Rebranded bank unveils its new look

Following the privatisation of the National Commercial Bank (NCB) last year, the bank has officially launched its new branding.{{more}}

Re-branded as the Bank of St. Vincent & the Grenadines (BOSVG), the institution unveiled its new look at a press launch and cocktail reception, which took place at Flow Wine Bar yesterday, Monday, May 30.

Prime Minister Dr. Ralph Gonsalves, who delivered the feature remarks, expressed his pleasure at the merger and said that the results of the last general elections were an indication that he had made the right decision to sell majority shares in the bank.

“I was absolutely satisfied that it was the correct public policy,” he affirmed.

The prime minister also explained that the local financial system would have been “much weaker” had he not taken this action.

The BOSVG, which will have its grand launching at the new premises in the Reigate Building this August, now offers improved personal banking, corporate banking, online banking and investment services.

In November 2010, 51 per cent of the bank’s shares were sold to the East Caribbean Financial Holdings (ECFH) group for approximately EC$42 million.

Derry Williams, BOSVG managing director, described the bank’s privatisation as “the most exciting development in the Vincentian financial landscape for quite some time”.

He added: “This strategic alliance allows us to build on our existing strengths as the leading commercial bank in St. Vincent and the Grenadines.”

In his remarks, ECFH group managing director Robert Nostrom lauded the benefits that his institution will bring to the local banking sector.

The main player in the East Caribbean Stock Exchange, the ECFH group boasts a 600 -strong staff; asset base of EC$3.2 billion; share capital of EC$391 million; and off-shore banking expansion into Europe, the Far East and South America.

He also pointed out that the ECFH was one of the first to be called on by the Central Bank to assist the Bank of Antigua (now known as the East Caribbean Amalgamated Bank) after the Robert Allen Stanford financial crisis.

“We proved, as indigenous banks… that we could take a bank that was in chaos and confusion and bring it to the bank we have today.”(JV)