Diompillor America - News around the Kissi Community

It has been confirmed in Monrovia that International Bank (Liberia) Limited (IBLL) has made giant strides aimed at building customers’ confidence and recapitalize the bank.

Analysts have begun ringing praises on the achievement made by the bank in that it would further consolidate customers’ confidence in doing business with the IBLL. The bank over the weekend announced the entry of new shareholders to recapitalize the bank.

The new shareholders include the Trust Bank of the Gambia, Databank Financial Services of Ghana and Pan African Capital of the United States of America, the statement quoted officials as saying and added that they bring considerable expertise and resources to International Bank.
“Management notes that Trust Bank of The Gambia went through a similar exercise in 1999 and has since become the most profitable bank with the largest branch network in The Gambia,” the statement quoted officials of the bank.

IBLL said Trust Bank’s market competition, since its cross-border listing on the Ghana Stock Exchange in 2002, has increased from US$15M to over US$80M creating considerable value for shareholders.

Commenting on the new development, the Managing Director of Trust Bank Limited, Mr. Pa Njie expressed happiness about the new partnership. He said “It sows the seed for a West African Banking platform.

We have an aggressive first year strategy for IB which encompasses a new IT system, at least four branch expansions, additional corresponding banking relationships, and a comprehensive training program for IB Personnel.”

Mr. Njie noted that the makeup of the new partnership of The Gambia, Ghana, Liberia and the United States of America, consists of experienced private sector investors.

“I'm confident that together we can transform IB to establish successful operations such as we have achieved with the Trust Bank in The Gambia,” he added. For his part, the Executive Chairman of Databank, Mr. Ken Ofori-Atta said he and his staff are bullish about this transaction.

“We intend to use IB as a platform to raise considerable capital to support urgent requirements of reconstruction, to provide the capital to promote Liberian entrepreneurs, and for IB to be the catalyst to establish other non-bank financial institutions to deepen the financial services industry in Liberia,” he said.

According to him, IBLL being the oldest chartered bank in Liberia, they intend to assert their leadership in providing world class services to all Liberian businesses and individuals, while being the most profitable bank in the country.

Also adding his voice to the achievement of IBLL, the Chief Executive Officer (CEO) of Pan African Capital based in the United States, Steve Cashin described the cooperation as a very “significant investment” as it confirms the confidence the investor community has in the new Liberia.
“Obviously, this transaction reaffirms IB’s unique links to the US and therefore our capacity and commitment to continue providing superior services for Liberians in the Diaspora and their families in Liberia, international companies, NGOs and US government agencies and contract firms working in Liberia. This has always been a unique attribute of international Bank and we intend to maintain it,” he is quoted as saying.

At the same time, the management of the bank headed by Tom Jeffrey as Chief Executive Officer has welcomed the new partnership of experienced investors, who have commercial banking experience, capital raising expertise and a network of contacts in the capital markets and private equity worldwide. Management also appreciates the Central Bank’s support through the conclusion of this transaction.

The Central Bank of Liberia (CBL) has accordingly approved the transfer of majority share ownership of International Bank (Liberia) Limited (IBLL) from Vienna Holdings, LLC (VH) to the Liberian Finance Holdings Limited (LFH).

According to a CBL statement, the IBLL has been recapitalized at US$5m as of June 7, the date of the transfer of the shares. At the same time, the Board of Directors of the IBLL has been reconstituted, the CBL statement issued last evening said.

The International Bank (Liberia) Limited was established in 1960 and has in its employ over 100 staff. The bank on Saturday tendered a dinner in honor visiting heads of African Capital, Databank and Trust Bank, which was attended by officials of the Liberian government, private businesses especially from the financial sector.
Nimba Land Crisis Worrisome!Deputy Former Chief Of Mission Craves Ellen’s Intervention
A prominent son of Nimba County has asked President Ellen Johnson-Sirleaf to personally intervene in the land dispute in Ganta involving the Mano and Gio ethnic groups on one hand and the Mandingoes on the other.


• Mr. Abdullah Dunbar
Mr. Abdullah Dunbar said “the personal intervention of the president would bring the continual land quarrel to a prompt and amicable end.”

In a statement, Dunbar sated that his call to the chief executive was warranted by what he calls “reports of renewed tension among the three tribes over the disputed land.”

He observed in the statement that there has been no harmonious resolution to the conflict despite the meditation of the special committee headed by Internal Affairs Minister, Ambullai Johnson.

“With due deference, Madam President, it may surprise you to know that since the committee’s intervention, the emphasis has shifted from encroachment to the active erection of buildings on land owned by the Mandingoes,” he asserted in the statement.

Mr. Dunbar, a former Deputy Chief of Mission at the Liberian embassy in Washington D.C., USA, pointed out that he would have exercised more patience in waiting for the publication of the committee’s findings if that committee’s intervention had a positive impact on the land crisis in Ganta.

Against this backdrop, he maintained that the Liberian leader’s intervention is very necessary; saying the situation in Nimba is having a negative impact on the cordial relations among the ethnic groups involved.

Meanwhile, the former diplomat has advanced several recommendations to President Sirleaf, which he intimated that if adhered to would cordially resolve the land dispute once and for all.
He, among other things, suggested to the president that she takes four or five days out of her busy schedule to hold a reconciliation meeting in Ganta, for the return of all occupied land to the rightful owners, making specific reference to the Mandingo ethnic group.

The career diplomat further suggested that the president invite elders and senior citizens from the Mano, Gio and Mandingo ethnic groups who once resided in Ganta for the reconciliation meeting.
“Withdraw Troops From Lilema”MRU Delegates Call On Guinean President, Extols MRU Presidents

Delegates at the just ended consultation of Makona River Union (MRU) members held in Foya, Lofa County have extolled Presidents Johnson -Sirleaf of Liberia for her mediation role in ending the crisis between Guinea and Sierra Leone over the disputed Yenga territory.

It is a piece of land that the two countries are claiming possession of. Recently confusion flared up between the two countries, prompting a meeting amongst the Mano River Union countries. Due to her mediation role, President Lasana Conte has finally accepted to relinquish Yenga to Sierra Leone.

Though appreciative of President Conte’s gesture, delegates in the resolution called on the Guinean leader to withdraw the Guinean military contingent occupying Lilema to the other side of the Makona River.

According to them, this will restore pre-war confidence and normalcy among the peoples of the three countries.

They expressed appreciation of the efforts of the leaders of the three countries with reference to the visits of the vice presidents of Sierra Leone and Liberia to Yenga and Lilema, to observe the “geographic location” of said area and advice their principal presidents for final documentation.
They have agreed to send a delegation of the Makona River Union (MARU) to officially present copies of this resolution to the three governments - Guinea, Sierra Leone, and Liberia- as a manifestation of their wishes for sustainable peace in the sub-region.

About 11 delegates came from Sierra Leone and Guinea respectively while 15 persons represented Liberia at the conference. They MRU members have reconfirmed their commitment to lasting peace for progress in the sub-region. They also pledged to establish confidence in the three countries that would lead to peaceful coexistence and socio-economic development.








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