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Oceanic Bank winds up in The Gambia
Thursday, 06 January 2011 14:51
The Nation - Oceanic Bank International Plc is to wind up its subsidiary in The Gambia. The move is tied to the bank’s
decision to obtain a National Banking Licence as opposed to a Universal Banking Licence, agency reports said yesterday.The Head of Corporate Communications, Oceanic Bank Gambia Limited, Thomas Kojo Quayson,
explained that the move to "go for a voluntary liquidation" has nothing much to do with the bank, but the Oceanic Bank International in Nigeria that had a universal licence, but has now decided to opt for a national banking licence, hence could not operate subsidiaries.He said: "Last year, there was a directive issued by the Central Bank of Nigeria that all banks in Nigeria should choose to either be a regional bank, a national bank or to be an international bank. Oceanic Bank before under the Universal Banking Licence had subsidiaries in various countries apart from Nigeria.
Now the parent company in Nigeria finally decided to opt for a national banking licence as opposed to international banking licence. When you go for a national banking licence, this means that you cannot have subsidiaries in other countries."
Quayson further explained that it was the decision of the parent company in Nigeria for their bank in The Gambia to go for a voluntary liquidation since they have now opted to be national.
As I speak to you, our capital is well over D100 million (One hundred million dalasis) and we were well on to meeting the requirement.
Quayson also hinted that Oceanic Bank Gambia will not be the only subsidiary that will be affected by this move to go national indicating that other subsidiaries in other countries will be affected too.
He commended the Oceanic Bank Gambia staff for doing a wonderful job, stressing that this was a bank that has done a lot and earned the confidence of the customers within a short period of two years. "Our wish would have been for it to carry on but unfortunately that is not the case.
"We are very liquid and that’s why, in fact, you can see that no customer has come here and has been turned away. Anybody who has money in this bank, you will get it and this is only possible because the bank is liquid. The bank is liquid enough to pay everyone," he assured."
Some customers also shared their feelings with many, saying that the development came to them as a shock and a bitter surprise since they never expected such a thing.
"I am a businessman that operates a cyber cafe and a printing shop. I heard this news, but I didn’t even take it seriously and this morning I came and found people collecting their money. So, I decided to withdraw my money. I didn’t have any stress in withdrawing my money as the officials treated me well," Momodou Lamin Sidibeh, a customer, said.
An official of the bank in Lagos told The Nation that the development arose in response to the new status of the bank, assuring that the bank would meet all financial and statutory obligations to its teeming customers.
Written By Simeon Ebulu
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Comments
This, he went on, has implications, because Oceanic Bank International has vigorously set up in other parts of the world and, having opted for that national licence, it means they cannot have subsidiaries in other parts of Africa." Source from the point news paper.So let interlectuals have their own business environmental analysis.
I just wondered what sort of business existed in Gambia to justify the presence of all these dubious Nigerian Banks. We have neither oil nor diamonds and our poor farmers cannot even recover the money owed them for groundnut sales from years ago..... something had to give and it surely has.
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