Premier Bank, a leading financial institution in East Africa, has officially started its operations in Kenya after acquiring a 62.5% stake in the former First Community Bank and rebranding it under its name. This move signifies Premier Bank’s commitment to expanding its regional presence and services.

The entry of Premier Bank into the Kenyan market is expected to bring about a new era of financial inclusion and economic growth, aiming to streamline the inflow of remittances, and foreign direct investment, and support the initiatives of development partners in Somalia.

Highlighting the significance of this integration, Somalia’s Federal Minister of Commerce and Industry Hon. Jibril Abdirashid Hajji Abdi emphasized its potential to attract entrepreneurs and contribute to the country’s economy.

“This move will provide opportunities for entrepreneurs within the country and facilitate their access to future investment plans in Somalia and the region. The government’s support will enhance the operations of our local industries and enable their growth at the regional level,” stated the Federal Minister of Commerce and Industry.

The integration will also to create conducive environment for local entrepreneurs, fostering economic development and promoting the expansion of Somali industries beyond national borders.

The Governor of the Central Bank of Somalia Dr. Ali Yassin Sheikh Ali highlighted the confidence instilled in Premier Bank through the strong partnership between the Central Bank of Somalia and the Central Bank of Kenya.

“The strong collaboration between the Central Bank of Somalia and the Central Bank of Kenya instilled confidence in Premier Bank, ultimately leading to the successful acquisition. This is an opportunity for Somalis living in Kenya, who are mostly involved in business. We urge Premier Bank to bring back the knowledge and progress they will gain from their experiences in other countries and apply it to further develop the banking sector in Somalia,” stated Central Bank Governor Dr. Ali Yassin Sheikh Ali.

Jibril Hassan, the Director of Premier Bank, expressed his enthusiasm for the expansion, emphasizing the dedication of Premier Bank to regional economic growth and financial inclusion.

“This acquisition and subsequent commencement of operations in Kenya by Premier Bank exemplify our commitment to regional economic growth and financial inclusion. We are thrilled about this collaboration and eager to introduce our exceptional services to the Kenyan market,” the Director stated.

The acquisition process was conducted meticulously to meet all regulatory and procedural standards, ensuring robust financial management systems and compliance with banking legislation in both countries. Premier Bank also adhered to anti-money laundering and financing requirements.

Deputy Director of Premier Bank, Mohamed Gedi Jimale highlighted the institution’s commitment to promoting an efficient banking system in the region and adherence to international banking regulations.

“We were initially discussing how we could promote an efficient banking system in Somalia, and now we have expanded our branches to the regional level. This expansion is a result of our compliance with international banking regulations. Opening a branch in Kenya signifies a significant milestone for our bank and the Somali community, especially the Somali business community living in Kenya,” Mohamed Gedi Jimale expressed the importance of compliance in establishing an effective and trustworthy banking system.

The newly integrated bank will continue offering essential services, including personal and business banking, loans, and wealth management. Customers will also have access to excellent customer service and innovative digital banking options.

This acquisition represents Premier Bank’s strategy for regional growth and diversification, setting a strong foundation for future expansion in the East African banking market. It aims to increase commercial trade and strengthen financial relations between Somalia and Kenya.

Headquartered in Mogadishu, Premier Bank is a privately-owned commercial bank established in 2013. As a Sharia-compliant institution, it operates in accordance with Islamic principles. The bank obtained its license from the Central Bank of Somalia in 2014, solidifying its position in the financial sector.

Premier Bank is dedicated to promoting financial inclusion and driving economic growth in the region. It strives to cater to the diverse needs of individuals, businesses, and communities by offering a wide range of banking products and services. By providing accessible and innovative financial solutions, Premier Bank aims to contribute to the regional development and prosperity.

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