Bank of Saint Lucia Open for Business

Contact: Julita Peter

Monday, July 02, 2001 - Saint Lucia’s newest bank, Bank of Saint Lucia has been formally opened. The formalities took place on Sunday with the merger of the National Commercial Bank, the Saint Lucia Development Bank and its subsidiary the Saint Lucia Development National Commercial Holding Company Limited into an entity called the East Caribbean Financial Holding Company (ECFH).

This new entity will create other fully owned subsidiaries, the Offshore Financing Servicing Company of Saint Lucia Limited, the Mortgage Finance Company of Saint Lucia Limited of which the Bank of Saint Lucia is the largest subsidiary.

Group Managing Director Marius St. Rose says the new partnership is about unity and expanding public and private sector partnerships through shareholdings within and across national boundaries. Referring to the new partnership as a marriage Mr. St. Rose said “This marriage must succeed as there is too much at stake. Today is a milestone in that we are realizing the dream but this is only the beginning, as what we want is not the dream but the benefits of the dream.”

The merger it is hoped will provide higher and more stable returns to shareholders. “We are doing this to create a robust and accommodating framework that other countries can replicate and preferably join in to from a fully OECS arrangement of indigenous financial institutions,” St. Rose said.  He noted that the merger is also expected to be a catalyst and pacesetter in the financial sector, all with the aim of creating a climate for the development of Saint Lucia and the sub-region.

Meanwhile Governor of the Eastern Caribbean Central Bank Sir Dwight Venner says if the financial sector is to develop and survive, there is need to create a platform where policies can be effectively conceptualised and implemented across the currency union. Nevertheless, he notes that while governments and regulation are crucial elements for the financial sector, the management of this sector plays an even more crucial role.

“The selection and appointments of such people must ensure that they are fit and proper individuals for their functions. When we think of the assets under managements in the commercial banking sector  - some 7 billion EC dollars at the last count - we have to think on the other side of the people managing them. We have to ensure that we can go to sleep at nights knowing that these assets are in good hands,” he added.

In endorsing the new venture, Prime Minister Honourable Dr. Kenny Anthony said as painful and as challenging as the times may now seem, there remains a dire need to continue the renovation of the economy.    “We must take charge of the things we can change. And the things we can change include the way that governments, firms, institutions and industries operate. Our individual and collective management of change will determine whether we sink or swim,” the Prime Minister said.

The Bank of Saint Lucia involves two of the largest institutions in Saint Lucia with over 250 staff members.

[ Home ] [ Up ] [ Search for 2001 Press Releases ] [Site Help]

© 2001 Government Information Service. All rights reserved.

Read our privacy guidelines.