Searchlight Logo
special_image

    • News
      • Front Page
      • News
      • Breaking News
      • Press Release
      • Features
      • Special Features
      • From the Courts
      • Sports
      • Regional / World
    • Opinions
      • Editorial
      • Our Readers’ Opinions
      • Bassy – Love Vine
      • Dr. Fraser- Point of View
      • R. Rose – Eye of the Needle
      • On Target
      • Dr Jozelle Miller
      • The World Around Us
      • Random Thoughts
    • Advice
      • Kitchen Corner
      • What’s on Fleek this week
      • Health Wise
      • Physician’s Weekly
      • Business Buzz
      • Hey Rosie!
      • Prime the pump
    • ePaper
    • Obituaries
      • In Memoriam / Acknowledgement
      • Tribute
    • Contact Us
      • Advertise With Us
      • Letters To The Editor
      • General Contact Information
      • Contact our Webmaster
    • About Us
      • Interactive Media Ltd
      • St. Vincent & the Grenadines
    • Subscribe
    • News
      • Front Page
      • News
      • Breaking News
      • Press Release
      • Features
      • Special Features
      • From the Courts
      • Sports
      • Regional / World
    • Opinions
      • Editorial
      • Our Readers’ Opinions
      • Bassy – Love Vine
      • Dr. Fraser- Point of View
      • R. Rose – Eye of the Needle
      • On Target
      • Dr Jozelle Miller
      • The World Around Us
      • Random Thoughts
    • Advice
      • Kitchen Corner
      • What’s on Fleek this week
      • Health Wise
      • Physician’s Weekly
      • Business Buzz
      • Hey Rosie!
      • Prime the pump
    • ePaper
    • Obituaries
      • In Memoriam / Acknowledgement
      • Tribute
    • Contact Us
      • Advertise With Us
      • Letters To The Editor
      • General Contact Information
      • Contact our Webmaster
    • About Us
      • Interactive Media Ltd
      • St. Vincent & the Grenadines
    • Subscribe
Dr. Fraser- Point of View
October 8, 2010

NCB owned by St. Lucians but now the Bank of St.Vincent and the Grenadines!

The big talking point around the country is about the sale of the National Commercial Bank. There is a lot about the debate that is sickening and almost makes you want to puke. It is clear that some of the commentators have little respect for the intelligence of Vincentians and are not aware of advances in communication technology that bring information to us by different media at any time of the day or night. It is as if they think we are in the dark ages and are illiterate.{{more}} Black becomes white. Lies become the truth and only words that come out of the mouths of a few persons are supposed to make sense and convey the truth. To make matters worse, the lies are becoming even more pronounced. And those who prattle such untruths do so without a concern in the world. I am almost beginning to feel that they believe what they are saying and this is even more astonishing and frightening. Now 51 per cent shares in the National Commercial Bank are sold to the East Caribbean Financial Holding Company Ltd. (ECFH) of St.Lucia. So an entity outside of St.Vincent and the Grenadines has controlling shares in the bank, but the bank is now the Bank of St.Vincent and the Grenadines. What is this supposed to mean? The simple truth is that the decisions will be made by persons who are not Vincentians or who are representing an interest that is not Vincentian. So again I ask, what is the name supposed to signify?

We are told that there will be seven Directors; two from St.Lucia, two from St.Vincent and the Grenadines with three others representing the other shareholders (Government, the National Insurance Services and public shareholders). Now who are the two from St.Vincent representing? Clearly it will be those who hold controlling shares, because the Vincentian shareholders, Government, the NIS and public shareholders have three representatives. The way this is laid out is meant to convey the impression that there are five Directors from SVG, suggesting that SVG has controlling shares. Or is this my warped interpretation?

The other cause for concern, perhaps alarm, is that the 51 percent of shares sold to ECFH were valued at $41 million dollars. We are dealing with a bank with assets of 813 million dollars, we are told! Something is certainly missing in the equation and the mathematics has gone awry. Questions are now being asked about properties that have recently been returned/resold to the Bank. These include the new Reigate Building, lands at Mount Wynne and the buildings that accommodate some of the branches of NCB in areas outside of Kingstown. Granted some of these might have been leased, rather than owned by the Bank. We have, however, so far had no answers to these questions. These answers will of course help us to make more sense of what has happened. The Prime Minister said, according to the mid-week issue of the SEARCHLIGHT, “I had to get a good partner, a good fit; other partners came courting, but like in anything else, when you are desirable… a lot… will come, but you will reject several until you find the right one. I’ve found the right partner.” Surely the right fit does not necessarily mean the one that makes the largest offer, but one can assume that those others who came were offering less than the $41 million dollars. So were they buying the bank or the bank building? If it was the bank, what were they seeing that some of us can’t see?

