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Bank PHB in full glare

Tue, 29 Jul 2008 07:43:54 GMT

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Tuesday, July 29, 2008

The erstwhile International Bank for Commerce (IBC) has been rebranded to its successor Bank PHB, which is an extension of a leading financial institution in Nigeria’s banking industry.

The new brand was formally unveiled on Friday at a dinner held at the five-star Sheraton Hotel in Brufut, presided over by the secretary of state for Finance and Economic Affairs, Musa Gibril Bala Gaye, on behalf of President Alhaji Dr Yahya Jammeh.

Bank PHB is reputed for its superior value customer services and extensive experience in banking. It is also renowned for its innovative customer-centred services, as they showcase a wide-range of alternative financial products that run to offer its customers with solutions to their unending financial needs.

The launch was also attended by the speaker of the National Assembly, Hon Fatoumatta Jahumpa Ceesay, the governor of the Central Bank of The Gambia, Bamba Saho, high profile officials of the private sector including the officials of Bank PHB, business people, among other dignitaries.

“I am aware that Bank PHB is the fastest growing bank in Nigeria, ranked among the first five among Nigeria’s 24 banks. Our expectation is that you bring that tradition of excellence into The Gambia, fostering healthy competition in the banking industry here that will ultimately lead to a significant improvement not only in the banking products and services, but also stimulate overall improvement in the economy,” said SoS Gaye, while delivering a speech on behalf of the president, who was honoured as the special guest of honour.

Affirming that the president takes the development in the banking sector very seriously, as it is the pivot on which economic activities are hinged, the Finance and Economic Affairs SoS assured the bank that they would continue to give support and play their role as regulators.

Gambia: Gateway

“The strategic location of The Gambia has always endeared it to the hearts of investors. In the 18th and 19th centuries, the coast of The Gambia was a major port for the lucrative trade in slaves, which were brought in by Arab traders through Gao and Timbooktu. The Gambian coast was also used for the trade in gold and ivory by both the Portuguese and English traders,” said the SoS, while buttressing the longstanding economic significance of The Gambia, as strategic location.

He then continued: “The country was so important to all the empires it fell under that, at a time during the early and late 19th centuries, it was the subject of a constant tussle between the English, French and Portuguese colonialists.”

Though relatively small, SoS Gaye described The Gambia as a country where untapped resources are flowing.

“I dare say that your choice of The Gambia as the first port of call in your expansion into the West Coast, and indeed the entire Africa is a wise and promising decision,” he noted, while welcoming the bank to The Gambia.

The Finance and Economic Affairs SoS was hopeful that the emergence of Bank PHB to the country’s banking landscape, with the injection of more funds, and an abiding promise of better services for the people, indicates “our vision of a Gambia that will ultimately become an investment haven for the best business in the world”.
Chuks Chibundu, the managing director of Bank PHB Gambia, said the event heralded a significant milestone in the economic history of The Gambia.

“This is primarily for two major reasons: First, for the people of Gambia, Bank PHB offers a major alternative in innovative financial solution and unparalleled customer experience. Our retail strategy was recently hailed by Renaissance Capital as the most well thought out in the Nigerian banking industry while a leading national paper named Bank PHB the most innovative bank in Nigeria,” he declared.

He then continued: “Secondly, for us in Bank PHB, today’s unveiling marks the first expression of our global expansion drive expected to soon see us establishing strategic dominance in West Africa in the short run and eventually make a major inroad in different parts of Eastern and Central Africa.”

Track record

According to the Bank PHB MD, his bank has become a life experience for the average Nigerian, popular for its innovativity, creativity, resilience and foresight.

“Bank PHB’s 2007 financial report card also confirms it emergence as Nigeria’s eight biggest bank with total assets and contingents of N480 billion (US$84 Million) representing increases of 155 per cent in total assets and contingents and 197 per cent in profits. Bank PHB controls about 70 per cent of the Nigerian stock exchange market capitalisation,” Mr Chibundu added.

Investment haven

Noting that they find The Gambia a strategic business destination, Mr Chibundu said The Gambia’s corruption index is about the lowest in Africa, making it a safe haven for investment, relaxation and business.

“Bank PHB is in The Gambia to support the government’s effort in expanding the economic opportunities available to the average Gambian representing all classes of customers. Our retail suit offers financial options that leave no customer stranded outside the financial space,” an optimistic Bank PHB boss stated.

Ahmed Koro, the executive director of Bank PHB in Nigeria, who represented his chief executive officer, said they are in The Gambia to reach out to the “unbanked, the under-banked and indeed Africans both at home and in the diaspora, who have yearned for the customer experience which only Bank PHB offers”.

