ANNOUNCEMENT 17 Feb 2011

In February 2011, the government of the Ivory CoastCĂ´te d'Ivoire announced altered domestic business conditions for foreign investors.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE



Business Week. (18 February 2011). Ivory Coast's Gbagbo Seizes 4 International Banks. Available at http://www.businessweek.com/ap/financialnews/D9LF3DU80.htm

Reuters. (17 February 2011). Ivory Coast's Gbagbo vows to nationalize banks. Available at http://www.reuters.com/article/2011/02/17/us-ivorycoast-idUSTRE71G67A20110217

Washington Post. (18 February 2011). Ivory Coast's Gbagbo seizes 4 international banks. Available at http://www.washingtonpost.com/wp-dyn/content/article/2011/02/18/AR2011021801535.html


Inception date: 17 Feb 2011 | Removal date: open ended
Still in force

FDI: Treatment and operations, nes

According to numerous and consistent reports, the government of Laurent Gbagbo nationalized four banks as of 17 February 2011. The government justified its action on the grounds of unlawful closure of the nationalized institutes. According to Ivorian law, banks must announce holidays three months in advance. A period which the four banks are accused to have missed.
 
The four institutes are the Ivorian subsidiaries Citigroup, BNP Paribas, Societé Generale and Standard Chartered.

AFFECTED SECTORS

 
N/A

AFFECTED PRODUCTS

 
N/A