The National Commercial Bank of Anguilla (NCBA) is doing well, but the Government of Anguilla plans to divest of some of its interests in the bank, Premier and Minister of Finance, Dr Ellis Webster, announced at the government press briefing on Monday, May 9, 2022.
“NCBA is 100% owned by the government [of Anguilla], and the goal is that government should divest away from owning a bank. We don’t think that it’s in the best interest of government to own a bank – certainly [not] with the debt incurred due to the [banking] resolution.
“The bank is doing good – it has a profit. In 2019, there was a profit. In 2020, there was a loss. In 2021, there was a profit – again. So, that’s good,” Dr Webster observed.
He indicated that the government of Anguilla is making plans to sell interests in the government-owned bank. He noted: “There needs to be divestment, and that is what we are working out now with the sales committee. [We are] getting an evaluation study, and once that is done [there will be] a prospectus and then [we will be] putting out for the sale.”
Dr Webster noted that his Ministry is also trying to improve corresponding banking.
He said: “Right now, [at] NCBA there is only corresponding banking through Crown agents and with US transactions, [but] there is a delay in getting those types of transactions done.”
Premier Webster stated that “as Minister of Finance, he was invited to meet with members from the OECS and CARICOM, and with US Congresswoman Maxine Waters and members of the financial service committee from [the US] Congress, to discuss risking and corresponding banking with financial services.
“It was a very interesting meeting. It was good to make those relationships and to do the networking. I think that will help us as we move forward – especially with NCBA, and also in terms of anti-money laundering legislation, and combatting financing of terrorism.”
Premier Webster stated that the Governor of the Eastern Caribbean Central Bank (ECCB) visited Anguilla last week, and that “good bilateral meetings were held with Executive Council, the shareholders’ committee for NCBA and the bank itself. He brought the shareholders’ committee up to speed with where things are with the bank.”
