Central Bank Of Liberia Approves Purchase of First International Bank

fibThe Central Bank of Liberia (CBL) has approved the purchase and assumption of assets and deposits of the First International Bank Liberia Limited (FIBLL) by the Ghana Net Bank Limited.

According to the Executive Governor of CBL, Milton H, Weeks, the Ghana Net Bank Limited is a newly-licensed bank in Liberia

Governor weeks made the disclosure Monday at a press conference held at the CBL headquarters in Ashmun Street in Monrovia.

He indicated that the Board of Governors of the CBL, pursuant to the authority vested in the bank under Section 40 (13) of the New Financial Institution Act of 1999, has approved the purchase of significant portion of the assets and assumption of all the deposits of FIBLL, except one large foreign depositor and one large creditor of FIBLL by the Ghana Net Bank Liberia Limited.

He explained that the Ghana Net Bank Liberia limited is owned by Ghana Growth Fund Company (GGFC) which is already part of the Liberian Financial System as the owner of the Liberian Enterprise Development Finance Company (LEDFC).

According to Governor Weeks, LEDFC was licensed to provide financing to small and medium businesses as of January 26, 2016 and that it has extended a total loan of US$15 million from which some sectors such as agriculture, health and education have benefited.

He said the FIBLL’s eight offices and cash windows across the country opened on Monday, June 6, as branches of Ghana Net Bank Liberia Limited with a new management team and Board of Directors.

He pointed out that depositors of the former FIBLL will automatically become depositors of the Ghana Net Bank Liberia Limited, noting that at the time of closure, former FIBLL had a total deposit of about US$23 million in about 42, 000 accounts.

The CBL official said the Ghana Net Bank Liberia Limited has brought in a total amount of US$18.5 million which is adequate to meet the minimum capital defined by the CBL and together with the purchased liquid assets which provides sufficient protection for all deposits.

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About Cholo Brooks 16878 Articles
Joel Cholo Brooks is a Liberian journalist who previously worked for several international news outlets including the BBC African Service. He is the CEO of the Global News Network which publishes two local weeklies, The Star and The GNN-Liberia Newspapers. He is a member of the Press Union Of Liberia (PUL) since 1986, and several other international organizations of journalists, and is currently contributing to the South Africa Broadcasting Corporation as Liberia Correspondent.