Based on information published by specialised Tunisian media, the capital increase of Société Tunisienne de Banques (STB) seems to be encountering many challenges. The share of public companies and the Tunisian State earmarked for this operation and which amounted to 386 million dinars (51% of the amount to raise), has been completely mobilised.

The problems seem to come from private corporate and individual actors. Some analysis tend to explain that the operation is suffering from a lack of communication. Website Ilboursa, however, confides that Société Tunisienne d’Assurance et de Réassurance, one of STB’s shareholders, was met with a refusal from French Groupama, which holds 35% of the Tunisian insurer.

Following this increase, STB’s capital should rise from 124.3 million dinars to 776.875 million dinars through the creation and issuance of 130,515,000 new shares at 5.800 dinars each, thus a nominal value of 5 dinars and a premium of 0.800 dinar per new share bought in cash and paid-in at subscription.

Though the 1^st September deadline has come and gone, observers on the Tunisian financial market assume that a demand for extension was made in order to enable latecomers to subscribe. On the contrary, the information note of the operation made provision for non-subscribed new shares to be partially or completely offered to the public and shareholders, otherwise the capital increase will be limited to the actual number subscriptions.