Monrovia, Liberia – The Central Bank of Liberia (CBL) has explained that, with CBL’s consent, Henry F. Saamoi, the former CEO of the International Bank Limited (IBLL) and CBL’s Acting Executive Governor, continued to serve in his capacity after the end of his permitted term.
The CBL stressed in a statement that Saamoi’s term extension was authorized in accordance with the CBL’s Corporate Governance Regulation and Fit and Proper Guidelines, and it was in keeping with prior extensions given to other CEOs and board members of commercial banks.
At the request of IBLL’s Board of Directors, CBL granted the extension in order to preserve the stability of the bank and guarantee continuity in IBLL’s leadership. This decision came after the General Manager who was supposed to succeed Mr. Saamoi unexpectedly resigned owing to personal responsibilities.
In addition to reaffirming its dedication to following regulatory guidelines, the CBL gave the public the assurance that executive tenures in financial institutions are strictly governed by its regulatory supervision of Liberia’s banking industry.
