Oakwood Africa Acquires Global Bank -As CBL Gives Approval

MONROVIA – In line with the regulatory role of the Central Bank of Liberia, its Board of Governors on January 11, 2023, approved the divestment of the ownership of Global Bank Liberia Limited (GBLL) from Keystone Bank, Nigeria to Oakwood Africa Investment Limited (OAIL) following a comprehensive due diligence and evaluation of the company’s application.

According to a CBL release issued yesterday, Monday, January 30, 2023, with this divestment, OAIL has taken 100 percent equity ownership of GBLL.

The release said OAIL is a financial services firm registered and licensed in Ghana. It owns Bloom Bank Africa The Gambia Limited and holds majority shares in Keystone Bank Sierra Leone (previously owned by Keystone Bank Nigeria). The company plans to mobilize and infuse fresh financial resources into GBLL. It also plans to reshape the focus of GBLL with the introduction of innovative digital products and services aimed at promoting financial inclusion, especially for women and the unbanked.

“The CBL is confident that the takeover by Oakwood will bring new dynamism to the banking sector and respond to the needs and demands of its customers, and contribute toward building a strong, viable and competitive banking sector in Liberia.

“The CBL wishes to assure the banking public and the Liberian People of its full commitment to building a credible, strong, and inclusive financial system that will contribute positively to the economic growth and development of Liberia. The CBL also urges the public and customers of commercial banks to support the work of the Bank and the banking system for the good of Liberia”, the release concluded.

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