Ivory Coast Banks, Stock Exchange Close Amid Bank Run
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Ivory Coast’s financial system is grinding to a halt with banks closing and the stock market suspended, sparking a run on the lenders left open as the West African nation’s political crisis drags on.
Standard Chartered Plc, Citigroup Inc., BNP Paribas SA and Societe Generale SA have all closed their units in the world’s top cocoa producer because of security fears after a disputed Nov. 28 vote left the country with two rival administrations. Bank Atlantique Cote D’Ivoire, the country’ second-biggest bank, said on its website that it has suspended its operations.