St. Lucia welcomes more new investments

By OPM

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0b48a9b6-d228-4fd9-b004-640020f422e7PRESS RELEASE – Saint Lucia’s burgeoning international financial sector received a further boost this week.

Petrus Private Bank officially opened its local operations during a brief ceremony at the Capella Resort in Marigot Bay on Tuesday, February 16, 2016. The ceremony was attended by Minister for Commerce, Hon. Emma Hippolyte; Chairman of the Board of Petrus Private Bank, Mr. Thierry Bounous; Chief Executive Office, Mr. Jean-Francois Ruel; Chief Operating Officer, Mr. Benjamin Gunst; directors and members of the staff of the bank; and members of staff of the Financial Services Regulatory Authority (FRSA) in the Ministry of Finance, Economic Affairs, Planning & Social Security.

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Addressing the audience, Prime Minister Hon. Dr. Kenny. D. Anthony thanked the Bank’s leadership for choosing Saint Lucia over jurisdictions including The Bahamas, Barbados, and Switzerland, noting their stated ambition “to become the Caribbean bank of choice for individuals who seek a financial institution that can relate to their motives, aspirations and needs.”

The Prime Minister went on to speak to the complex international regulatory environment that governs the offshore financial sector, and to outline the steps the Government of Saint Lucia has taken over the past four years in particular “to avoid being blacklisted and to remain attractive and competitive.”

Said Dr. Anthony,

“The Financial Services Regulatory Authority, the Financial Intelligence Authority, the professional services industry, the Ministry of Finance and Central Government continue to working relentlessly and assiduously in developing Saint Lucia as a truly global financial centre on par with the major international players.”
The Prime Minister went on to emphasize that all who are engaged in the industry must be bold, imaginative, and innovate. According to the Prime Minister,

“I believe we all accept that times have changed. I marvel every day at the rate that financial products and services are undergoing change. If we want to survive in this new environment, we will need to be bold and imaginative. While we are required to obey regulatory requirements, it is imperative that we do not become so consumed with our regulatory commitments that we lose our ability to innovate and create new products for the financial marketplace. Innovation remains a key to our survival. We are no longer competing with our own in the region but with the entire world.”
The Prime Minister concluded by thanking the principals of the bank for making Saint Lucia the jurisdiction of choice. He said,

“I am pleased to welcome Petrus Private Bank Limited to our shores. I thank its principals for choosing Saint Lucia as its base to conduct business. Your presence and operations will add value to our economy. This decision is another statement of confidence in the integrity of our country, our economy and its future. We will do our utmost to justify the faith and confidence you have placed in our country and our people.”
Petrus Private Bank Limited is now the 15th licensed international bank operating from Saint Lucia. Saint Lucia is signatory to or compliant with the Caribbean Financial Action Task Force, the Financial Action Task Force, the Organisation for Economic Co-operation and Development, the International Cooperative Regulatory Group, and the United States Foreign Account Tax Compliance Act, among others. The island’s international financial sector is governed by the international financial services laws and the Financial Services Regulatory Authority Act of 2011, which gave birth to the FSRA.

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This article was posted in its entirety as received by stlucianewsonline.com. This media house does not correct any spelling or grammatical error within press releases and commentaries. The views expressed therein are not necessarily those of stlucianewsonline.com, its sponsors or advertisers.

12 comments

  1. This story, as reported, is cleverly misleading, and is aimed at distorting the facts. Let's look at the disinformation cleverly disguised up there.

    First, we have just O-N-E bank making an investment, but represented by F-O-U-R witnesses or signatories. Not F-O-U-R investors, but ONE INVESTOR BANK. Let's be very clear about that.

    Second, offshore banks are NOT creators of employment per se. Read that again.

    Offshore banks generally rent office space and may use existing janitorial services and perhaps someone to answer the phone.

    Thirdly, offshore banking is basically an enclave-type industry. The assets of such banks are the 0s and 1s on the screens of their computers. The real funds are elsewhere. The financial assets are not generally available to the local economy. No loanable funds are made available to the local economy.

    After the payments to the government of the day, which in our case might best be used to pay down our maturing debt obligations, that is it. The upsides from this are therefore limited.

    Do not expect to see the creation of new money or loanable funds, nor a decrease in unemployment. The is no incipient financial ecosystem with offshore banking. But the downsides are the inherent suspicions of external governments regarding money laundering and similar international crimes.

    We must remain aware that with the confluence of events such as the attraction of certain types of foreign investment, although welcome, CIP billionaires can saddle this country with openly dishonest government for ears on end, because of their capacity to fund the election campaigns of entire political parties, thereby giving those an unfair financial advantage. The electorate must be vigilant enough to be aware of the potential for foreign control and foreign interference in domestic politics.

    To be forewarned is to be forearmed.

    (5)(2)
  2. watch him bend and bow...despicable

    (0)(2)
  3. Just watching for now.

    (1)(1)
  4. Five comments.......five negative comments. If these were principled they would pledge right here and then never to accept or seek employment in this bank. That goes for the entire crowd they claim to represent.

    (2)(0)
  5. A picture speaks a million words, but two ?

    (0)(0)
  6. "Saint Lucia is signatory to or compliant with the Caribbean Financial Action Task Force, the Financial Action Task Force, the Organisation for Economic Co-operation and Development, the International Cooperative Regulatory Group, and the United States Foreign Account Tax Compliance Act, among others. The island’s international financial sector is governed by the international financial services laws and the Financial Services Regulatory Authority Act of 2011, which gave birth to the FSRA."

    Note that the story took special care to go in depth to explain to us how many regulatory regimes that St. Lucia financial industry is subjected to. Any special reason for that? Those of us who are smart know that it is all to conceal the poor perception of our country caused by this government on the country's compliance with international laws, ethics and integrity. We know that our international reputation has been called into question and such strategies are only employed to have others think that we comply.

    We are members and signatories to a number of organisations and committees does that make us for example observed the rights of people or act ethically?

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  7. Why St Lucia, where money is not circulating. Is this an offshore bank. Are we heading toward the Antigua status where banking is concern. Why was only Bahamas, Barbados and Switzerland? I smell a rat.

    (10)(8)
  8. With the kind of rigor and backdoor dealing done in these things watching this closely to see what happens.

    (8)(4)
  9. Something is fishy... Their website reads:

    "Legal notice

    The information on this website has been approved for issue by Petrus Private Bank Limited, which is licensed and regulated by the Financial Services Regulatory Authority of Saint Lucia under Licence No. IB/014(A) to conduct international banking business. The information and material are provided for information purposes only and are not to be used or considered to be an offer or solicitation to buy, sell or subscribe to any securities or other financial instruments."

    However there is no information on "Services" set up or information on how to open an account or where this "bank" is located.

    Mwe memmm....

    https://petrusbank.com/

    (7)(5)
  10. Great !! just another private bank for foreign....
    Mr pm why don't you tell the people why it is so hard for money transfers from the us to happen in St.lucia?

    I am sure you have read the report on the US listing the Caribbean as a haven for money laundering and corruption .

    This government will always have its priorities twisted and always get joy in those investments , whiles their people suffer from all criminal offence , die in the hospitals , get tax on a daily , not to mention given a bunch of short work and call it employment .

    I want to know can a step worker or a person from the nice program get a loan at this bank ??

    (87)(6)

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