The government of St. Vincent and the Grenadines has brought back a substantial amount of shares in the Bank of St. Vincent and the Grenadines Limited.
In a statement to the nation yesterday evening, Prime Minister and Minister of Finance Dr. Ralph Gonsalves explained that in 2010, the government had sold 51% of shares in the National Commercial Bank (NCB) now the Bank of St. Vincent and the Grenadines Limited, to the Eastern Caribbean Financial Holdings (ECFH) based in St. Lucia.
This was done as part of the government’s public policy of the further divestment of its shareholding in the Bank of SVG.
Dr. Gonsalves said on June 30, 2017, the government signed a sale-purchase agreement to the tune of EC$32.3 million, which saw it buying back 31% of the Bank’s shares from the ECFH. He said with this buyback of shares the government now owns 43% of shares in the bank.
The Prime Minister said the transaction is expected to be formally completed in the next few days.
He noted that while the Board of Directors of the Bank of SVG will be reconstituted, business at the Bank continues as normal.
