Gambia News : Oceanic Bank licensed to operate in The Gambia

Central Bank of The Gambia (CBG), has issued operating license to Nigeria’s Oceanic Bank to operate in The Gambia.

Oceanic Bank (Gambia) Limited, according to a release from The Gambian apex bank, is a subsidiary of Oceanic Bank plc. in Nigeria, with a market capitalisation of US$2.95 billion and subsidiaries in four other West African countries.

The licensing of Oceanic Bank (Gambia) Limited brings to to 11 the number of Nigeria’s commercial banks operating in in the country. A source at Oceanic Bank’s office in Lagos, who pleaded anonymity, confirmed the granting of the licence by the Gambian authorities.

The bank, as well as other Nigerian banks, has been making inroads into other African countries lately, especially after the recapitalisation exercise of December 2005.

Before now, Ecobank, Access Bank, Diamond, among others, are presently operating in The Gambia.

The Gambia has over the last decade proven to be a stable and progressive country, thus an attraction of foreign investment. Tourism and agriculture (mainly groundnut) are the major foreign currency earners.

Banking though is gradually 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, a subsidiary of Financial Times of London, in a fresh review of the top 1000 banks in the world, has emerged the fifth best bank in Africa and the best in Nigeria.