Oceanic Bank International Plc is to wind up its subsidiary in The Gambia. The move is tied to the bank's decision to obtain a National Banking Licence as opposed to a Universal Banking Licence, agency reports said yesterday.
The Head of Corporate Communications, Oceanic Bank Gambia Limited, Thomas Kojo Quayson, explained that the move to "go for a voluntary liquidation" has nothing much to do with the bank, but the Oceanic Bank International in Nigeria that had a universal licence, but has now decided to opt for a national banking licence, hence could not operate subsidiaries.
He said: "Last year, there was a directive issued by the Central Bank of Nigeria that all banks in Nigeria should choose to either be a regional bank, a national bank or to be an international bank. Oceanic Bank before under the Universal Banking Licence had subsidiaries in various countries apart from Nigeria.
Oceanic Bank winds up in The Gambia (http://thenationonlineng.net/web3/business/23899.html)