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Thursday, December 7, 2023

Pan African Group Is Said To Have Acquired Liberian Lender Global Bank

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By Festus Poquie

Oakwood Green Africa has acquired Monrovia based Global Bank Liberia Limited after obtaining approval from the Central Bank of Liberia.

The Central Bank is tightlipped on the full details of the takeover. Bloom Bank Africa, a unit of the group will operate the commercial bank in Liberia as deal expected to be announced first week in February, according to people privy to the sale agreement.

Based on Central Bank’s approval new owners have moved into Liberia an estimated $5 million United States dollars for the recapitalization of a bank beset by crisis, a source not wanting to be identified because of straight rules on releasing public information said.

Central Bank’s supervisory report on Global Bank and information on takeover will be made available to the Oracle News Daily upon the Executive Governor’s authorization only, the department of supervision said when contacted.

Global Bank has experienced at least three takeovers since its establishment in 2005, occasioned by successive collapse of varying European and Nigerian parent companies.


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