Bank of St Lucia to Bring Major Benefits

Contact: John Emmanuel

Thursday, May 03, 2001   – Cheaper loans for St. Lucians and larger loans for commercial and development projects are expected among major benefits of the new Bank of St. Lucia, scheduled to begin operations on July 1 this year.

The new financial institution will be created as a result of the merger of the National Commercial Bank (NCB) and the St. Lucia Development Bank (SLDB). Government and shareholders have already approved the move.

With an asset base of close to EC$750 million, the Bank of St Lucia will be the island’s largest financial institution. 

Managing Director of the NCB, Marius St. Rose, said the new bank would be in a unique position to influence trends in the banking sector. “We believe that in coming together and becoming bigger, we will be able to exercise a lot more leverage on the banking sector,” he said, mentioning the possibility of  lower interest rates on Bank of St Lucia loans.   “If we bring down our interest rates, either we get all the business or the other banks will have to respond appropriately,” St. Rose added.

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