The explanations we are being given certainly don’t make a lot of sense to me. A Bank strengthened since 2001 with assets of $813 million! Many of us surely don’t comprehend what has gone on. That is not surprising because those who don’t comprehend the genius that has been at work are those who are untutored. This Bank, despite control that lies outside of St.Vincent and the Grenadines, is still the Bank of St.Vincent and the Grenadines, whatever that means. There is, however, more at stake. Vincentians had a sense of pride knowing that the Bank had been under the ownership of Vincentians, albeit the Government. But the Government is the government we put there to act in our interest. This, we realise, is in theory, more than anything else for governments once they are elected, see themselves as our boss and only become our servants in the run up to elections. While one appreciates the need for sensitivity in these matters, it must be pointed out that Vincentians were largely kept in the dark for a long time. Were Vincentian businesses and people informed about the sale before and urged to try to buy the bank and keep it firmly in Vincentian hands? Was it not possible to get Vincentian institutions, businesses and people to come up with $41 million dollars to buy the bank? Did they know about it and failed to respond? Or is there suddenly no confidence in our ability to run such institutions? On what is that lack of confidence based?

I know that many Vincentians feel let down. One commentator said that it was as if the United States of America had sold the Statue of Liberty. That is how the person saw it. The political spin that is being put on this is simply amazing. But this is the political season and there is a lot at stake for everyone including the politicians. What has happened over the past few days is a blow to our national psyche and will remain a major issue for some time. When we look at the package (as is so far revealed to us), we have nothing about which to be proud. Was the $100 million CDB loan to help the bank to divest? If the bank was as strong as we were told, why did it need $100 million to help it to divest? Really, we the untutored will never understand such majestic moves. It probably shouldn’t matter because do we not now have a Bank of St.Vincent and the Grenadines with controlling shares by non-Vincentians?

Dr Adrian Fraser is a social commentator and historian.

  • FacebookComments
  • ALSO IN THE NEWS
    Villa woman in  hospital after being stabbed over 20 times
    Front Page
    Villa woman in hospital after being stabbed over 20 times
    Webmaster 
    September 9, 2025
    Police are said to be carrying out investigations into the stabbing of Rafia Sardine, a 20-year-old female of Villa. Reports are that Sardine, a FLOW ...
    RSVGPF most hacked of gov’t agencies
    Front Page
    RSVGPF most hacked of gov’t agencies
    Webmaster 
    September 9, 2025
    In St Vincent and the Grenadines (SVG), an analysis has found that the most hacked government entity was the Royal St Vincent and the Grenadines Polic...
    Event staged locally to mark Africa/ Caricom Day
    Front Page
    Event staged locally to mark Africa/ Caricom Day
    Webmaster 
    September 9, 2025
    Leaders of Governments and institutions from countries of the Caribbean Community (CARICOM), and the continent of Africa, gathered at the weekend for ...
    PM, proud of his constituents
    Front Page
    PM, proud of his constituents
    Webmaster 
    September 9, 2025
    Prime Minister, Dr Ralph Gonsalves, is proud of the persons in his constituency who continue to aim for higher education. Dr Gonsalves is the parliame...
    Van conductor to be sentenced for beating pregnant ex-girlfriend
    Front Page
    Van conductor to be sentenced for beating pregnant ex-girlfriend
    Webmaster 
    September 9, 2025
    A van conductor, who beat his five- months pregnant ex-girlfriend after she refused to get back with him, has been remanded pending sentencing. Onez J...
    King selected again for the ULP in West St George
    News
    King selected again for the ULP in West St George
    Webmaster 
    September 9, 2025
    To the haunting timeless reggae melody of Jimmy Cliff’s classic ‘Journey’, Curtis King, who was selected as the candidate for the Unity Labour Party (...
    News
    King selected again for the ULP in West St George
    News
    King selected again for the ULP in West St George
    Webmaster 
    September 9, 2025
    To the haunting timeless reggae melody of Jimmy Cliff’s classic ‘Journey’, Curtis King, who was selected as the candidate for the Unity Labour Party (...
    Steel wielding Lowman’s Hill man to be sentenced tomorrow
    From the Courts, News
    Steel wielding Lowman’s Hill man to be sentenced tomorrow
    Webmaster 
    September 9, 2025
    A Lowman’s Hill man who struck another villager in his head with a piece of steel will know his fate tomorrow, September 10, 2025. Kevin Roberts, 25, ...
    Minister of Information Technology  emphasises the importance of Cybersecurity
    News
    Minister of Information Technology emphasises the importance of Cybersecurity
    Webmaster 
    September 5, 2025
    Robust cybersecurity must be at the heart of the digital transformation that is currently taking place in St Vincent and the Grenadines (SVG) says Min...
    Entities team up to boost disaster communication capacity
    News
    Entities team up to boost disaster communication capacity
    Webmaster 
    September 5, 2025
    The Climate Change Resilience Network (CCRN) in collaboration with the Youlou Radio Movement (YRM) recently embarked on a disaster preparedness initia...
    Ministry of Health to get more dialysis machines
    News
    Ministry of Health to get more dialysis machines
    Webmaster 
    September 5, 2025
    The Ministry of Health, Wellness and the Environment, is to obtain three more Heamodialysis machines as part of the revolution in the healthcare secto...

    E-EDITION
    ePaper
    google_play
    app_store
    Subscribe Now
    • Interactive Media Ltd. • P.O. Box 152 • Kingstown • St. Vincent and the Grenadines • Phone: 784-456-1558 © Copyright Interactive Media Ltd.. All rights reserved.
    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok