Salone News

FIB breaks new ground

15 June 2007 at 04:04 | 2778 views

By Sorie Sudan Sesay, Freetown.

In a major breakthrough in the banking sector, one of
the country’s most successful banks, First
International Bank (FIB), recently commissioned
another branch on ECOWAS Street in central Freetown,
to extend its operations.

The opening ceremony, which marked the bank’s fifth
year anniversary, was also graced by eminent
personalities and members of the diplomatic corps, and
officially launched by Vice President Solomon Berewa.
While declaring the new branch open, Vice President
Berewa congratulated its management on their fifth
anniversary and urged them to continue to provide
affordable and quality services to Sierra Leoneans.

Chairman of FIB’s Board of Directors, Dr. C.J Smith
said the opening of the new branch is a fulfillment of
the bank’s promise of continuous expansion as stated
last November at the opening of the Lumley branch
adding that the bank is operating at an average of a
bank per year basis as it opens its fifth branch in
five years.

Smith also declared that as at the end of May 2007,
FIB’s capital base stands at Le 34.4bn and the bank
has a total deposit of Le 22bn.

Deputy Minister of Finance, Sana B. Marrah, said the
move of the bank is a representation of the hall mark
expected of every financial institution in the
country’s banking sector, adding that the bank
presently employs 113 Sierra Leoneans and it is
opening its fifth branch in five years.

Central Bank Governor, James David Rogers said out of
the eight commercial banks in the country, FIB has for
the last four years, contributed significantly towards
the expansion oF Sierra Leone’s banking system.

He cited the low number of bank accounts nationwide -
presently standing at 220,000 for the eight banks -
and the inability of banks to fully serve many
sectors including agriculture, manufacturing,
construction, mining and energy.
FIB’s Managing Director, Chris Uchendu gave the vote
of thanks.