Undertakings

For her part, Fatou Mas Jobe, the group head of Retail Banking, who delivered the vote of thanks, traced the historical relations between Nigeria and The Gambia, which could be traced as far back as The Gambia’s Independence in 1965, before delving into the economy.

Mrs Mas Jobe, a redoubtable Gambian banker, who is famous for her reservoir of innovations, said The Gambia has in recent years witnessed a steady growth in its economy, enhanced by the economic opportunities.

“For us as an institution just a few years into our operations, our scorecard speaks so eloquently of our service excellence and commitment to employee welfare. A few months after assuming management responsibility of the erstwhile IBC; we effected a significant upward review of salaries thus making us one of the highest paying banks in The Gambia,” she said, while elaborating on other significant undertakings by the bank.

“Through our convictions and actions both in financial management and human development, we have become synonymous with ‘Thinking Possible’ and extraordinary achievements. Bank PHB is the first Nigerian corporate organisation to partner with the US government in the sponsorship of its most prestigious scholarship programme: The Fulbright Scholarship,” she said.

Bank PHB’s Mas Jobe was of the hope that in the next few years, Bank PHB would have been fully transformed into a true financial supermarket, providing services not only in banking, but also in asset management, insurance and other related financial services.

She then thanked President Jammeh, the government and the people of The Gambia for giving them the opportunity to contribute to the growth of the economy.

Author: by Ebrima Jaw Manneh

IBC to be revamped - Says new CEO

Mon, 10 Mar 2008 07:44:28 GMT

Monday, March 10, 2008

Efforts to overhaul the status quo of International Bank for Commerce (IBC) to restore its fading glory are in high gears, barely few months after a new management took charge, after it was bought by the Bank PHE of Nigeria.

The new managing director and chief executive officer of IBC confirmed this to stakeholders on Friday at the Sunbeach Hotel and Resort, where several dignitaries, notably the speaker of the National Assembly, Fatoumatta Jahumpa-Ceesay, and the secretary of state for Finance and Economic Affairs, Musa Gibril Bala Gaye, were hosted to a cocktail. Prominent Gambian businessmen and representatives of various companies also attended the cocktail.

IBC was believed to have been losing ground in the country’s looming competitive banking industry, characterised by a wide range of aggressive and innovative services in face growing customers and increasing private sector investment, including medium sized-entreprises.

In a speech delivered at the cocktail, Chuks Chibundu, the managing director and CEO of the bank, observed that the support for IBC has been growing despite all odds; despite the capacity constraints.

"We are going to revamp IBC and we are going to make it something that all of you will be proud of," he said.

According to him, IBC still remains the "prime bank" in The Gambia, adding it will be repositioned to second leading bank in the country is the next 9 to 10 months. "This is a new dawn. The changes are going to start and in fact they have started," he added.

"You work with us and we work with you. This is going to be a partnership. And the partnership is this: I know what your needs are and we are always going to be there for you," said Mr Chibundu.

The IBC new CEO said the bank will be the most innovative in terms of IT, noting that the brand will remain the same despite change of ownership. However, he expressed hope that it will be rebranded in their course of transformation.

Author: by Ebrima Jaw Manneh

80 graduate at International Business College

Tue, 04 Mar 2008 03:38:01 GMT

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Tuesday, March 04, 2008

At least eighty (80) students who have successfully gone through a two-year Higher National Diploma programme, on Business Management, Banking and Finance, Business Marketing, Information Technology, Tourism and Hotel Management, on Saturday, March 1st, graduated from the International Business College, at a ceremony held at the Paradise Suites Hotel in Kololi.

The graduants had completed a two-year course on both higher national diploma 1 and 2.

In his address, Festus Ajibuwa, principal of the College, commended the graduants for successfully completing their HND programmes.

According to principal Ajibuwa, IBC is cognisance and fully committed to total quality in terms of policy making, delivery of lectures, administration, employment and staff-students relationships, a development he said, has been orchestrated by the National Training Authority.

He said that most of the past students of the college have now secured gainful employments with Banks, Hotels, and various organisations, thereby contributing their quota in the national development process of the country.

On courses, he noted that their higher national diploma 2 is equivalent to the second year university degree programme in the United Kingdom, America and Canada.

‘’Language proficiency courses such as French and English are taught at elementary and advanced levels to help our students build up their written and spoken skills,’’ adding that this create opportunity for aspiring students who want to be bilingual.

He noted that his college is in full support of the government’s vision 2020 programme as well as the silicon valley initiative.

To the graduants, principal Ajibuwa implored them to always serve as good ambassadors of the college as well as to be ready to defend their qualification at any moment.

He finally paid tribute to Dr Tony Johnson, co founder of the school for his selfless service towards the country’s educational sector.

