The Ivorian government and the Canadian company Westbridge Mortgage Reit have decided by mutual agreement to cancel the operation to privatize the Banque de l'habitat de Côte d'Ivoire (BHCI), the holder announced on Wednesday. speech of the Ivorian government, Sidi Tiémoko Touré, at the end of a Council of Ministers in Bongouanou, in the Center-East of the country where the Head of State Alassane Ouattara began the same day a state visit of four days.

“Given the conclusions of the work of the Banking Commission relating to the management of the BHCI bank, the government decided by mutual agreement with the buyer to cancel the privatization operation of the bank and to regain control of the establishment,” Mr. Touré said.

To this end, he explained, many social leaders have been appointed with the mission of implementing urgent measures for the operation of the bank. In this dynamic, the Bank's Board of Directors decided to sell non-operating assets of BHCI, in particular the “BHCI village” real estate operation and the plot of land located in Abidjan Aboboté.

"In accordance with the national legislation in force in the matter, in particular the law of June 9, 1994 relating to the privatization of the participations of the assets of the State, this decree authorizes the transfer of these various real estate assets", concluded the holder- government word.

BHCI was privatized in 2017 after the sale of 51.6% of the Ivorian State's shares to Westbridge Mortgage Reit.

This privatization should be marked by a recapitalization plan in accordance with the banking regulations of the West African Economic and Monetary Union (UEMOA).

Westbridge, which took over BHCI, has been operating since 2014 as a financial institution based in Ottawa and Calgary.

From 2002 to 2014, it was a subsidiary of the mortgage securitization firm Riskmont Institutional Loans Trading, a firm sold in 2013 to American interests.