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Thursday, July 25, 2024

Liberia: Sapelle International Bank Liberia Limited Proven Viable and Compliant, Independent Investigation Finds

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Oracle News Daily review of records revealed that Sapelle International Bank Liberia Limited (SIBLL) is fully capitalized and in compliance with the regulations set forth by the Central Bank of Liberia (CBL).

This investigation comes on the heels of recent reports from other media outlets claiming that SIBLL, formerly known as GN Bank Liberia Limited, had gone bankrupt and was failing to meet customer demands.

However, the findings of this independent probe tell a different story. The investigation established that there are no records or incidents of customers being unable to make withdrawals or having their demands unmet by SIBLL. In fact, the bank has been proactively paying down the legacy deposits it inherited from the now-defunct First International Bank Liberia Limited (FIBLL).

Documents reviewed by this news team show that when FIBLL was on the brink of bankruptcy, the CBL entered into an arrangement for SIBLL to take over a significant portion of FIBLL’s assets and liabilities. This move was meant to protect the overall stability of Liberia’s banking sector and prevent a collapse that could have had wider implications.

As part of this arrangement, SIBLL inherited $23.2 million in legacy deposits from FIBLL. Since 2016, the bank has paid out $14.9 million to these legacy depositors, including major institutions like NASSCORP, the National Port Authority, and the National Disaster Management Agency.

Furthermore, the recent $8 million payment made by the CBL to SIBLL was not a bailout or stabilization fund, but rather a reimbursement for portions of the payments SIBLL had made on behalf of the government and the central bank to the former FIBLL depositors.

Sources within the CBL expressed shock at the initial reports claiming SIBLL’s non-compliance, stating unequivocally that the bank is in full compliance with all regulations and policies. They emphasized the central bank’s obligation to protect Liberia’s financial sector and citizens, leaving no room for cover-ups.

With a staff of 157 and 17 locations across the country, SIBLL is considered one of Liberia’s best and fastest-growing banking institutions. The bank has recently upgraded its core banking system to improve its digital offerings and enhance banking convenience for the Liberian people.

Customers who spoke to this news outlet on the condition of anonymity expressed disappointment in the previous unsubstantiated reports, describing them as “propaganda” with unknown motives. They affirmed their continued positive experiences in conducting business with SIBLL.

This independent investigation has effectively refuted the claims of SIBLL’s alleged bankruptcy and non-compliance, confirming the bank’s viability and its commitment to maintaining the trust and confidence of its customers and the Liberian public.

 

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