Oceanic Bank Closes Gambian Operations, Nation Reports

Lagos-based Oceanic Bank Plc will close its operations in Gambia after failing to meet capital requirements of 150 million dalasi ($5.6 million), the Nation said, citing Thomas Kojo Quayson, a spokesman for the bank’s Gambian unit.

Oceanic Bank Gambia opted for voluntary liquidation, the Lagos-based newspaper said on its website. The bank has sufficient funds of more than 100 million dalasi to return all deposits to customers, the Nation said.

Calls to Oceanic Bank’s Lagos headquarters seeking comment weren’t answered today. The closure of the bank was also reported in Gambia’s Point newspaper and the state-controlled Gambia Observer.

To contact the reporter on this story: Brian Latham in Durban at blatham@bloomberg.net.

To contact the editor responsible for this story: Antony Sguazzin in Johannesburg at asguazzin@bloomberg.net.

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