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NCB and SalomanSmithBarney Partner Up
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NCB and SalomanSmithBarney Partner Up
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Contact:
Julita
Peter
Wednesday, March
28, 2001
–Local
businessmen now have the opportunity to invest in the trading of Stocks and
Bonds on the U.S. market. This is as a result of a business partnership between
the National Commercial Bank of St. Lucia Limited and SalomonSmithBarney, a
subsidiary of Citigroup in the United States, and a leading financial service
company. The new business venture was officially launched here on Tuesday. Senior
Assistant Managing Director of the NCB Francis Denbow says the initiative is in
response to the growing need to create alternative forms of business, in order
to compete in the globalized business world. “We can no longer depend solely
on the domestic economy to maximize our financial goals, and must seek other
avenues for the creation of wealth. This
new window we have established, with SalomonSmithBarney offers new opportunities
for investing in and profiting from the growth and development of other markets
outside our region,” he added. The
NCB/SalomonSmithBarney partnership serves as a vehicle to assist local
entrepreneurs in diversifying their investment, and provides opportunity to
invest in potentially lucrative markets. Meanwhile Minister for Commerce, International Financial Services and Consumer Affairs, Honourable Philip J. Pierre, says while local investors will certainly utilize the new services, it is hoped that the new partners will help to promote and seek investment in the local economic sectors and the island’s developing International Financial Services Industry. He adds that apart from the obvious benefits from prospective shareholders this alliance must strengthen the human resource base and knowledge of staff at both institutions. SalomonSmithBarney currently works with nearly six million accounts and over eleven thousand brokers. Persons interested in investing in the financial instruments will be able to do so through the National Commercial Bank. In addition SalomonSmithBarney has agreed to assist the NCB with the introduction of Mutual Fund products locally and within the sub-region, which would redound to the benefit of all concerned. |
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