PRESS RELEASE – Bank of Saint Lucia International Limited (BOSLIL) a subsidiary of ECFH, continues to take proactive measures to do its part to develop the island’s international banking industry and establish St. Lucia as one of the leading International Financial Service Centers in the Caribbean.
BOSLIL recently hosted a Strategic Seminar for local partners and key stakeholders.
The event, held at the Bay Gardens Inn, provided a forum to discuss various challenges, trends, methods to better serve clients and collective strategies to move the industry forward.
CEO of BOSLIL, Ryan Devaux delivered a presentation on promoting St. Lucia as an international financial services jurisdiction.
Some of the other key areas included regulatory changes to applications forms; the Foreign Account Tax Compliance Act (FATCA) and its implications; and other new regulatory requirements.
At the close, participants were invited to a “Meet Your Banker” tour, which took place at BOSLIL’s headquarters in Massade, Gros Islet.
The just concluded seminar forms part of BOSLIL’s mandate to continue to seek and take advantage of opportunities in the global market to increase foreign investment and help rebuild the island’s economy.
Devaux explained that the bank’s business model, as a transactional bank for global commerce is simple but effective.
He said this can be attributed to a focus on understanding international commerce and the commercial realities of such activities, delivering a very high level of service and managing the risk effectively, including working primarily with professional/regulated intermediaries and following robust due diligence and international compliance standards.
This is further bolstered by the ongoing partnership with resident professional companies and registered agents.
BOSLIL was named Service Exporter of the Year at the 2013 Saint Lucia Business Awards and is currently celebrating 10 years of international banking service.