The new Togolese Bank of Commerce and Industry was opened formally by the Togolese Finance Minister, Mr.
CU INTERIOR guests arriving and being greeted by Mr. and Mrs. Kodjo and Mr. Dromer
CU guests talking
SV More guests arriving
SV PAN guests standing in semicircle
CU Mr. Dromer addresses guests
SV Guests applaud
Initials OS/2149 OS/2154
Script is copyright Reuters Limited. All rights reserved
Background: The new Togolese Bank of Commerce and Industry was opened formally by the Togolese Finance Minister, Mr. Edouard Kodjo, on Tuesday (16 June) in the Togolese capital, Lome.
The bank (BTCI) was set up by the old National Bank of Paris (BNP) together with Togolese capital and capital supplied by the Bank of America, the Belgian Bank Lambert, and the Dresden Bank of the Federal German Republic.
It will have an operating capital of 300 million CFA francs (about 520,000 pounds sterling). Togo holds 35 per cent of the capital, the National Bank of Paris holds 32 per cent, and three other foreign banks have underwritten the other 33 per cent.
The Agreement to establish the Bank was signed by the Government of Togo and the representatives of the head office of the National Bank of Paris on 30 April.
Also present at the opening ceremony was Monsieur Dromer, the Assistant Manager of the Lome branch of the National Bank of Paris. His remarks to the guests covered the history of the new bank's formation.
The day after Mr. Kodjo declared the Bank open, he left for Cotonou, the capital of Dahomey, to preside over the meeting of the Board of Directors of the Central Bank of West African States (BCEAO). One of the main subjects that was expected to be discussed was the disparity between the interest rates in the BCEAO area and those in other monetary regions.