Instruction No. 021/DGSIF/DSB/14 of May 13, 2014 on Reference Shareholding

Conakry, May 13, 2014

REPUBLIC OF GUINEA
CENTRAL BANK

INSTRUCTION NO. 021/DGSIF/DSB/14 OF MAY 13, 2014 ON REFERENCE SHAREHOLDING

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THE GOVERNOR,

• Having regard to Ordinance No. O/2009/046/CNDD of February 7, 2009 establishing the statutes of the Central Bank of the Republic of Guinea,
• Having regard to Law No. L/2013/060/CNT of August 12, 2013 on Banking Regulation in the Republic of Guinea,
• Having regard to Decree No. D/2010/010/PRG/SGG of December 27, 2010 appointing the Governor of the Central Bank of the Republic of Guinea,

DECIDES

Article 1: This Instruction sets out the implementation procedures for Article 54 of the Banking Law.

Article 2: Any credit institution seeking approval in the "Bank" category under Article 15 of the Banking Law must have at least one "Reference Shareholder" that is a Bank.

This Reference Shareholder must hold at least twenty percent (20%) of the institution's capital.

Article 3: For subsidiary Banks of a financial holding company, the Holding company must be subject to consolidated prudential supervision to qualify as a Reference Shareholder.

Article 4: The Reference Shareholder must be an established Bank, subject to a Banking Supervisory Authority, possessing the capacity to contribute its expertise in governance and banking operations, and willing to provide funds when necessary.

P.O. Box No. 692 - Conakry - Telephone: (224) 30 41 26 51. - Fax: (224) 30 41 48 98 Telex: 22 225 BAREG - GE

The Reference Shareholder must submit annually to the Central Bank of the Republic of Guinea certified statements of its annual accounts.

Article 5: The Reference Shareholder must submit to the BCRG a notarized deed specifying its commitment.

Article 6: Credit institutions are bound to strictly comply with the provisions of this Instruction.

Article 7: This Instruction takes effect from its date of signature and will be published as required.

[Seal and Signature]

Dr Louncény NABE