Section 24, The Banking Act, 2019

(1) A financial holding company shall not - (a) carry out any business other than financial services; (b) directly or indirectly control any member of a financial group whether through establishment, acquisition or otherwise. (2) A financial holding company may invest in banks and any other financial institutions as may be determined by the Central (3) The Central Bank may by statutory instrument prescribe rules relating to the maximum - 42 43 Financial companies not to function without licence or registration. on activities of financial (a) percentage of shares of a class or the maximum value of ownership interests that may be acquired or held; (b) aggregate value of the shares and ownership interest of the activities permissible for financial holding companies. (4) The Central Bank may exempt a financial holding company from the restrictions under subsection (1) if that financial holding company is (a) a foreign bank; (b) a foreign financial institution; or (c) a foreign financial holding company, where the Central Bank is satisfied that the permitted activities of the foreign bank, foreign financial institution or foreign financial holding company are adequately regulated and supervised and do not present unacceptable risks to any bank in Sierra Leone.