Category: News

21- Jun2021
Posted By: BASL

Bankers’ Association Shows Appreciation to Dr. Stephen King

The President and PRO of the Bankers’ Association recently expressed appreciation to Dr. Stephen King, in recognition of the virtual information session provided to bank employees on COVID-19 and the vaccine.

28- May2021
Posted By: BASL

Bankers’ Association Interview on NTN Morning Update May 28th

In the last of a series of interviews with local banking leaders, Bankers’ Association President Carol Mangal speaks live on the NTN Morning Update. Interview starts at around the 32-minute mark and lasts around 20 minutes.

06- May2021
Posted By: BASL

Governor, ECCB Offers Recommendations for Boosting Region’s Strength and Viability

Governor of the Eastern Caribbean Central Bank (ECCB), Timothy N. J. Antoine, has advised that Digital Skills and Jobs; and Food and Nutrition Security are timely areas of focus as the region’s governments and people ponder the way forward for its recovery, resilience and transformation.

Governor Antoine shared that advice during his delivery of the Opening Remarks at the 5th Growth and Resilience Dialogue, which was held on 14-15 April, under the theme: Building Resilience in the Post Pandemic Era. He further advised that building resilience, collective action and the rollout of vaccines, were key to boosting the strength and viability of the Eastern Caribbean Currency Union.

The Growth and Resilience Dialogue is an annual engagement which brings together social partners and members of civil society to discuss and formulate action plans. The Forum was held virtually for the first time this year.

The Governor’s speech delivered at the 5th Growth and Resilience Dialogue is available on this week’s episode of ECCB Connects, on the ECCB website and its social media pages.

More from Governor Antoine’s opening remarks can be viewed on the latest episode of ECCB Conncets: Click to view

28- Apr2021
Posted By: BASL

Bitcoin ATM and Bitcoin Investments Not Authorised by Regulators in ECCU

The Eastern Caribbean Central Bank (ECCB), the Eastern Caribbean Securities Regulatory Commission (ECSRC) and the Financial Services Regulatory Commission (FSRC) of Antigua and Barbuda have been made aware of the establishment of Bitcoin Automated Teller Machines (ATMs) which allow for the purchase of fractions of Bitcoin or Bitcoin Cash up to a daily limit of USD$900 (EC$2,430), at various locations in Antigua and Barbuda.

We advise the public that these Bitcoin ATMs and the services provided are not currently regulated by the ECCB, the ECSRC or the FSRC of Antigua and Barbuda.

In recognition of the prerequisites for the transition to a digital economy, the ECCB launched a project for the development of a legislative framework for the regulation of virtual assets and other fintech initiatives. Through the collaboration with member governments and national regulators across the Eastern Caribbean Currency Union (ECCU), a “Virtual Assets Bill” was developed. This legislation was approved by the Monetary Council and recommended for enactment in member countries in February 2021.

We refer the public to the 6 April 2021 notice on virtual assets issued by the FSRC, which was carried in the local news, circulated in the local newspapers and shared with each financial institution in Antigua and Barbuda. Click here to view FSRC notice.

In Antigua and Barbuda, the Digital Assets Business Act, which aims to regulate digital asset companies and provide protection for digital asset exchanges and their clients, was passed in 2020. This Act gives the FSRC authority to enforce the legal framework among the relevant companies, but the infrastructure especially the regulations are not yet in place to comprehensively regulate the activities of Bitcoin and other virtual assets and entities. These regulations are currently being prepared.

Until the appropriate legislative arrangements are completed and in place, it is recommended that members of the public proceed with caution when engaging with Bitcoin and other virtual assets and entities. Before involvement with these initiatives, citizens are advised to consider the following questions:

What do I know about this service provider and the services being offered?

Do I understand both the opportunities and the risks?

Is this service provider regulated and by whom?

Does this service provider have appropriate anti-money laundering (AML) controls?

What dispute resolution mechanisms exists if there is a dispute with this service provider?

The ECCB, ECSRC and FSRC of Antigua and Barbuda recognise that financial innovation is essential; however, the appropriate legal and regulatory framework is necessary to protect the integrity of the financial system and investors and consumers alike.

Members of the public are asked to be guided accordingly.

09- Apr2021
Posted By: BASL

1st National Bank Interview on NTN Morning Update April 9th

In the eighth of a series of interviews with local banking leaders, 1st National Bank Managing Director Johnathan Johannes speaks live on the NTN Morning Update. Interview starts at around the 5-minute mark and lasts around 40 minutes.

03- Apr2021
Posted By: BASL

1st National Bank Acquires RBC’S Local Operations

* All RBC branches in Saint Lucia are now absorbed into 1st National Bank St. Lucia Limited

* A History making transaction for an indigenous bank

* 1st National Bank sees purchase as critical for future growth and expansion

Today, 1st National Bank St. Lucia Limited announces, that the activities and assets of RBC Saint Lucia have been integrated into 1st National Bank St. Lucia Limited through the successful purchase of the RBC’s banking operations.

Chairman of the Board of Directors of 1st National Bank St. Lucia Limited, Nigel Fulgence acknowledged that this is truly a proud and historic moment: “This acquisition marks one of the most significant historical events in banking in Saint Lucia. For our part, 1st National Bank is experiencing its third wave of growth and expansion in its 83 years of operations– established as the St Lucia Cooperative Bank LTD then evolving into the 1st National Bank St. Lucia Limited and now in its expansion by this groundbreaking purchase of an International Bank’s operations. I think our founding fathers would be immensely proud of our stewardship and where we have come. I am grateful to our Executive and the teams across all the branches for their dedication and skill in closing this deal and creating tremendous potential for greater things yet to come”.

This strategic development has been long in planning and will be extensive in its benefits to RBC customers. 1st National Bank notes: “naturally that there will be changes as well as new functionalities and promises to keep lines of honest communication with all staff, stakeholders and customers, during this period of transition.”

Managing Director, Johnathan Johannes, was a key player within the consortium, that brought this transaction to a successful outcome. He notes that the domestic financial sector in Saint Lucia has the potential to become stronger, better and more prosperous because of this purchase.

“Our commitment to delivering superior financial products and service, powered by industry-leading technology, local knowledge and passion, is changed only in its capacity to deliver even more powerfully with this expansion,” Johannes said.

1st National asserts that during the transition, the observable changes will initially be small. However, this historic accomplishment will quickly begin presenting itself through even more improved service and support for the financial goals of all customers.

According to the bank, the legacy continues as it builds better, together, on its journey from good to great.

31- Mar2021
Posted By: BASL

FICS Interview on NTN Morning Update March 31st

In the seventh of a series of interviews with local banking leaders, FICS Chairman Lorne Theophilus speaks live on the NTN Morning Update. Interview starts at around the 17-minute mark and lasts around 20 minutes.

26- Mar2021
Posted By: BASL

CIBC Interview on NTN Morning Update March 26th

In the sixth of a series of interviews with local banking leaders, CIBC Country Head Nigel Olivierre speaks live on the NTN Morning Update. Interview starts at around the 12-minute mark and lasts around 30 minutes.

25- Mar2021
Posted By: BASL

First Citizens Interview on NTN Morning Update March 25th

In the fifth of a series of interviews with local banking leaders, First Citizens Investment Services Manager Omar Burch-Smith speaks live on the NTN Morning Update. Interview starts at around the 27-minute mark and lasts around 23 minutes.