Type Privately held company | Products Loans, debit cards Founded 2012 | |
Industry Banking, finance, money transfer Website www.firstsomalibank.com | ||
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Overview
FSB was established in May 2012 by Liban Abdi Egal. It is the first commercial bank to open in southern Somalia since 1991.
An Islamic financial institution, the bank offers personal banking, commercial banking, agency banking, mobile banking and internet banking. It also provides money transfer services to clients.
In mid-2012, the First Somali Bank organized its first ever Technology, Entertainment, Design (TEDx) conference. The event was launched to showcase improvements in local business, development and security to potential Somali and international investors.
Albert Falck was the first CEO of the bank from January 2012 to end of June 2012. He managed the product portfolio creation and launch of the bank. He resigned his post after it was found out that there were severe financial irregularities by the ownership of the bank. The bank closed soon its doors due to the lack of funds and ceased to trade.