International Bank Liberia Limited Unveils New Hq

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New corproate headquarters of International Bank Liberia Limited, located on Tubman Boulevard, between 11th and 12th Streets, Sinkor

VP Howard Taylor hails bank’s 75% female quota at management level

The Chief Executive Officer (CEO) of the International Bank Liberia Limited (IBLL) or IB, Henry F. Saamoi, says the bank remains humbled by the support of its partners and valued customers, as serving the people has been and continues to be their greatest privilege.

Mr. Saamoi made the remarks on Saturday, May 1, 2021, at the grand opening of the bank’s new corporate headquarters, located on Tubman Boulevard, between 11th and 12th Streets, Sinkor.

Mr. Saamoi said the dedicated staff of the bank will continue to help their valued customers and prospective valued customers to build the future they dream about through tailored and personalized banking services.

According to Mr. Saamoi, the IBLL remains one of the very few foreign investments in Liberia that is run entirely by a Liberian management team and lauded the Board of Directors for believing in the team which is made of committed and dedicated Liberians.

Mr. Saamoi said IBLL, formerly of International Trust Company (ITC) as trust partner, believes that there is no better time than now to reaffirm to the Liberian people that the bank is here to stay.

Henry F. Saamoi, CEO, International Bank Liberia Limited

“Now, the skylines of Sinkor are lit by our new state of the art headquarters in the new commercial district of Monrovia, signifying our commitment to giving our valued customers a world-class customer service experience, while behind the scenes, updated IT platforms will allow us to reach new customers with an array of products and services,” Mr. Saamoi said.

Mr. Saamoi said IB has cemented relationships with international partners including the Development Finance Corporation of the United States, which allowed the bank to benefit from a US$20 million facility for Small and Medium-sized Enterprises (SMEs) in 2017 and the bank is about to conclude another US$20 million facility with a longer tenor for Liberian SMEs.

“We commit to being here for the next 60 years and more to celebrate the true spirit of trust, reliability, resilience, diversity, and beauty of the Liberian people and, of course, our exquisite pepper coast, represented by our pepper bird,” Mr. Saamoi said.

Liberia’s former President, Madame Ellen Johnson Sirleaf, said the dedication of the IBLL’s new facility is another milestone for Liberia and it is as a result of a long journey of relationship with Mr. Stephen Douglas Cashin, Director and Majority Shareholder of the bank.

Madam Sirleaf said Mr. Cashin, who is the founder and majority shareholder of IBLL, has been an associate, partner, assistant, and adviser in a collaborative journey of financial services for over 25 years.

“Today, we have remained close professionals, close family friends, and I have seen and been a part of the growth of his children from childhood to professional working today. It was therefore expected that Mr. Cashin would support me when I became President of Liberia and that he would do so, constant with our professional experience, by establishing a financial institution,” Madam Sirleaf said.

Madam Sirleaf, who encouraged Mr. Cashin in 2007 to invest in Liberia, said, however, her position as President prohibited her from taking a share in the bank or participating on its Board of Directors.

According to her, the IBLL is one of the friendships with value that exceeds rewards, financial or otherwise; a friendship that shares dream of a better life and does something of significance. “It’s a story of Liberia’s triumph that started as an investment in 2007 when Monrovia was still visibly recovering from 12 years of civil unrest to a battlesket home on Broad Street.”

Madam Sirleaf underscoring the long-standing relationship with Mr. Cashin, said during the difficult years of her journey, she was lifted by Mr. Cashin’s Company through the appointment to serve as a consultant based in Abidjan.

Performing the ribbon-cutting to open the bank’s new headquarters, Liberia’s Vice President, Chief Dr. Jewel Howard-Taylor, expressed gratitude to the management of the bank for its excellent project.

Vice President Howard-Taylor said the bank seeks to address the hardship of the Liberian people, especially the project announced to help women and young people.

Liberia’s Vice President, Chief Dr. Jewel Howard-Taylor, flanked by CEO Henry Saamoi (left), IBLL Director Steve Cashin (right) and Finance Minister Samuel Tweah (rear), cuts the ribbon to open the IBLL’s new headquarters in Sinkor, Monrovia.

“The government looks forward to seeing branches in the various cities in Liberia,” she said, expressing her delight at the increase in the number of women in the management team of the bank, which is said to be 75 percent female.

Vice President Howard-Taylor said she believes that the IB is the only institution that has taken the gender quotas high while appreciating the women who have worked so hard to ensure that their 75 percent is based on competence.

The inauguration was graced by several dignitaries including former Vice President Joseph N. Boakai, Liberia’s Minister of State for Presidential Affairs Nathaniel F. McGill, president of the Liberia Bankers’ Association and President of the Liberian Bank for Development and Investment (LBDI), John B. S. Davis, and several dignitaries.

Liberia’s Minister of Finance and Development Planning (MFDP) Samuel D. Tweah, said it is amazing that the leadership of the IB, led by Liberians, is managing foreign capital, mobilizing and employing those capitals to productive usage during difficult moments over the years.

Minister Tweah said “today, we have gathered here to witness a transition and a celebration of International Bank. We are witnessing the transition of the IB to this magnificent corporate headquarters, which symbolizes flowering and maturing of the bank as a sound financial institution that is here to stay.”

He said for the leadership to be able to achieve this, is a symbol of Liberia’s success and must be celebrated, stating: “Mr. Saamoi and his team are monuments of Liberia’s success in the financial sector and look forward to replicating this model to other sectors of the country.”

Mr. Tweah said as a government, they are committed to creating an enabling environment to solve big risks or challenges while indicating that the government has done some things to help the banking sector and will continue to work together.

“The financial sector has been hit hard but the government is doing her best to ensure that the sector remains viable. We are working to resolve obligations in the financial sector. We are solving non-performing loans,” Mr. Tweah said.

Mr. Stephen D. Cashin, the Director and majority shareholder of the bank, expressed gratitude to the staff of the bank and customers for making his life a success.

“Thank you for giving us the confidence to reconnect to Liberia with a sincere investment, the corporate headquarters. Madam Vice President, thank you for your service to Liberia over a long period and also thank you for being a long-standing client of International Bank Liberia Limited,” Mr. Cashin said.

Mr. Cashin told Vice President Howard-Taylor the bank appreciates trust and commitment to working with the team of smart and dedicated Liberians.

Mr. Cashin also lauded former President Johnson Sirleaf for her continued promotion of Liberia to the world, which is bringing the country back to the world stage and respecting the democratic environment as well as allowing for democracy to take its course after her time was over.

Mr. Cashin lauded Mr. Saamoi, along with his team, for their commitment to the Board of Directors, to him, customers, and Liberia, stating “trust is hard to come, but I trust you.”

Monrovia City Mayor Jefferson T. Koijee praised the leadership of the IB and described the bank as a symbol of hope that will possibly change the lives of Liberians and the city.

Mayor Koijee said the bank has a good history of supporting Liberian small, medium, and enterprise businesses over the years and considers the new facility as a boost to the already strong relationship.

Mayor Koijee pledges the City of Monrovia’s commitment to a full partnership and cooperation with the bank for a results-focused program.

United States Ambassador to Liberia, Michael A. McCarthy said he believes Director Cashin, Mr. Saamoi, and all of the employees and shareholders of IB, their dedication to Liberia, and investment in the country’s banking sector and commercial growth over nearly two decades, is to be congratulated.

Ambassador McCarthy said opportunities to commemorate major new U.S.-driven investments in Liberia are much too rare these days, but the completion of this significant building is a symbol of IBLL’s resilience and commitment despite what both global indices and locals alike describe as a very difficult business climate.

Ambassador McCarthy said through many challenging periods, you have carried forward a vision of modern and professional commercial banking that can be a driver of economic growth.

