 The Somali Savings and Credit Bank had been established with the technical assistance and aid provided by the Associazione Bancaria Italiana in the context of an overall cooperation policy of the European savings banks.On 8 February 1975, the government renamed the Banca Nazionale Somala to the Central Bank of Somalia (Bankiga Dhexe ee Soomaaliya).It also merged the Somali Commercial Bank and Somali Savings and Credit Bank (Cassa di Risparmio e Credito della Somalia) to form the Commercial and Savings Bank of Somalia, which was at the time the only bank in the country.