The Central Bank of Liberia (CBL) yesterday announced the new shareholder for the First International Bank Liberia Limited, otherwise known as FIBank.
The new shareholder is the Ghana Growth Fund Company (GGFC) that is already part of the Liberian financial system as the owner of the Liberian Enterprise Development Finance Company (LEDFC).
A statement said CBL approved the takeover pursuant to the authority vested in it by the new Financial Institutions Act of 1999, and consistent with Section 47-55.
The CBL release said the FIBLL is located on Broad Street, Monrovia, with branches across the country.
“In keeping with the new Financial Institutions Act of 1999, the CBL, pursuant to take over of FIBLL, has appointed a Provisional Administrator (PA) for the purpose of facilitating the smooth transfer of ownership to the new Shareholder and ensure the continuous operations of the bank,” CBL said.
The CBL, the release said, has agreed with the new Shareholder to allow significant Liberian participation in the new ownership of the bank.
The CBL assured depositors, creditors and the public that it has taken the necessary actions to ensure the continuous operations of the bank.
The LEDFC, the release said, is a development finance company licensed to provide financing to small and medium businesses.
“As of January 26, 2016, it had extended total loan of U$15 million, while U$5 million additional loans have been processed.
“Some of the sectors that have benefitted from such loans include the services sector, agricultural sector, health sector, education sector (in terms of financing for construction schools), and waste management,” CBL said.
GGFC is a member of Groupe Ndoum, a holding company registered in Ghana, with several subsidiaries, including GN Bank, an insurance and a re-insurance company in Ghana, the release said.
“GN Bank is currently rated as one of the largest retail banks in Ghana, with the largest presence in many parts of Ghana,” the release concluded.