N.O.R.F Posted September 28, 2011 Somaliland: SF Swiss Financial Bank Investment set to open branch in Somaliland HARGEISA (SomalilandPress)—Swiss Financial Bank the owners of Banque De Depot Eet De Credit Djibouti (BDCD) today annouced their intention of opening a Somaliland co-shared bank in the country. Their current branch in Djibouti offers range of products and diverse services from agriculture credit to Islamic Savings banking account. Speaking to Somalilandpress.com/SDWO.com at a meeting held in Hargeisa, Pierre Marazzato the Managing Director and Sales manager of SF Swiss Financial Bank said “we intend on opening a branch of our bank in somaliland where by Somaliland citizens will own 60% and 40% owned by SF Swiss Financial Bank”. Mr. Marazzato went on to say that Somaliland citizens should get the higher percent because there are the owners of the country and should benefit from this partnership. Pierre marazzato concluded by saying once legislators pass the new banking law, we will be the first to open a branch in Somaliland. This news is seen as a judgment to Somaliland’s democratization and development thus will connect the unrecognized country to the global market. Speaking after Mr. Marazzato was Somalialnd Banking Director Mr. Abdi Dirir Abdi who said the country urgently needs international banking sector because that will help the development of the country and bring in new investors into the country. Another guest speaker at the event was Djibouti Minister of Commerce Mr. Abdillahi Ahmed Abdi who spoke about his country’s experience with SF Swiss Financial Bank and how 51% of Banque De Depot Credit Djibouti is owned his country and the rest SF Swiss Financial Bank. Few of the country’s top businessmen were also in attendance from Haji Ahmed Dahir (Baxsane), Mohamed Ali managing director of Omaar Trading and Suldan Ali Koshin traditional leader and scholar of Banking and graduate of Georgetown University in the USA. http://somalilandpress.com/somaliland-sf-swiss-financial-bank-investment-set-to-open-branch-in-somaliland-23912 Quote Share this post Link to post Share on other sites
N.O.R.F Posted September 28, 2011 Hmmm, When will the banking law be passed? Who will regulate the Financial Sector? Will everyone get the opportunity to buy some of the shares that make up the 40%? Why 40% when Djibouti owns 51% of the Bank's pie in Djibouti? Quote Share this post Link to post Share on other sites
NGONGE Posted September 28, 2011 ^^ Read the article you posted before commenting on it warya. Quote Share this post Link to post Share on other sites
N.O.R.F Posted September 28, 2011 ^I'm speaking from a 'I know only a few people will be invited to buy shares, the government doesn't have the capacity to legislate AND monitor etc' perspective. Its my second home now and I know the ins and outs of the SL ship Quote Share this post Link to post Share on other sites
Abu-Salman Posted September 28, 2011 Those banks fail to develop anything other than their top brass's pockets, eg the BCIMR offered mainly very low risk consumer credit with sky high rates or punctioned its captive customers through all sorts of fess, throughout decades long quasi-monopoly in Djibouti. At any rate, the BCIMR did not encounter much success in Hargeisa, an outcome which is salutory. One would rather cheer for a Dahabshiil or the few other Somali owned banks that operate within ethical guidelines. The real question that faces Somaliland too is however, what kind of "development" we rather have: big businesses and few fat pockets or preserving optimal well-being, equality and environment (all are very closely linked in countless ways hard to fanthom). The bottom line is that, like many other concepts such as "education", "development" is all relative, while much of what is hailed uncritically engender more negatives than positives in terms of equality, health, well-being or environmental outcomes (that even the most powerful states can not readily adress given that politics is subordinated to the business elite). Quote Share this post Link to post Share on other sites
NGONGE Posted September 28, 2011 N.O.R.F;748536 wrote: ^I'm speaking from a 'I know only a few people will be invited to buy shares, the government doesn't have the capacity to legislate AND monitor etc' perspective. Its my second home now and I know the ins and outs of the SL ship It was always going to be a few people anyway. How many do you think can afford or even understand what this is all about, Mr second home? Quote Share this post Link to post Share on other sites
Alpha Blondy Posted September 28, 2011 At least my share is guaranteed. Quote Share this post Link to post Share on other sites
Jacaylbaro Posted September 28, 2011 How much is the share ??? Quote Share this post Link to post Share on other sites
Carafaat Posted September 29, 2011 The Banking Bill should never have been passed through Parliament and the President should never have signed it without the goverment having any capacity to regulate the financial sector. But it was a election promise that Kulmiye made to special interest. And now this is the result. I hope it wont negatively effect SL currency or worse the savings of those people. Quote Share this post Link to post Share on other sites
N.O.R.F Posted September 29, 2011 ^It hasn't been passed yet. NGONGE;748549 wrote: It was always going to be a few people anyway. How many do you think can afford or even understand what this is all about, Mr second home? Will the shares be open to all (whether the majority can afford it or not is irrelevant) or only to the 'invited'? It will most probably be the latter which is contrary to the Govnt's own stated aims/objectives. Wax fahan Quote Share this post Link to post Share on other sites
