BOSVG on verge of replacing manager

Despite a resounding vote of confidence by its parent company, the Bank of St Vincent and the Grenadines will soon be losing its managing director.

The position, held by Vincentian Derry Williams, will be replaced by that of country manager, a decision made by the board of East Caribbean Financial Holdings (ECFH), in order to increase efficiency and reduce cost at the local financial institution, and at the Bank of {{more}}St Lucia (BOSL).

The board made this declaration in a statement published in St Lucia media last week Thursday, as it denied that the acquisition of this country’s National Commercial Bank in 2010, led to the Group realizing a loss as of December 31, 2015.

ECFH placed the EC $5.7 million loss at the feet of Bank of St Lucia (BOSL), due to its “provisions taken against loan impairments from its non-productive loans.”

BOSL, the largest subsidiary in the ECFH’s group, reported the net loss, while BOSVG and two other subsidiaries of ECFH recorded profits.

The statement said that the acquisition of the National Commercial Bank “strengthened the position of the Group,” and that both financial institutions hold high levels of liquidation.

The position of Group managing director, which was held by Esther Brown-Weeks, was also eliminated.

The cuts in St Vincent and the Grenadines and St Lucia (the country manager will replace the general manager in that country) were two of a number of top level positions that were made redundant by the Group, as it continues its “strategy of consolidation of operations and flattening the management structure, which commenced in 2015.” (JJ)