'Bank of the People'), Banque Zaïroise du Commerce Extérieur (lit.
'Zaire Bank for Foreign Trade'), and eventually Banque Congolaise du Commerce Extérieur (lit.
In 1961, Banque Lambert fostered the creation of the Geneva-based Société financière pour les pays d'outre-mer (SFOM) with the aim of pooling its shareholders' investments in Africa;[2]: 6 together with Banque Lambert, SFOM's founders included France's Banque Nationale pour le Commerce et l'Industrie and its African subsidiary BNCI-Afrique, California-based Bank of America, and Milan-based Banca d'America e d'Italia, which in 1964 were joined by Germany's Commerzbank.
In 1970, following alleged tax irregularities, Socobanque was seized by the Congolese government,[4] subsequently renamed "Banque du Peuple", and eventually nationalized in 1978.
[5] The Socobanque / Banque du Peuple was later renamed Banque Zaïroise du Commerce Extérieur (BZCE), which after the country's renaming in 1997 was renamed Banque Congolaise du Commerce Extérieur (BCCE).