Seven made redundant at National Commercial Bank

Seven senior employees of the National Commercial Bank (NCB) were made redundant yesterday in a move widely believed to be part of measures being implemented to improve the efficiency of the bank.{{more}}

The seven, all part of the Senior Management team, were individually called to a meeting on Thursday morning with the Manager Human Resources Gemma Marie and Human Resources Officer Charron Dos Santos who told them of their fate.

They are Credit Manager Reynold Bailey; Lending Officer 1 Esther Adams; Systems and Procedures Officer Daverson Dick; Credit Analyst Venold O’Garro; Recoveries Officer 1 Damon Browne; Manager Finance and Registered Principal Jeffrey Ledger and Donnette Lyttle.

The employees had been with the Bank for periods ranging from four years to almost 25 years.

They received pay in lieu of notice, vacation payment and compensation for the number of years served.

On July 22, 2010, the Caribbean Development Bank (CDB) approved a loan of EC$100 million to the Government of St. Vincent and the Grenadines to reduce the outstanding public sector debt at the NCB and to facilitate a restructuring of the Bank’s loan portfolio.