“As the leading corporate-focused bank in Liberia, you have built up an impressive clientele of multinational companies, international NGOs and diplomatic missions, and Liberian and foreign 2 of 2 firms. At the U.S. Embassy, we are strongly convinced that Liberia’s journey to self-reliance and inclusive economic development is private sector-led,” Ambassador McCarthy said.

According to him, for Liberia’s development to be sustainable, “it needs more of the kind of investment like IBLL, which is being celebrated here today.”

9 COMMENTS

  1. This investment is worth commending. Thanks to the management for helping to Liberia. Together we can Liberia what we all want it to be.

  2. Ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha !
    The building is very much impressive, no doubt about that. But least the management forgets, its about loans or credit building to enhance human resources capacities. How to educate citizens on how to build on credits and how to manage and expand on existing marketing strategies for the struggling local businesses. They too have a story to tell in the economy.
    Now, what would make James Davis says all this blah blah blah blah blah blah blah blah about this kind of impressive investment ?
    Well, there was a time in the history of that country when citizens or Liberians were flying the friendly sky to ferry local produces from county to county. They were flying the friendly sky in what was then referred to as “Air Taxi”. To build the roads in the country were more expensive than flying the friendly sky for US 25, 35, or 45 dollars. There were many local dirt air fields all over the country. But there were no roads. There were more dirt air fields than roads to travel on. And the price is being felt by this present generation. Some referred to that period of that country’s history as economic growth without development.
    Fair, there are more banks . Impressive banks too. But the are not able to carry the citizens along. Or to take them out of poverty through the education and reasons why banks are for.
    The first time, it was growth without development, and if care is not taking, this time around too may be development without actual growth in human capacities.
    Simply put, as the country develops, just can’t leave the struggling population behind in poverty. They both have to compensate each other. As it is well known, the bank is here to serve, and not only to take in profits.
    Of course, this is James Davis with another blah blah blah blah blah blah blah blah blah.
    So What A Guy ? What A Thoughtful Guy ?

  3. As former President Ellen Johnson Sirleaf puts it, Director Steve Cashin is her longtime friend. And Mrs. Johnson Sirleaf went on to say that she advised Director Steve Cashin, if you support me, I will support you. Is Mrs. Ellen Johnson Sirleaf, also a mayor owner of shares in IB Bank?

    During the days and government of Mrs. Johnson Sirleaf, she and the Sirleaf family members were reportedly ten times corrupt more than any Government that ever existed in Liberia.

  4. The statement below stated that Mr. Stephen D. Cashin is the majority shareholder. However, the page of the International Bank Limited Liberia shows that the majority shareholder is a business entity called “Liberia Financial Holdings” with 86%. Who is/are the owners of “Liberia Financial Holdings?”

    Is Mr. Cashin the sole owner of “Liberia Financial Holdings?”

    Interestingly, this business might be a private entity, therefore, it might not have published its financial statements, making it difficult to search for the names and identity of the owners.

    “Mr. Stephen D. Cashin, the Director and majority shareholder of the bank, expressed gratitude to the staff of the bank and customers for making his life a success Number of shareholders”

    The below schedule is from the 2019 financial statements.

    J Yanqui Zaza

    “The Bank’s shareholders at 31 December 2019 are as follows:”

    Liberia Financial Holdings Trust Bank Limited
    Other shareholders
    Total
    11,444,261 11,444,261
    Shareholding
    10,646,992 1,537,062 153,935 12,337,989
    12,337,989 —
    12,337,989
    12,337,989 12,337,989
    11,444,261 11,444,261
    Percentage (%)
    86.29% 12.46% 1.25% 100.00%

  5. I am amazed by the beauty of this structure and I want to use the opportunity to congratulate those who made it possible to have a decent building like this one in our country. My only hope is that they should continue to provide the relevant services that the people are craving. They should open their doors to all, their services should not be done along lines of friendship. Long live IBL.

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