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NBA Re-launches Investment Services

The National Bank of Anguilla has taken the opportunity of the attractiveness of the island to investors to re-launch its Investment Services, a move which adds to the Bank’s advertised theme that it “is more than banking.”
The Investment Services Launch took place at CuisinArt Resort & Spa on Tuesday evening and was attended by Government officials and members of the business community.

NBA, ECSE and Smith Barney Officials

NBA’s Chairman, Joseph Norris Payne, said the Bank had made its mark locally, regionally and to a degree internationally; and had always prided itself as being the first to market banking on Anguilla. “With the recent opening of the NBA (Private Banking & Trust) Ltd, we now provide services to international clients in a manner that is expected at any international bank,” he stated.

Mr. Payne stressed that NBA’s decision to list as a broker on the Eastern Caribbean Securities Exchange was highly driven by the need to increase its service offerings and expand dramatically its influence on the Anguillian and regional economic landscape. “Ultimately this will be significantly beneficial to the Bank’s shareholders and Anguilla,” he went on. “We believe that there are numerous local, regional and global investment opportunities which NBA can now make available to its customers…With our re-launched Investment Services, our clients will have the opportunity to invest in the shares of companies outside of Anguilla.”

NBA’s CEO, Val Banks, Minister of Finance Victor Banks, Scott Hauser and others at the launching ceremony

The next speaker was Erna Morgan McReynolds of the Morgan McReynolds Group at Smith Barney, based in the United States. She spoke about the unique investment agreement signed between her company and NBA which was unlike any other in the region. “Since that time we have been proud to work with NBA and its clients to provide world-class investment services,” she stated.

The Financial Planning Specialist reported that the further marketing of those services was curtailed as a result of the introduction of securities legislation which set certain requirements for investment activities in Anguilla.

NBA’s CEO, Val Banks, Minister of Finance Victor Banks, Scott Hauser and others at the launching ceremony

“NBA is now licensed to provide the investment services to its patrons and so the marketing of the investment service has begun again,” she continued. “We are proud to be part of the development of the island. It is exciting to have seen NBA grow; and proud that NBA was proud enough to create the unique link with Smith Barney to deliver world class investment services to its clients.”

Smith Barney’s Consulting Group is an industry leader in managed money and offers investors access to a broad realm of investment services. These include separately managed accounts, mutual funds, investment consulting, asset allocation advice and other advisory services.

Selwyn Horsford, NBA’s Chief Corporate Officer and Principal with the Bank’s Investment Services Team, said that for some twelve years a relationship was forged with Solomon Smith Barney, now known as Morgan McReynolds Smith Barney. He explained that this was done to afford Anguillians and visitors the opportunity to invest in international financial markets.

He stated that due to the introduction of the securities legislation in Anguilla and other islands, requiring licences, the Smith Barney programme had to be suspended. NBA’s Board of Directors later decided to have the Bank licensed with the Eastern Caribbean Securities Exchange Regulatory Commission as a broker/dealer to facilitate its offerings of securities services in Anguilla. This was achieved in December 2005.

“This allowed the Bank to deal in securities on the Eastern Caribbean Securities Market and to reinstate the investment programme offered by the Morgan McReynolds Group at Smith Barney,” Mr. Horsford said. “The response to this new service line has been better than expected. As we all know, Anguillians have been more inclined to invest in the traditional savings instruments available through banks which they consider to be safer. Investment in securities outside Anguilla is still a novelty to Anguillians. It is something that they are not too comfortable with and as a financial services provider, we are committed to changing all of that.”

He said over the past week the Bank had sent letters to potential investors notifying them of offerings by regional governments; that pamphlets on investment opportunities were being placed in hotels and that information programmes would continue to be aired in Anguilla as part of a publicity campaign.

Remarks at the relaunching were also made by Trevor Blake, General Manager of the Eastern Caribbean Securities Exchange. “We take this opportunity to formally welcome NBA to the ECSE’s network of intermediaries, having admitted the Bank as a member in January 2006,” he told the Board of Directors, Management and Staff and invited guests. “We now congratulate you on your re-launch of your investment services. We think this augurs well for the wealth creation and protection in Anguilla as well as investment planning and management in the island.”

He said NBA was now duly licensed by the Eastern Caribbean Regulatory Commission as an Intermediary to engage in securities business. It had also become the tenth member of the growing network covering the island chain. “As a licensed full service broker dealer, NBA is now authorised to buy and sell securities on its own behalf and on its customers’ behalf, to offer investment banking services such as underwriting and pricing of securities, preparing of prospectuses and distribution, management of portfolios on behalf of customers, paying securities in the names of clients and providing general investment advice,” he explained.

The re-launch ceremony was chaired by NBA’s Business Development and Market Research Officer, Marisa Gumbs.

The Invocation was by Bernadine Horsford, Manager of the Bank’s Loan Department.

The Vote of Thanks was delivered by Linette Sasso, Investments Officer at the National Bank of Anguilla.

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