Regulatory Alerts2025-06-10
Regulation on Opening and Closing Branch Offices
The Central Bank of Somalia issued this regulation to mandate prior approval and thirty-day notification procedures for licensed banks opening or closing domestic and foreign branches. Banks must satisfy capital, liquidity, and profitability criteria while submitting board resolutions, feasibility studies, officer qualifications, and a five-thousand-dollar application fee to establish new locations. For closures, institutions must provide detailed operational results and customer relocation plans, triggering a mandatory Central Bank decision or information request within thirty days of submission.
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