Economy & Politics

Mauritania: at the end of its restructuring, the NBM taken over by the Canadian Westbridge bank (exclusive)

After a long restructuring operation materialized by the dispatch of an experienced Central Bank manager (BCM) to the scene, the New Bank of Mauritania finds a buyer. The Canadian Westbridge Bank, a group specializing in real estate financing, has just, according to our sources, sealed the acquisition of the institution after negotiations with the shareholders under the rigorous eye of the central regulator.

None of the three parties involved in the deal, namely Westbridge Bank, the shareholders and the BCM, have so far declined to comment despite numerous requests from Financial Afrik.

The Canadian bailout plan compensates for the departure of part of the shareholders (Zein El Abidine and Lemar Ould Weddady in 2019) and a heavy social liability coupled with financial asphyxiation that had seen the bank founded by Abdel Baghi Ould Ahmed Bouha temporarily excluded from the compensation. The Canadian group which plans to make the junction between the West and the East of the continent will take the keys of the house at the end of a restructuring which will see the suppression of 135 positions, the closure of half of the network of 27 agencies and the sale of assets owned and not operated by the NBM.

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