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ECFH Approaches Regional Vision via Major Interest in NCB (SVG Ltd)
ECFH came closer to its goal of regional expansion when it reached agreement with the Government of Saint Vincent and the Grenadines, sole shareholder of the National Commercial Bank (SVG) Limited on the privatization of the Bank. This followed the invitation by the Government of Saint Vincent and the Grenadines to ECFH to consider acquiring an interest in the state owned bank.
ECFH's Group Managing Director, Robert Norstrom, confirmed that the Group continues to explore all opportunities to grow its business. He further stated that the strong foundation built in recent years, based on effective corporate governance and sound business principles and practice, provides the Group with a solid base for profitable growth as the region slowly comes out of recession.
The agreement will see ECFH holding majority ownership interest of 51%. The Government of Saint Vincent and the Grenadines will retain the balance of shares (49%), with the intention of divesting an additional 29% of their shares to the St. Vincent and the Grenadines National Insurance Service (NIS), citizens of St. Vincent and the Grenadines, including bank staff and citizens of the region within the next twelve (12) months. All formalities of the acquisition are expected to be finalized by 31st October 2010.
This agreement is subject to regulatory approval of the ECCB; however, these approvals are expected to be forthcoming. ECFH remains adequately capitalized and continues to generate steady returns to its shareholders despite the economic downturn.
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Young Generation is EC Global/Mabouya Valley Football Champions!
In front of an extremely vocal crowd, a very jubilant Young Generation team became the inaugural champions of the EC Global Insurance/Mabouya Valley Youth & Sport's Council's Under 20 Tournament, defeating Aux Lyons United by a score of 4-3 following a nail-biting penalty shoot-out.
CEO of EC Global Insurance, Mr. Leathon Khan, who attended the exciting final, expressed his company's delight at such a successful tournament. He said that he was "happy that EC Global had embraced this initiative and that It has given us a good opportunity to connect with an entire community in a very positive way and through the tournament; we were able to engage so many young men in a very worthwhile and socially uplifting activity".
In awards presented following the finals, Young Generation received the EC Global 1st place trophy and gold medals whilst Aux Lyons United & Pumas received the 2nd and 3rd place trophies respectively along with silver and bronze medals. Gilbert Ernest of Young Generation collected the MVP prize and the award for being the top marksman in the tournament scoring 6 goals in the process. Nyahim Francis of Young Generation was also named the MVP of the finals. It must be noted that Young Generation scored the most goals in the tournament (18).
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 | | Young Generation (forefront) emerged overall winners of the tournament |
| | Bank of Saint Lucia Extends 100 % Land Loan Promotion to December 2010
Bank of Saint Lucia is pleased to announce that it has extended its 100% financed land loan promotion to December 31st 2010. Since its summer launch, many Saint Lucians have been taking advantage of this golden opportunity to own a piece of their homeland. Therefore, the bank felt that the original deadline of September 30 needed to be extended so that even more Saint Lucians could benefit from the promotion.
In addition to 100% financing, Bank of Saint Lucia is offering a competitive interest rate of 8.75% on the reducing balance with flexible payment terms of up to 15 years. There is also a waiver on the commitment fee. Applicants can also benefit from a 20% discount on legal fees courtesy of participating law firms.
Bank of Saint Lucia is proud to be able to give Saint Lucians from all walks of life the opportunity to become landowners and to have one of the most valuable financial assets. The bank hopes that people will take full advantage of the extended deadline and come into any of its five branches to speak to any loans officer who will supply all the relevant details and information.
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October is Financial Information Month
October is being observed as Financial Information Month when banks and other financial entities educate citizens on how to best manage their financial lives. An initiative of the Eastern Caribbean Central Bank (ECCB), Financial Information Month is celebrated annually in the eight member countries of the Eastern Caribbean Central Union (ECCU): Anguilla, Antigua and Barbuda, Grenada, the Commonwealth of Dominica, Montserrat, St Kitts and Nevis, Saint Lucia and Saint Vincent and the Grenadines.
This year's theme is 'Make Your Dreams a Reality, Save and Invest Wisely'. During the month, ECFH and its largest subsidiary, Bank of Saint Lucia, will be participating in a series of activities including school visits, radio discussions and special episodes of ECFH's Financial Focus on saving and investment strategies.
Citizens of ECCU are also being given the opportunity to share their financial success stories through the 2010 Financial Information Month Dreams to Reality Contest. Eligible candidates must be people from humble beginnings, who through hard work and wise money management practices, were able to realise their dreams of owning a home; starting and operating a successful business; educating themselves or their children; or any other financial venture they undertook to improve their living conditions.
The winner of the Financial Information Month Dreams to Reality Contest will receive a cash prize of EC$2,000; while second and third place winners will receive EC$1,500 and EC$1,000 respectively. Stories must be 300 to 500 words and must be emailed to the Eastern Caribbean Central Bank at: info@eccb-centralbank.org. The deadline for submitting entries is 29 October, 2010. |
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Share Trading Summary
ECFH CLOSING PRICE
EC$13.50
As at Oct 7, 2010
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