Socialize

FacebookYoutube

BANK OF SIERRA LEONE AND THE CENTRAL BANK OF NIGERIA JOINTLY EXAMINE TWO COMMERCIAL BANKS IN SIERRA LEONE

Two Teams of Commercial Bank Examiners from the Central Bank of Nigeria (CBN) have joined the Bank of Sierra Leone (BSL) to carry out joint examination of two commercial banks in Sierra Leone under the framework of the College of Banking Supervisors of the West African Monetary Zone (WAMZ).

This exercise is pursuant to the desire of the Bank of Sierra Leone and other sub regional Central Banks to strengthen and enhance transparent supervision of Commercial Banks, especially banks with cross border network of subsidiaries.

The joint BSL/CBN supervision of commercial banks is also in furtherance of the agreement of the Committee of Governors of the West African Monetary Zone (WAMZ) to exchange country specific experiences, identify common problems and implement collective solutions. For a start the joint supervision exercise will review Skye Bank (SL) Ltd and Guaranty Trust Bank (SL) Ltd. Subsequent examination will be undertaken on the remaining banks

Governor Sheku Sambadeen Sesay on Tuesday, August, 16th welcomed the teams and assured them that the mission reinforces the strong and enduring relationship that the Bank of Sierra Leone and the Central Bank of Nigeria enjoy.

Governor Sesay informed the Team that the initiative of setting up of the College of Supervisors has received continent wide applause and a strong desire for replication continentally.  He said at the just concluded meetings of the Association of Africa Central Banks Governors held in Malawi in August, his colleague Governors demonstrated a strong interest in integrating sub-regional Colleges of Supervisors into a continental body that will meet regularly to discuss financial stability issues. He therefore informed the Team that the outcome of the review will set the pace for subsequent reviews

The CBN Mission has two three man teams and is led by Mr. Caleb Wakama and Mr. Chris Okoye. The Director, Banking Supervision Department, Mr. Tapsiru Dainkeh is leading the collaborative examination of the two banks.

Posted by on 4:08 pm. Filed under BUSINESS WORLD. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

You must be logged in to post a comment Login