ECFH Agreement with National Commercial Bank (SVG Ltd) Complete

November 23, 2010

The East Caribbean Financial Holding Limited (ECFH) has finalized the purchase of 51% ownership interest in the National Commercial Bank (SVG) Limited from the Government of Saint Vincent and the Grenadines.

ECFH’s Group Managing Director, Robert Norstrom, expressed his satisfaction in bringing closure to the transaction for the sale and formalizing of the new shareholders agreement.  Norstrom stated that regional expansion remains a key strategy for ECFH and that majority shareholding ownership in the bank in Saint Vincent is seen as a realization of one of the strategic objectives of the Group.

In this new agreement, the board will comprise of four directors appointed by ECFH and three appointed by the Government of Saint Vincent and the Grenadines. The new bank will be rebranded in the near future and will be renamed Bank of St. Vincent & the Grenadines Limited.

The Government of Saint Vincent and the Grenadines retained the balance of shares (49%), with a commitment to divesting 29% within a year to the Saint Vincent and the Grenadines National Insurance Service (NIS), citizens of Saint Vincent and the Grenadines including bank staff, and citizens of the region. 

Mr. Norstrom expressed gratitude to the management and staff of the bank for their patience and understanding during the period prior to finalization of the sale. He also stated that he looks forward to the two entities working together to ensure a successful future for the expanded ECFH Group.

Contact: Corporate Communications
Tel: 457 7259