Salva Kiir briefed on Southern Sudan bank establishment

Mar 18, 2006 (KHARTOUM) — The First Vice-President, Gen. Salva Kiir Mayardit, was briefed on Saturday on the work progress at the Bank of South Sudan, the Nile Commercial Bank (NCB), following its establishment in accordance with the Comprehensive Peace Agreement (CPA).

Deputy Governor of the Bank of Sudan and Chairman of South Sudan Bank, Elijah Malok, said that the bank was to open an account in the name of the Government of South Sudan to be able to expend on development and services.

He went on to say that there was also a tendency to transfer the affiliation of the branch of Ivory Bank in Malakal to the Nile Commercial Bank.

Currently the NCB is operational in the following areas: Yambio in Western Equatoria, Yei in Central Equatoria State, Rumbek Lakes State, and in Juba the NCB has two branches namely in the Main branch office at Juba market and branch at Southern Sudan Legislative Assembly. It has liaison offices in Kampala and in Nairobi.

He added that the NCB intends to open Wau branch by May 2006, Malakal and Renk in June 2006. NCB staff will be dispatched to all locations to create the banking awareness among the populace in preparation for the launching of NCB in all the ten States of Southern Sudan in 2006.

The Nile Commercial Bank has signed a corresponding banking relationship recently with the Standard Bank of South Africa which owns the Stanbic Kenya and Stanbic Uganda and we consider this as a value added to the bank.

He further added that procedures of the new staffers of the bank have been completed. In collaboration with its partner the Stanbic Bank, the management has managed to train 51 staff in Stanbic Uganda during the past four months. More training is scheduled for year 2006 to Kenya, Uganda and South Africa.

(ST)