Tuesday, September 27, 2011

Somaliland: SF Swiss Financial Bank Investment set to open branch in Somaliland

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.

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