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Company Profile:
In August of 2008
it was announced that the CGB, issued an operating license
to Nigeria’s Oceanic Bank on the 14th August, 2008 to operate in The Gambia.
Oceanic Bank (Gambia) Limited, is a subsidiary of Oceanic Bank
International Plc. in Nigeria, with a
market capitalisation of US$2.95 billion and subsidiaries in 4
other West African countries.
The licensing of Oceanic Bank (Gambia) Limited brings to to
11 the number of commercial
banks operating in in the country.
The bank, as well as other Nigerian banks, has been making headway
into other African countries recently, particularly after the
recapitalisation process of December 2005.
Before now, Ecobank, Access Bank, among others, are presently
operating in The Gambia.
The Gambia has over the last ten years proven to be a relatively stable country,
becoming more attractive for foreign investors. Though tourism and
agriculture are the major foreign currency earners the banking sector is
steadily becoming a major player in the Gambian
economy, with Nigerian banks exercising their prominence there.
Oceanic Bank, according to a recently report from the Bankers
Magazine (an FT publication), has emerged the 5th best bank in
Africa and the best in Nigeria.
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