According to a press release from the Central Bank of The Gambia (CBG), a copy of which was delivered to The Point yesterday, indicates that CBG on 14th August 2008 issued a licence to Oceanic Bank (Gambia) Ltd to do business in The Gambia.

Oceanic Bank (Gambia) Limited, according to the release, is a subsidiary of Oceanic Bank Plc. in Nigeria, with a market capitalisation of US$2.95 billion and subsidiaries in four (4) other West African countries.

The licensing of Oceanic Bank (Gambia) Limited brings to eleven (11) the number of commercial banks operating in The Gambia.