International Commercial Bank (ICB) world wide assets have grown to over U$884 Million, with loans amounting to U$490Million and deposit amounting to U$647 Million from 2005 to 2006, respectively. In 2006, the Bank made 66% of its loans to consumer sectors and 26% to Small Micro Enterprise (SME).

Disclosing this to the Daily Observer yesterday in an exclusive interview, Mr. Villy Vellyappan, Chief Executive Officer of the ICB Gambia, said: “ICB has an innovative business model and they see the Alternative Investment Market(AIM) as a springboard for success in the future”.

In Africa, he added, they are prepared to provide loans for housing and education, among others, in the countries where they operate, typically to employees of companies who are prepared to administer the collection of remittance. He added that the ICB will continue to support economic growth and the growing demand for banking services in these countries.

He explained: “The founding shareholder of ICB, Tun Daim Zainuddin, prior to the listing held, owns 170 Million shares. After the listing Mr. Zainuddin continues to hold 94.4% stake and the remaining 10 Million new shares issued were taken by Institutional investors. As at the close of the trading in 31st May 2007, the market capitalisation of ICB was U$249,480,000,” he said.

The ICB CEO further revealed that the reason for listing on Alternative Investment Market (AIM) was to enhance the reputation of ICB, raise capital to be used for the business expansion of ICB and to allow for institutional investors as shareholders of ICB financial group.

Mr. Villy revealed that ICB is currently operating in eight African countries and is expected to have more presence in 15 countries by 2009. He also touched on the bank’s plans to increase its presence in Asia, Indonesia and in other Asian countries. “The group has set out a number of key targets, among others, the growth of consumer banking and its services to the small business sector, improved profitability and more fee-based business,” he concluded.