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Trust Bank Gambia to take over Bayba Financial Service

By Kofi AHOVI
Trust Bank Limited - Gambia (TBL) has announced a takeover offer to acquire 100% of the ordinary share capital of Bayba Financial Service Limited.

The rationale for the proposed offer is that TBL offers provisional foreign exchange services and, according to research, the development impact of remittances on recipient householders in developing countries is greatly enhanced by channeling funds through formal financial institutions.

Bayba has been highly profitable since its inception and its acquisition will create a valuable source of foreign currency which will further help to stabilize the flow of foreign currency into the country.

The proposed offer would be for an aggregated consideration of US$300,000 to be settled in cash and it would be for the entire shareholding of Bayba.

Bayba is a money transfer company which commenced operation in 2007 and specializes in remittances.

It has exclusive rights with Bayba UK for the transfer of money inter alia between the UK and The Gambia.

Bayba UK is a wholly owned subsidiary of Small World Financial Service Ltd, the third largest money transfer company in Europe, after Western Union and Money Gram.

The Trust Bank was incorporated in 1997 to take over the business of the erstwhile Meridian BIAO Bank – Gambia.

Currently, it is Gambia’s leading financial institution in terms of profitability, deposit, loan book and balance sheet size.

It has 15 branches, 84 western union outlets, 15 correspondent banks located across the world, employs over 290 people and has assets in excess of US$106 million.

It is listed on the Ghana Stock Exchange, the result of the first cross-border listing on a stock market in West Africa a few years ago.

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