New GM of Bayba, Mr Bojang |
Gambia
News Online - Trust Bank Gambia Limited has finally acquired 100% share capital
of Bayba Financial Services Limited after a rigorous bidding process that
started in 2010.
Bayba
is a money transfer company which commenced operations in The Gambia in 2007
and specialises in cash remittances. Bayba is said to have the exclusive
rights with Bayba UK for the transfer of money inter alia between the UK and
The Gambia.
Bayba
Gambia was a subsidiary of Bayba (UK), which is a wholly owned subsidiary of
Small World Financial Services Ltd; the third largest money transfer company in
Europe after Western Union and MoneyGram.
Since
the Central Bank of The Gambia put Bayba on offer, following financial
mismanagement at the company, many bidders, both local and international, bid
for it but Trust Bank Gambia Limited emerged the successful bidder due to the
bank’s track record in the banking sector and financial market of the country
and beyond.
Trust
Bank is said to have acquired the entire share of Bayba for D8.5M (US$300,000)
which was paid in cash. The Deed of Sale for the purchase of the shares was
signed on 30 December 2010 and following a transition period of 90 days from
the date of signature, the bank has now assumed full control and responsibility
for the management of Bayba.
“The
acquisition of Bayba is in fulfillment of Trust Bank’s objective to stretch,
grow and diversify its income source,” said the board chairman of Trust Bank,
Ken Ofori-Atta, adding: “We will use this new resource to help support
businesses and the Bank’s social development. Trust Bank will continue to
search for good opportunities for growth and expansion either through organic
or mergers and acquisition opportunities.”
“Barely
6 months under is the new ownership, Bayba in position to become the most
progressive money transfer company in the country,” said Lamin Bojang, the
current general manager of the Bayba, who was until his current appointment the
senior manager in the treasury and finance development department of Trust
Bank.
“Robust
and highly sophisticated software is already installed,” Mr Bojang, who has
nearly 30 years banking experience, said. He explained that Bayba
has now doubled its networks and opened new pay points in Trust Bank’s
provincial branches at Basse, Farafenni, Soma and Barra, and plans are at
advanced stage to open more outlets before the end of the year.
Bayba
under the stewardship of Trust Bank “will provide the highest level of service
to the broadest selection of people at the most competitive prices”.
Mr
Bojang also said Trust Bank plans to grow Bayba into a household name by
infusing the professional and service delivery culture that it (Trust Bank) is
well known for, into Bayba.
The
acquisition of Bayba by Trust Bank will create a valuable and reliable source
for forex and cash remittance as well as help to stabilize the flow of foreign
currency into the country.
More on - http://gambianewsonline.blogspot.com/2011/08/trust-bank-acquires-100-ownership-of.html
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