 About Us
THE BEGINNING
In 1980, after more than 150 years of banking in Saint Lucia, it was clear the needs of certain segments of the market had not been satisfied. In particular, lower income families and local businessmen did not have ready access to credit. As a result, the Government of Saint Lucia saw it necessary to establish both a commercial and a development bank.
The Government devised a clear strategy to enter the market as a competitor, to gain a share of the lucrative banking business. Profits generated as a result would be used to benefit the country. Accordingly, the Government established the National Commercial Bank of Saint Lucia Limited (NCB) and the Saint Lucia Development Bank (SLDB), as the first banks to be wholly owned by the Government and people of Saint Lucia. The National Commercial Bank of Saint Lucia Limited was incorporated as a Limited Liability Company on October 10, 1980 and on January 5, 1981, NCB opened its doors to serve the public.
On February 25, 1981, the Saint Lucia Development Bank took over the operations of the Housing Development Bank, the Agricultural and Industrial Bank and the lending functions of the National Development Corporation and a Student Loans portfolio.
THE CREATION OF ECFH
In January 2001 the shareholders of Saint Lucia’s two leading financial institutions the National Commercial Bank and the Saint Lucia Development Bank agreed to a merger which gave birth to the East Caribbean Financial Holding Company Limited (ECFH) on July 1st 2001. In October 2001, ECFH and the Bank of Nevis became the first companies to be listed on the Eastern Caribbean Stock Exchange. Currently, in excess of 13.1 million shares are recorded as issued and outstanding for ECFH.
Saint Lucia embarked upon a new era in financial services, as ECFH became the island’s first full-fledged financial services provider.
THE ECFH GROUP - OVERVIEW
The ECFH Group is governed by a Board of Directors comprising individuals from the OECS and Caricom, representing a balanced mix of competencies and wide experience in business, financial services, the legal environment and other sectors.
The Group has grown to become the largest indigenous financial institution in Saint Lucia. The Group comprises four subsidiaries:
1. Bank of Saint Lucia Limited
2. Bank of Saint Lucia International Limited (Off Shore Banking Division)
3. EC Global Insurance Limited
4. Property Holding & Development Company Limited
Bank of Saint Lucia’s five branches are located at the ECFH Financial Centre and Waterfront in the city of Castries, and in the towns of Soufriere, Gros Islet, and Vieux Fort, with a Bureau de Change at Hewanorra Airport.
The Bank operates 18 ATMs and cash dispensers located at each branch, at the Bureau de Change at Hewanorra Airport and selected Super J supermarkets.
Bank of Saint Lucia provides a full range of retail, commercial, development and investment banking products and services, and enjoys a 54% share of the local banking market. Its network of five branches, with18 ATMs and cash dispensers is the most extensive in St Lucia.
As a broker firm, Bank of Saint Lucia continues to be the most active on the Eastern Caribbean Securities Exchange (ECSE). As at December 2006, the bank’s Investment Banking Division recorded EC$121.6 million in funds under management. Revenue has grown continuously from EC$1.84 million in 2004, to EC$11.5 million in 2006.
As at December 31, 2006 BOSL’s market capitalization stood at EC$164.2 million, and total assets amounted to EC$1.3 billion.
Bank of Saint Lucia International Limited (BOSLIL), the Group’s international offshore banking service provider is quietly making a name for itself on the international market while highlighting Saint Lucia as an offshore jurisdiction. BOSLIL has also formed a strategic alliance with a reputable international financial services group which has served as the blue print for entering into further strategic alliances and continuing to promote the BOSLIL brand globally.
To this end, BOSLIL launched its Preferred Professional Programme and was able to develop alliances with new intermediary groups, enhance the service capability available to clients and secure relationships with reputable private banks in Europe which will be able to provide bespoke asset management services.
Through strategic partnerships and activities designed to raise its profile, BOSLIL’s customer base continues to grow, along with customer deposits and total assets.
EC Global Insurance Company Limited is a domestic insurance company which offer attractively branded policies for specific target groups primarily in the Property/Homeowners and Motor markets. The company also offers various commercial policies and Group Credit Life Insurance. EC global differentiates itself in a heavily competitive market through prompt claims settlement and the application of advanced business processes.
Property Holding & Development Company Limited owns all ECFH properties and is responsible for their management and upkeep. The Financial Centre building in the capital city of Castries being its flagship property. The PHDC also manages all external tenants of the company and through a series of major renovations, is ensuring all premises of ECFH are of a superior standard.
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