Société Congolaise de Banque
{{short description|Former Congolese bank}}{{italics title}}
The Société Congolaise de Banque (also known as Socobanque), known from 1970 successively as Banque du Peuple ({{lit|Bank of the People}}), Banque Zaïroise du Commerce Extérieur ({{lit|Zaire Bank for Foreign Trade}}), and eventually Banque Congolaise du Commerce Extérieur ({{lit|Congolese Bank for Foreign Trade}}), was a bank based in Léopoldville, then Kinshasa, Congo, from 1947 to 2002.
Overview
The Socobanque was established in 1947 by the Brussels-based Banque de Reports et de Dépôts (BRD) as its affiliate in the Belgian Congo.{{cite web |website=Mémoire Online |title=Le système bancaire congolais: vue historico-panoramique, cadre analytique des données comparées et essor macroéconomique |author=Guillain Ilanga Ekanga Bakoli Mp'o |publisher=University of Mbandaka |url=https://www.memoireonline.com/07/17/9986/m_Le-systeme-bancaire-congolais-vue-historico-panoramique-cadre-analytique-des-donnees-comparees15.html |year=2014}} It came under control of the Banque Lambert as the latter took over the BRD in 1953.
In 1961, Banque Lambert fostered the creation of the Geneva-based {{lang|fr|Société financière pour les pays d'outre-mer}} (SFOM) with the aim of pooling its shareholders' investments in Africa;{{citation |title=Le baron Léon Lambert, un banquier et financier belge d'envergure internationale du XXe siècle |author=Anne-Myriam Dutrieue |url=https://robscholtemuseum.nl/wp-content/uploads/2020/05/Anne-Myriam-Dutrieue-Le-baron-Le%CC%81on-Lambert-un-banquier-et-financier-Belge-denvergure-internationale-du-XXe-siecle.pdf |year=2010}}{{rp|6}} together with Banque Lambert, SFOM's founders included France's Banque Nationale pour le Commerce et l'Industrie and its African subsidiary BNCI-Afrique, California-based Bank of America, and Milan-based Banca d'America e d'Italia, which in 1964 were joined by Germany's Commerzbank.{{cite web |website=Le Monde |url=https://www.lemonde.fr/archives/article/1965/06/16/rapport-du-conseil-d-administration-exercice-1964_3142672_1819218.html |date={{date|1965/06/16}} |title=Rapport annuel 1964 de la Banque nationale pour le commerce et l'industrie }} As a consequence, SFOM became the controlling shareholder of the Socobanque.
In 1970, following alleged tax irregularities, Socobanque was seized by the Congolese government,{{cite web |website=Le Monde |title=Arrestation du directeur belge de la Socobanque |url=https://www.lemonde.fr/archives/article/1970/11/21/arrestation-du-directeur-belge-de-la-socobanque_2656742_1819218.html |date={{date|1970/11/21}} }} subsequently renamed "Banque du Peuple", and eventually nationalized in 1978. By 1987, it was still among the top three banks in Zaire.{{citation |publisher=The World Bank |title=Staff Appraisal Report - Zaire - Small Enterprise Development Project |date={{date|1987/04/03}} |url=https://documents1.worldbank.org/curated/ar/104981468247881486/pdf/multi-page.pdf |page=13}}
The Socobanque / Banque du Peuple was later renamed Banque Zaïroise du Commerce Extérieur (BZCE), which after the country's renaming in 1997 was renamed Banque Congolaise du Commerce Extérieur (BCCE). The BCCE was eventually liquidated in 2002.{{citation |title=Réponse de la direction de la Banque à la demande d'examen du panel d'inspection du projet compétitivité et développement du secteur privé de la République Démocratique du Congo (Crédit n° 3815-RDC) |url=https://www.inspectionpanel.org/sites/www.inspectionpanel.org/files/ip/PanelCases/54-Deuxi%C3%A8me%20R%C3%A9ponse%20de%20la%20Direction%20et%20Rapport%20d%E2%80%99avancement%20%28Fran%C3%A7ais%29.pdf |year=2010 |page=8}}