Commerce and Mortgage Bank (SL) Plc was incorporated on 20th July 2007 as HFC Mortgage and Savings (SL) Plc, licensed by the Bank of Sierra Leone under the Other Financial Services Act of 2010 and commenced business in November
- The Bank operated as a mortgage and deposit taking institution for eight
years (2008-2016).
Given the inherent challenges with mortgage and deposit-taking business vis-à-vis huge capital outlay and minimal cash inflow from mortgage loan repayments against increased operational cost, limitation of geographical expansion due to limited products to offer, limited scope of business due to regulations, we were of
the opinion that there is a real threat for the Mortgage business to be a going
concern. Against this backdrop, the institution applied for a banking license to the Bank of Sierra Leone to operate as a commercial bank. The issuance of a banking license necessitated the change of the business name from HFC Mortgages and Savings (SL) Ltd to Commerce and Mortgage Bank (SL) Plc.
The name change was approved in an Extraordinary General Meeting held in July
- On the 15th September 2016, the Bank of Sierra Leone issued a provisional
banking license for an initial period of one year.
