As ISBC Bank Opens Today

According to reliable sources, five banks including an international bank, a Pakistano-Nigerian bank called Platinum Habib bank, have expressed interest in acquiring the shares and assets of International Bank of Commerce (IBC), the third largest bank in The Gambia. Negotiations are said to be well-advanced for the conclusion of an agreement of sales, subject to the prior approval of the Central bank, the sources added.

Meanwhile, according to a press release from the Central Bank of The Gambia, following the issuing of license by Central Bank of The Gambia on January 4th 2008, Banque Sahelo- Saharienne Pour L’investissment Et Le commerce (BSIC) Gambia Ltd, is expected to be officially inaugurated today. The Bank is an affiliate of Banque Sahelo-Sharienne Pour L’investissment Et Le Commerce (BSIC), a regional banking group with subsidiaries in nine countries in West and Central Africa. The licensing of BSIC (Gambia) Ltd, which brings to 10 the number of commercial banks operating in The Gambia, is expected to further deepen the financial sector as well as enhance competition in the banking industry.

A deep and competitive financial sector is an important prerequisite for sustained economic growth and development, the release stated.