to a Banking Supervisory Authority, having the capacity to provide its expertise in governance and banking operations, and willing to provide funds if necessary.
P.O. Box N° 692 - Conakry - Telephone: (224) 30 41 26 51. - Telefax: (224) 30 41 48 98 Telex: 22 225 BAREG - GE
It is required to communicate annually to the Central Bank of the Republic of Guinea the certified statements of its annual accounts.
Article 5: The Reference Shareholder must send to the BCRG an authentic instrument determining its commitment.
Article 6: Credit institutions are required to scrupulously comply with the provisions of this instruction.
Article 7: This instruction takes effect from its date of signature and will be published wherever necessary.
[Stamp and signature]
Dr Louncény NABE