Washington, DC – November 18, 2024
Ambassador Dahir Hassan hosted Kelly Skalicky, President and CEO of Stearns Bank, at the Somali Embassy in Washington, D.C. Stearns Bank, the largest Sharia-compliant bank in the United States, is a national leader with over $2.5 billion in assets.
Discussions focused on building partnerships between Stearns Bank and Somali financial institutions, with a particular emphasis on establishing correspondent banking relationships. This collaboration would enhance Somalia’s access to international financial networks, reduce remittance costs, and support trade and investment.
Stearns Bank’s interest in becoming a correspondent bank for Somali banks aligns with Somalia’s efforts to modernize its banking sector and promote financial inclusion. The Embassy looks forward to advancing these discussions to strengthen economic ties between the two nations.
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