GN Bank Liberia Taken Over By Standard Chartered Subsidiary

GN Bank Liberia Taken Over By Standard Chartered Subsidiary

Groupe Nduom Bank (GN Bank) Liberia Limited A new financial institution, Sapelle International Bank Liberia Limited (SIBLL), has taken over the GN Bank Liberia Limited, member of the Group N’doum (GN), headquartered Ghana. The GN Bank Liberia Limited is headquartered on the Broad Street, Monrovia, with branches across Liberia.

A statement quoting the bank management, said the decision was approved by the Central Bank of Liberia (CBL) recently to operate under the license as SIBLL.

The bank will trade as “SIB”. This will heighten the Liberian character and nature of the Bank’s operations. SIBLL also has approval to operate the pay Global Mobile Money and Digital Banking product. According to its management, the Bank is ready to roll out its ATMs, making banking more convenient for its customers.

“SIBLL remains well capitalized and ready to service the banking needs of its numerous customers throughout Liberia,” the release said. SIB Liberia Limited is a subsidiary of Standard Chartered Bank Ghana Ltd.

Standard Chartered Ghana (officially Standard Chartered Bank Ghana Limited) is a banking financial services company in Ghana, and an 80% subsidiary of Standard Charted.

They are listed on the stock index of the Ghana Stock Exchange, the GSE All-Share Index. Operating since 1896, it is one of the oldest companies in Ghana. It is the successor to the Bank of British West Africa in Ghana.

It may be recalled that GN Bank in 2017 took over FIBank upon a Central Bank of Liberia resolution, due to FIBank’s inability to lend depositors and shareholders desired payments and dividends.

It further said that in January 2019, media institutions reported an imminent closure of GN Bank after the Bank of Ghana downgraded GN Bank to a ‘savings and loans Company.

A dispatched from Accra, Ghana, where GN Bank operates its headquarters, stated that the Bank of Ghana downgraded GN Bank to a savings and loans company, after the Central Bank finished what it describes as the banking resolution requiring each commercial bank operating in the country to have a minimum capital of GHC400 million.

Addressing reporters in Accra, on Friday, January 4th, 2019, the Governor of the Central Bank of Ghana, Dr. Ernest Addison, stated that an advisory team has been appointed for GN Bank to ensure its smooth transition to a micro-finance company.

“GN Bank (GN) was unable to comply with the Minimum Capital Directive by 31 st December 2018. Consequently, GN Bank has applied for, and the Bank of Ghana […]

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