West African Economic and Monetary Union : Financial Depth and Macrostability

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West African Economic and Monetary Union : Financial Depth and Macrostability
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Series:
Departmental Papers / Policy Papers
Author(s):
Patrick Imam, and Christina Kolerus
Publisher:
INTERNATIONAL MONETARY FUND
Published Date:
October 2013
DOI:
http://dx.doi.org/10.5089/9781484348222.087
ISBN:
9781484348222
Page:
45
The financial system in the WAEMU remains largely bank-based. The banking sector comprises 106 banks and 13 financial institutions, which together hold more than 90 percent of the financial system’s assets (about 54 percent of GDP at end-2011). Five banks account for 50 percent of banking assets. The ownership structure of the sector is changing fast, with the rapid rise of foreign-owned (pan-African) banks. This contributes to higher competition but also rising heterogeneity in the banking system, with large and profitable cross-country groups competing with often weaker country-based (and sometime government-owned) banks. Nonbank financial institutions are developing quickly, notably insurance companies, but remain overall small. This paper presents a detailed analysis of the banking system.
Chapter

Chapter 1. Financial Systems in the WAEMU: Structure, Performance, and Risks

Author(s):
Patrick Imam, and Christina Kolerus
Published Date:
October 2013
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