Commercial and Savings Bank of Somalia
- Commercial and Savings Bank of Somalia
The Commercial and Savings Bank of Somalia was once the only bank in Somalia. It failed in 1990.
Timeline
* 1938 Banco di Napoli established a branch in Modadishu and later one in Kismayo. Banco di Napoli replaced Cassa di Risparmio di Torino, which had opened an office in Mogadishu in 1932.
* 1952 National Bank of India (NBI), which later merged with Grindlays Bank to form National and Grindlays Bank established branches in Berbera and Hargeisa in British Somaliland. NBI was the first bank in British Somaliland and was the banker to the colonial government until British Somaliland joined the Somali Republic in 1960. After the unification, National and Grindlays opened a branch in Mogadishu.
* Prior to 1958 Banco di Roma established branches in Mogadishu and Merca. Both it and Banco di Napoli also had branches in Ethiopia, particularly in Eritrea.
* 1960 Banca Nazionale Somala was established to take over the activities of Cassa per la Circulazione Monetaria della Somali and the Mogadishu branch of Banca d'Italia. It combined central banking activities with commercial banking activities.
* 1971 After the coup in 1969 of Mohamed Siad Barre, the government nationalized the four foreign banks (Banco di Roma, Banco di Napoli, National and Grindlays Bank and Banque de Port Said) and combined them into the Somali Commercial Bank. The government also established the Somali Savings and Credit Bank to take over the commercial branches of Banca Nazionale Somala and the branches of Credito Somalo (Somali Credit Bank; est. 1954). It apparently had branches in Baidoa, Belet Weyn, Berbera, Bosaso, Buroa, Galkayo, Gardo, Hargeisa and Kismayo, and possibly also for a while in Djibouti.
* 1975 The government merged Somali Commercial Bank and Somali Savings and Credit Bank to form Commercial and Savings Bank of Somalia, the only bank in the country. The government changed the name of Banca Nazionale Somala to Central Bank of Somalia.
* 1990 The Commercial and Savings Bank of Somalia failed.
ource
*"Bankers Almanac"
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2010.
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