The London based Ghana International Bank (GHIB) has begun a four day ‘intensive’ training program for bankers in Trade, Finance and Documentary Credit, the Principle of Autonomy, and Strict Compliance, Standardisation-UCP600,ISBP645, INCOTERMS (2010), among others.
Those attending the training are 30 bankers from four West African countries, namely; The Gambia, Guinea, Liberia and Sierra Leone.
The four-day training is being conducted at a resort in Monrovia.
The program focuses on recent issues in international trade, finance, risk assessment, money laundering, and fraud as well as practical problem solving within the banking sector of West Africa.
Mr. John B. S. Davies, president of the Liberia Bank for Development and Investment (LBDI), who spoke at the opening program said: “We as bankers are committed to continuously promote professional development to ensure a sound banking system in Liberia, and to provide a forum for discussion and communication of issues affecting the banking community, particularly, the economy as a whole. That is why I am mostly delighted that GHIB is delivering this programme here.”
According to him, the bank has been operating for over 50 years in the heart of City of London; the world’s leading financial Centre, and was incorporated in the UK in 1998, to take over the operations of Ghana Commercial Bank (GCB).
Mr. Davies then praised the GHIB for its uniqueness in that it is a Ghanaian-owned bank licensed by the Prudential Regulatory Authority (PRA).
The LBDI president noted that the Central Bank of Ghana (CBG) is the major shareholder of 51 percent, while Ghana commercial Bank has a 20 percent stake, and the remainder of the shares are held by Social Security and National Insurance Trust 15 percent, Agricultural Development Bank 9 percent, and SIC Insurance Company of Ghana 5 percent.
Mr. Davies is also the president of the Liberia Bankers Association (LBA).
Earlier, the chief executive officer and managing director of GHIB, Joe Mensah, said over the last few years the bank has been developing the market sector in the African region, particularly in West Africa.
As for the training, he said it is intended to expand their services within various countries’ community by sharing their experiences.
“We are a bank with a difference—a City of London Bank with our feet firmly planted in Africa. We understand the needs of people and businesses in our part of the world. We combine a rapidly growing footprint across the continent with international expertise and correspondent links to all major global financial institutions,” he said.
He noted that, “it is this rich, unique experience that we want to share with the business community we are creating. We are therefore a bank of first choice when it comes to doing commercial business between Africa and rest of the world.”
GHIB focuses on four key areas: international trade finance, correspondent and corporate banking, treasury services and transactional banking services.
The GHIB managing director noted that the bank operations are geared towards supporting the economies of African countries in which it does business.
The bank delivers banking services designed by people who understand the needs of the continent and provides a bridge to banking institutions in Africa. For organizations doing business in Africa, it is thus a gateway to the global financial system, providing access and expertise, capital and extensive cross-border capacities.
The bank’s exposure in the region has been growing rapidly and is currently in excess of US$300 million. The growth in GHIP’s Pan African operation is reflected in the surge in both the bank’s balance sheet that has more than doubled in the past ten years.
For organizations doing business in African it is thus a gateway to the global financial system, providing access and expertise, capital and extensive cross border capabilities.
The growth in GHIB’s Pan African operation is reflected in the surge in both the bank’s balance sheet that has more than doubled in the past ten years and its pre-tax profits which has increased some fivefold during the same period.
The bank has a total asset base in excess of US$1 billion and is considered a top tier bank in the London market in terms of profitability and operational efficiency.