ECFH statement on partial divestment of shares in Bank of St. Vincent and the Grenadines

7
ECFH statement on partial divestment of shares in Bank of St. Vincent and the Grenadines

ecfhEast Caribbean Financial Holdings Limited (ECFH) announces the divestment of a portion of its shares in the Bank of St. Vincent & the Grenadines Limited (BOSVG), reducing it’s shareholding from 51% to 20%.

As advised at the Annual Meeting of ECFH Shareholders on May 18th 2017, ECFH will be injecting the proceeds from the partial divestment of its St. Vincent based subsidiary as capital into Bank of Saint Lucia.

Notwithstanding the reduced shareholding, the institutions will maintain a strategic partnership and will therefore continue to work together to advance the financial sector in their respective territories, and the wider Eastern Caribbean Currency Union.

(0)(0)

No posts to display

7 COMMENTS

  1. 1. Please provide me the email and phone number and also the vvebsite to the Bank of Saint Vincent & the Grenadines Limited.
    2. According to the FCA FFIRD Caroline Page in UK, I have a case in the "offshore zone" for unregulated trading companies. I have lost about 800 000 € on international tradings.
    Do I have any reerrance number or account number in the bank for my case?
    My name is Tor Bernt Sunde, Norvvay, personal ID is 051251 47358. Phonenumber +47 92291570

    (0)(0)

  2. Which entity bought 31% of the shares? Was it the Government of St. Vincent & the Grenadines since Ralph was not happy with the performance of BOSL and the ECFH Group?

    (2)(0)

  3. From 51% controlling interest to a significant 20% is significant indeed. Does the Saint Vincent unit have the management talent to manage their portfolio? Is it that there is a sudden greater ROI in the Saint Lucian bank than previously? What is the ownership structure of the Bank of Saint Lucia? How have the loans been performing?

    (2)(0)

  4. Hopefully this latest transaction will help them risk manage their exposure on the large amount of existing and potential bad loans that they have on the books.

    It probably won't.

    Borrowing rates will likely creep up based on impending rises in our hemisphere.

    Shareholders are will take a bad haircut within 12 months.

    The effect will be like dominoes falling as ECFH sneezes and other banks subsequently catch a cold.

    The smart money will move to First National for the medium term.

    (0)(0)

    • The bad loans are at Bank of St. Lucia not Bank of St. Vincent. In fact Bank of St. Vincent is doing quite well. This is a move for the Gov't of St. Vincent to get that toxic mess that is Bank of St. Lucia out of their hair.

      Borrowing rates will eventually go up but not because of this. Savings rate is now 2% and banks make a decent profit as it stands. Bad loans and people being unable to borrow are the problems.

      Shareholders don't take haircuts. Shareholders accept the risk of owning shares in the company. Value of shares fluctuate based on the performance of the company.

      Many other banks in the region are doing ok.

      The smart money will move to a bank that covers the entire ECCU. No indigenous bank does that and First National is too small to do that. Ergo there is no smart money.

      (3)(1)

  5. They also sold Bank of St. Lucia International Ltd. not long ago. The cash position is not solid of Bank of St. Lucia Ltd. Also a lot of non performing loans. No dividend for the shareholders.

    (1)(0)

Comments are closed.