Prime Joins Gambia’s banking industry
By Ismaila M.S. Naban
BANJUL, Gambia- Gambia, though a small country, is witnessing a proliferation of banks on its soils; and the industry is becoming more competitive.

The latest emergence of a new bank, Prime Bank (Gambia) Limited, brings the total to twelve banks operating in the Gambia.

The Bank was on May 21, 2009, issued a licence by the Central Bank of the Gambia, to conduct banking business in the Gambia.

The Central bank was acting under section 4 of the financial Institutions Act 2003.

Prime Bank (Gambia) Ltd. Is a subsidiary of Lebanese Canadian Bank Plc.

The latter is domicile in Lebanon with a representative office in Montreal, Canada.

The Governor of Gambia’s Central Bank, Mr. Momodou Bamba Saho, recently officially launched the Bank at its Head Office on the busy Kairaba Avenue in the Gambia.

He commended the new bank in the country for successfully meeting the rigorous licensing requirements of the Central Bank, as well as for making an entry into the industry.

As the Governor alluded to, Prime Bank is entering the country’s banking industry at a time of great uncertainty for a world economy. That the global economy is forecast to contract by 1.3 percent in 2009, a modest recovery is forecast for 2010 but even this, he believed, is uncertain.

But he opined that Prime Bank’s investment in the Gambia was a clear testimony of the security and peace and economic stability of this country.

Governor Saho reassured the new bank and prospective investors that the Gambian authorities are determined to continue the pace of strong policy actions and reforms that had resulted in robust economic performance over the past few years.

The Chairman and General Manager of the new bank, Mr. George E. Zard Abdou Jaoude, remarked that Prime Bank’s presence in the Gambia had not came by coincidence, but by their conviction in the economic future of this West African state.

He said the Bank is among the top 10 Lebanese banks. And according to him, their performance had surpassed that of their banking peers.

The Lebanese Canadian bank boss also He said the bank’s total Asset stands at about USD 4.6 billion with net profit over USD 30 million.

He said the bank currently has shares in a bank in Sudan, Bahrain and Algeria.

He said they are resolved to increase their footprint in Africa, as he assured of quality service delivery. He commended the Gambia’s Central bank’s support, Gam Petroleum, their Gambia associates who introduced them to the country.