By Nizar Manek, April 17 2019
Djibouti government seeks new shareholder in lender Silkroad
IZP stake bought back by investors after money-laundering fine
(Bloomberg) --
China Merchants Bank Co. is in talks to take a stake in Djibouti’s Silkroad International Bank SA after a unit of China-based IZP Group was expelled as a shareholder after being penalized for allegedly breaching anti-money laundering rules.
The discussions are an illustration of the deepening ties between the world’s second-biggest economy and the tiny northeast African nation, a passing point for about a third of the world’s shipping traffic. IZP Group’s Globebill Technology Co. was among third-party payment companies fined by China’s foreign-exchange regulator for violating rules on cross-border payments, Beijing-based Caixin Global reported in February.
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https://www.bloomberg.com/news/articles/2019-04-17/china-merchants-in-talks-to-replace-ousted-djibouti-bank-partner