Category: News

02- Jul2024
Posted By: BASL

Update On Banking Hours After The Passage Of Hurricane Beryl

CASTRIES, Saint Lucia, 01 July 2024 – Following the address to the nation by the Honourable Prime Minister Philip J. Pierre on the evening of 01 July 2024, where he announced the all-clear for businesses from 5:00 am on Tuesday 02 July 2024, the Bankers Association of Saint Lucia has taken the decision to open to the public from 10:00 am on Tuesday. The delayed start is to enable the various financial institutions to assess the impact of the storm on physical branches and to ensure the well-being of Team members.

We thank the public for your patience and encourage the usage of digital channels to conduct your affairs in the interim.

25- Jun2024
Posted By: BASL

Bankers Association of Saint Lucia – Reading Month

Castries, St. Lucia (June 24, 2024) – The Bankers Association of Saint Lucia participated in an array of reading month activities which featured various schools around the island. This activity has become a staple in the Association’s calendar for the last few years, as one of its missions is to ensure development of St. Lucia and its people.

The activity saw member institutions reading to and making donations to their school of choice. 1st National Bank read to the students at the Canaries Primary School and donated twenty-five hundred dollars ($2,500) towards their audio library project. Capita Finance visited the students at the Augier Combined School, Bank of Saint Lucia headed to the south and read to the students at the Soufriere Infant School while Republic Bank (EC) Limited read to students at the Vigee Primary School and Gros-Islet Primary School where small tokens were presented to participants.

The reading month initiative engaged the students with fun reading activities and questions, while encouraging them to read in their spare time, to remain disciplined and determined and always listen to their teachers and parents.

President of the Bankers Association Mr. Samuel Agiste was delighted to have the Association execute this activity. He commented, “The Bankers Association is an advocate for propelling Saint Lucia’s economic and financial growth and to do this we have to include all, from the very open-minded receptive child to the adults. Therefore, executing this activity where our member institutions can make a difference and encourage our youth is one step in the direction to achieving this goal”.

The Bankers Association of Saint Lucia is the voice of ten Local, Regional and International financial institutions operating in St. Lucia advocating for economic growth of the island while ensuring the population is educated on the recent occurrences of the financial industry. The reading month activity is one of the many activities on the Association’s calendar for 2024.

Participating institutions:

1st National Bank St. Lucia Limited
Bank of Saint Lucia Limited
Capita Financial Services Inc.
CIBC FirstCaribbean International
Financial Investment And Consultancy Services Limited
First Citizens Investment Services Limited
Republic Bank EC Limited
Sagicor Finance Inc.
Saint Lucia Development Bank
St. Lucia Mortgage Finance Company Limited

07- Jun2024
Posted By: BASL

ECCB Highlights Importance of Balancing Saving and Spending

How do persons strike a balance between saving and spending? This delicate process involves spending money to keep the economy moving while saving for a “rainy day”.

Speaking on this week’s episode of ECCB Connects, Personal Banking Manager of Republic Bank, Saint Vincent and the Grenadines, Dawnette Constance, says resisting the urge to spend and prioritising savings can be a challenge. She emphasises that in order to create a balance between spending and saving, a budget is an essential and critical tool as it provides awareness of one’s financial situation.

Constance also notes the importance of setting clear goals to determine what you are spending on and what you are saving for. She adds that it is important to treat yourself as a non-negotiable benefactor and save at least 20 per cent of your income, while setting aside a safety net fund for emergencies and unexpected circumstances. She emphasises that finding the balance between spending and saving is essential for financial health and stability.

24- May2024
Posted By: BASL

New President For Bankers Association Of Saint Lucia

Castries, 23-May-2024 — The Bankers Association of St. Lucia Inc. announces the appointment of a new President in the person of Samuel Agiste, to manage its affairs for the period May 23, 2024, to December 31, 2025.

As Mr. Samuel Agiste of 1st National Bank St. Lucia Limited, takes the helm as the new President of the Bankers Association of Saint Lucia, he is supported by a cadre of banking professionals who form the Executive, including Vice President, Mrs. Gezella Claxton – Senior Country Lead, Republic Bank (EC) Limited; Secretary, Ms. Joralee Preville – Corporate Secretary, Financial Investment and Consultancy Services (FICS) Limited; Public Relations Officer, Mrs. Arleta Rate-Mitchel – Senior Manager, Retail Banking, Bank of Saint Lucia Limited; and Treasurer, Ms. Leona Edward – Finance Manager, Sagicor Finance Inc.

Mr. Agiste brings over 20 years of experience within the Banking, Finance, Accounting and Investments sectors. Currently serving as the Chief Administrative Officer (Acting) at 1st National Bank St. Lucia Limited, his responsibilities include a broad range of areas including Investments, Cards, Premises, Policies and Procedures, Operational Control, and Projects. He previously served in the roles of Chief Financial Officer and Finance Manager. In his substantive role of Chief Investment Officer, Mr. Agiste is responsible for the co-ordination and operationalization of all new initiatives set forth in the areas of investment, corporate banking, and wealth management, therefore contributing to the expansion and achievement of the Bank’s strategic goals and initiatives.

Before joining 1st National Bank, Mr. Agiste was the Operations Manager at the First Citizens Investment Services St. Lucia office, part of the team offering brokerage and investment services throughout the Eastern Caribbean. At First Citizens, he served in various capacities overseeing investment trading, liquidity management, repo trading, client services and business development. He is a Registered Representative, licensed by the Eastern Caribbean Securities Regulatory Commission.