In his words of wisdom to the graduants, Ousman Nyang, Director General of the National Training Authority, who was the guest speaker of the occasion, implored the graduants to always maintain the higher momentum of the college, noting that the outgoing students should be able to prove themselves beyond all doubts of capabilities anywhere in the world. He adviced them to plough back their knowledge gained to the development process of the country.

While commending the college for their diligent services in the fields of technical and vocational educational training, Mr Nyang re-affirmed his institution’s commitment to support and encourage Gambians in the technical and vocational education sector.

The occasion was graced by parents and guardians of the graduants

Author: by Hatab Fadera

Five Banks Interested in Taking over IBC

Tue, 08 Jan 2008 04:51:46 GMT

Tuesday, January 08, 2008

As ISBC Bank Opens Today

According to reliable sources, five banks including an international bank, a Pakistano-Nigerian bank called Platinum Habib bank, have expressed interest in acquiring the shares and assets of International Bank of Commerce (IBC), the third largest bank in The Gambia. Negotiations are said to be well-advanced for the conclusion of an agreement of sales, subject to the prior approval of the Central bank, the sources added.

Meanwhile, according to a press release from the Central Bank of The Gambia, following the issuing of license by Central Bank of The Gambia on January 4th 2008, Banque Sahelo- Saharienne Pour L’investissment Et Le commerce (BSIC) Gambia Ltd, is expected to be officially inaugurated today. The Bank is an affiliate of Banque Sahelo-Sharienne Pour L’investissment Et Le Commerce (BSIC), a regional banking group with subsidiaries in nine countries in West and Central Africa. The licensing of BSIC (Gambia) Ltd, which brings to 10 the number of commercial banks operating in The Gambia, is expected to further deepen the financial sector as well as enhance competition in the banking industry.

A deep and competitive financial sector is an important prerequisite for sustained economic growth and development, the release stated.

Author: By Pap Saine

Source: The Point

Nigerian Bank, PHB, acquires Gambia’s IBC

Tue, 08 Jan 2008 04:09:20 GMT

Tuesday, January 08, 2008

Reports monitored by the Nigerian daily newspaper, The Sun, indicate that Bank PHB Plc has acquired the Gambian-based International Bank for Commerce (IBC).

According to the Monday 7th January 2008 edition of the said newspaper, the deal saw the Nigerian bank paying $23 million for a 74 per cent stake in IBC, also known as Banque Mauritanienne pour le Commerce International (BMCI), a part of the Abass Group of Companies with its headquarters in Mauritania.

It could be recalled that the International Bank for Commerce was incorporated as a limited liability company in The Gambia after acquiring the BICIS Bank in August 1997 with the aim of providing high quality banking services to the general public and corporate bodies, facilitating international trade and financial transactions for its customers, contributing to the socio-economic development of The Gambia, as well as to the economic revival of The Gambia.

Bank PHB already has a strategic regional and continental expansion programme which remains a key part of its strategy aimed at providing widely acceptable products and services to international clients, engaging effectively in offshore banking and facilitating international trade flows with Nigeria.

The Sun also revealed that Bank PHB has initiated a bid to acquire another bank, First International Bank (FIB), based in seven West African countries, for $120 million. Though the owners of the bank rejected the offered price, sources however, hinted that discussions are still ongoing.

As it is now, Bank PHB has become the fourth Nigerian Bank after First International Bank (FIB), Guaranty Trust and Access Bank to set up shop in the Gambia. The rapid expansion scheme of the bank may see it spread to other West African countries very soon.

Author: by Abdoulie John

Fraudster gets five years

Wed, 02 Jan 2008 04:11:28 GMT

Wednesday, January 02, 2008

Magistrate Kayodeh Olajubutu of the Banjul Magistrates Court, last Thursday, sentenced, one Yahya Taban to a fine of D226,000, in default to serve 5 years imprisonment. The sentence was handed down after the accused pleaded guilty to charges of issuing a D206,000 false cheque and obtaining money by false pretence .

Magistrate Kayode sentenced the accused on count to a fine of D10,000, in default to serve one year in jail. On count two, he was fined D10,000, in default to serve two years in jail. He was also ordered to repay the amount of 4 million CFA obtained from Seedy Jewadi by false pretence before January 27, 2008, or serve an additional two years of imprisonment.

According to the particulars of the offence, the accused on November 27, 2007, issued a false ICB cheque of D206,000 to Seedy Jewadi, the complainant. The charge sheet also revealed that the accused further obtained 4 million CFA, which is equivalent to D206,000, by pretending that he was going to change the money for his boss from Dalasis to CFA but used the money for his personnal interests.

Author: by Buya Jammeh