Opening up

Somalia: Premier Bank CEO has high hopes after Kenya’s FCB acquisition

By Mohamed Sheikh Nor

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Posted on March 22, 2023 10:01

 © Somalia’s Premier Bank (photo: Mohamed Sheikh Nor)
Somalia’s Premier Bank (photo: Mohamed Sheikh Nor)

Premier Bank has recently acquired a 62.5% stake in Kenya’s First Community Bank (FCB), the first time for a Somali lender to expand its banking business beyond the domestic market in over three decades.

Premier’s CEO Osman Duale tells The Africa Report that the acquisition is a “strategic move” that enables the bank to set foot in East Africa’s largest economy.

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