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Gambia’s ICB assets jump to $884 million
THE INTERNATIONAL Commercial Bank’s worldwide assets have grown to over $884 million, with loans amounting to $490 million and deposits amounting to $647 million from 2005 to 2006, respectively. In 2006, the Bank made 66% of its loans to the consumer sector and 26% to small micro enterprise (SMEs).
The Chief Executive Officer of the ICB Gambia, said that the ICB has an innovative business model and they see the Alternative Investment Market (AIM) as a springboard for success in the future. “In Africa”, he said, “they are prepared to provide loans for housing and education in the countries where they operate.”
The ICB CEO further revealed that the reason for listing on AIM was to enhance the reputation of the ICB, raise capital to be used for the business expansion and to allow for institutional investors as shareholders of the ICB financial group. The ICB are currently operating in eight African countries and is expected to have more presence in 15 countries by 2009.
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