The Central Bank of Liberia (CBL) has lauded the newly licensed GN Bank Liberia Limited (a subsidiary of Ghanaian conglomerate Groupe Nduom) for taking over the First International Bank Liberia Limited (FiBank).
In remarks Thursday in Monrovia at the official launch of GN Bank Liberia Limited, the Executive Governor of the CBL, Milton Weeks, said the presence of GN Bank in the country marked another milestone in Liberia’s banking sector.
Governor Weeks said that milestone was made possible through collaborative efforts between the Central Bank of Liberia and the Ghana Growth Fund Company (GGFC), which is part of the Groupe Nduom family.
He explained that GN Bank Liberia Limited is a subsidiary of GGFC with US$18.5 million already pumped into Liberia’s economy, which is a clear indication that the company has confidence in Liberia.
“GGFC has previously proved itself as a committed partner in the development of Africa through investment by the group’s presence in a number of African countries,” Governor Weeks said. “GGFC has already shown its commitment through the successful taking over of the Liberia Enterprise Development Finance and Cooperation in 2013.”
Mr. Weeks noted that the infusion of US$18.5 million into the economy not only demonstrates GN Bank’s confidence in Liberia, but shows its readiness to join the government’s reconstruction efforts in the banking sector.
He indicated that the funds are more than adequate to meet the capital requirement of operating a banking institution in the country, as defined by the Central Bank of Liberia.
“Thus, it is sufficient enough to protect the entire bank’s many depositors in the country,” Governor Weeks said.
He assured depositors of the former FiBank (now GN Bank Liberia Limited) and the general public that their deposits are fully secure and safe.
Meanwhile, Governor Weeks called on those who are indebted to the former FIBank through loans to make repayments to GN Bank, because the bank (GN Bank) has already purchased those loans from the FiBank.