Gide has advised the Agricultural Bank of China (ABC), one of China’s Big Four banks, on the establishment of the Sino-Congolese Bank for Africa (BSCA), a new universal commercial bank in the Republic of Congo, along with the Congolese government and other public and private partners.

This landmark transaction is ABC’s first overseas joint venture bank project and creates the first Sino-African green-field bank, which aims to expand its business to members of the Economic Community of Central African States and other African countries. BSCA represents an initial investment of USD 100 million, with ABC holding a 50% stake, and was created at the prompting of the Chinese and Congolese heads of state.

Gide advised on all the legal aspects of the project, including banking, corporate, tax, foreign exchange and labour matters, as well as on structuring of the transaction from Chinese and overseas legal and tax perspectives. Gide also participated in the negotiations and drafted all contractual documentation.

The Gide team was led by partner Thomas Urlacher, with the assistance of associate Chen Xi.