Mr. Samuel Agiste recognizes that integrity is not merely a buzzword but a fundamental pillar for sustainable banking practices. He firmly believes that this is the bedrock upon which trust and reputation are built. In the Eastern Caribbean Currency Union (ECCU), where financial institutions play a critical role in the region’s economic stability, maintaining trust is paramount. Mr. Agiste champions transparency, ethical conduct, and accountability as essential components of banking integrity, with decisions reflecting not only financial acumen but also unwavering adherence to moral principles. He encourages others to prioritize integrity in their roles, fostering a culture of trust within the ECCU banking community.

With his Chartered Financial Analyst (CFA) credential and a Bachelor of Science degree in Management Studies, Mr Agiste brings a wealth of expertise to his new role. His extensive knowledge of the industry, combined with his leadership skills and vision, will prove valuable as he assumes the esteemed position of President of the Bankers Association of Saint Lucia, effective May 23, 2024.

07- Mar2024
Posted By: BASL

ECCB Connects Season 24 Ep 9 – Electronic Funds Transfer

On this episode, General Manager, Eastern Caribbean Automated Clearing House – Philomena Lee, explains how the Electronic Funds Transfer system allows you to send and receive money quickly, and securely between ECCB member countries.

06- Mar2024
Posted By: BASL

Saint Lucia’s Security Interest In Movable Properties Registry

The Security Interest in Movable Property Act was passed in Parliament in November 2022. Complementary to this legislation was the establishment of the Security Interest in Movable Property Registry (SIMPR) more commonly referred to as the Collateral Registry. This Registry was established and launched on November 29, 2023.

This financial sector reform project seeks to further improve the services offered by creditors to better enable them to cater to the specific needs of the business sector and by extension the average citizenry in Saint Lucia.

More specifically, the project seeks to expand the range of assets which can be utilized as collateral to include movable assets. As such, the law and complementary Registry will add to the legal framework and financial sector tools to further assist creditors in making better decisions in granting credit to the general populace.

During the drafting phase of the legislation as well as the establishment of the accompanying Registry, the Saint Lucia Banker’s Association was heavily involved in the work leading to the passage of the law and establishment of the Registry. The Association sat on the Secured Transactions Reform Project Steering Committee  and also participated in numerous training sessions, presentations, consultations and  discussions on the project at various stages of implementation.

21- Feb2024
Posted By: BASL

ECCB Monetary Council To Receive Report On Monetary, Credit And Financial Conditions In ECCU When 107th Meeting Convenes At ECCB Headquarters

Governor of the Eastern Caribbean Central Bank (ECCB), Timothy N. J. Antoine, will present the Report on Monetary, Credit and Financial Conditions in the Eastern Caribbean Currency Union (ECCU) when the 107th Meeting of the ECCB Monetary Council convenes at the ECCB Headquarters in Saint Christopher (St Kitts) and Nevis on 16 February.

The Governor’s Report will include an analysis of the ECCU’s macroeconomic developments and monetary and financial stability. It will also include an update on the ‘Greening of the Financial System’ and the process underway for the determination of the new images on the EC currency.

The Council will also receive an update on key legislative matters and discuss the progress towards the establishment of a coordinating Regional Standards Setting Body for all financial institutions in the ECCU.

During the meeting, the Council Members will receive and discuss reports from the Technical Core Committee on Insurance, the Eastern Caribbean Asset Management Corporation and the Eastern Caribbean Partial Credit Guarantee Corporation.

Following the meeting, Council Chairman and Council Member for Saint Vincent and the Grenadines, the Honourable Camillo Gonsalves, will present the Communiqué and with the Governor field questions from reporters during a media conference.

The Monetary Council is the highest decision making authority of the ECCB. It comprises the eight Ministers for Finance from the ECCB member countries.

14- Feb2024
Posted By: BASL

8th GRD 2024 – Creative Disruption and Innovation Contest

GRD (Growth and Resilience Dialogue) 2024 desires to recognise and celebrate young adults, ages 18-40, who are worthy of the distinction of being called a creative disruptor and innovator. The objective is to reward creative disruptors and innovators whose ideas and works have disrupted or have the potential to disrupt the status quo for the betterment of their communities.

Individuals, 18-40 years, are invited to submit their story (maximum 650 words) plus a short video of two minutes or less done via their mobile phone (video recording guidelines) detailing how their endeavor(s), work or business ideas create/can potentially create breakthroughs that advance/could advance social or economic progress by providing solutions to some of their communities’/countries’ problems, for the chance to win the grand prize of US$8,000.00 or two consolation prizes of US$4,000.00 and US$3,000.00 respectively. Additional prizes include scholarships to an innovation conference in 2024. Domains can range from technology, culture, education, community work, creative arts, healthcare, spirituality, religion, business, finance and sports.

Click here to learn more.

07- Feb2024
Posted By: BASL

ECCB Announces the Launch of its EC$2 Commemorative Polymer Banknote

The Eastern Caribbean Central Bank is pleased to announce the launch of its EC$2 commemorative polymer banknote.

In commemoration of the Bank’s 40th anniversary, the EC$2 note showcases a portrait of the legendary cricketer, Sir Vivian Richards, affectionately known as “The Master Blaster”.

The EC$2 commemorative note marks the first time that a reflective silver ink, a gold iridescent ink and a holographic blue foil have appeared together on a banknote, representing an innovation in global currency design and security.

30- Jan2024
Posted By: BASL

ECCB’s Virtual Museum Makes the Bank’s Rich History and Legacy Accessible

The ECCB’s 40th Anniversary Virtual Museum is a reliable resource for students and the general public of the Eastern Caribbean Currency Union as well as for anyone looking to learn more about the respected central bank and its role in maintaining monetary and financial stability in the ECCU, one of the strongest monetary unions in the world!

Click here to visit the museum.