The National Bank of Anguilla Ltd. officially opened its Corporate Building or Annex on November 21 with a promise of substantially increasing its services to the people of the island. The completion of the new building came 18 months after the Bank celebrated its 15th Anniversary on March 23, 2000 and is a fulfillment of a promise made at that time.

“The opening of this wing of the Bank marks the beginning of a new and bold thrust for the Bank in that it will provide additional opportunities for the investing public,” said Chairman Joseph Norris Payne. Speaking at the official ceremony, Mr. Payne continued: “For many people, banking only meant that one could earn interest on savings, the receipt of dividends if you were a shareholder of the Bank or merely the place to seek loans for auto purchases or home construction. With this new facility, we are now positioned to be much more. This is not merely wishful thinking, but a calculated strategic initiative to grow the Bank’s business and to ensure its long-term survival in this age of globalisation.

“We will offer Anguillians the opportunity to earn income from a variety of investment vehicles. We plan to be an intermediary on the Eastern Caribbean Stock Exchange (ECSE) whereby Anguillians can buy and sell shares of any company listed on the exchange in an orderly fashion. This will create much-needed liquidity in the regional and local financial community. Access to the ECSE will allow Anguuillians to participate in regional companies, which before was not possible for most persons. We will also be able offer pension products to employers whose employees are currently limited to Social Security benefits. A properly certified pension product offers employers the opportunity to supplement their employees’ retirement benefits in a meaningful way and at a reasonable cost. This can only be good for the Bank and for all the people of Anguilla.

NBA Chairman JN Payne

“This new space will also allow us to expand our offshore banking and trust activities. While we have engaged in these activities for some time, the additional space now allows us to make this a specific strategic focus to positively impact the earnings of the Bank. We will now be able to accommodate the high net worth clients who will require the services of our offshore bank and trust in a private and pleasant environment.”

Mr. Payne said the National Bank was pleased and proud to have Malliouhana-Anico Insurance Company Limited and Intertrust (Anguilla) Limited as two of its major tenants in the Corporate Building. “While we are grateful for the rental income, their presence means much more,” he went on. “In addition, we are proud to have these tenants associated with our building. These organisations offer our clients additional investment opportunities, financial products and services, all under one roof.”

He was grateful to the dedicated persons who served on the Board over the years and members of staff who helped in realizing the Bank’s goal; and those who were involved the construction of the building.

Governor Peter Johnstone spoke in connection with the vision for the creation of the Bank 15 years ago and the work now being done as a continuation of that vision. He said the members of the Board needed to be congratulated for not standing still; for demonstrating that an indigenous business could reinvest in Anguilla to the benefit of its customers and to the development of its services. “They have demonstrated their loyalty to their staff by giving them a nice environment and have moved on. They have now provided us with this Corporate Building for the use of others to upgrade the service that the tenants will offer to the public in better surroundings,” the Governor noted. “The whole of the NBA has been to upgrade the service that is being offered within Anguilla by investment from Anguillians and from my book I think that the Board has done an excellent job.”

Three messages were delivered during the ceremony. Monica Hodge, Managing Director of Malliouhana-Anico Insurance Company, said it was pleased to have made a huge leap upward in the quality of its office accommodation when it moved into the building in August. She stated that the facilities provided an excellent atmosphere for both staff and customers. She said the company was pleased to have the National Bank as one of its major shareholders along with the Caribbean Commercial Bank and the Trading and Development Company of St.Kitts-Nevis.

Managing Director of Intertrust, Joseph Brice, said his companies had “a nice, warm feeling being in the NBA Corporate Building. He congratulated the Chairman and Board of the Bank for their courage and foresight in undertaking such a project “that has produced a wonderfully prestigious edifice.” He was pleased that the 5,000 square feet of space he was renting included offices for other financial companies with which Intertrust was associated as well as the Anguilla Community Foundation. Among the off-island companies is MeesPierson Intertrust, one of the largest groups of its kind in the world, whose representative sent a message of congratulations which was read at the ceremony.

NBA’s Chief Executive Officer, E. Valentine Banks, also delivered a message in which he expressed delight with the new Corporate Building and the pleasure of having tenants sharing the accommodation.

Minister of Finance and Economic Development, Victor Banks, who had before showered praise on the exquisite workmanship of the contractors and the creative design of the architect, spoke again in glowing terms about the building. “Today this elegant and imposing edifice stands as a symbol to the expanding role of the financial services sector in this economy as well as a monument to the great vision of the pioneers of NBA some 17 years ago,” he stated. “In fact, with more than 3,500 Anguillian shareholders NBA epitomises the spirit of Anguilla itself – and stands second only to the Anguilla Revolution as an example of what Anguillians can achieve when the work together.”

In congratulating the National Bank on its new premises, Mr. Banks also noted that the Caribbean Commercial Bank also had new facilities which he stated were another milestone in indigenous banking. He advised both banks to consider the global issues that could affect their survival and pointed out that they needed the support of Government to achieve their corporate objectives.

The Minister commented that during his almost eight years in office he had put forward the idea of a merger of the two indigenous banks. He observed that while there had been no concrete proposals for such a process, there had been a level of cooperation that could lead to such an end. “The situation has become so critical in this changing global environment that small size is now a serious delimiting factor in the provision of banking and financial services,” he remarked. “Indeed we are not only facing the critical need to amalgamate locally – we must now consider amalgamating regionally and expanding internationally.” He quoted the Eastern Caribbean Currency Union as making the following statement: “Amalgamation of the indigenous banks, either on a national bank level or the wider grouping, would position OECS-owned institutions to compete against banks and entities of a comparable size operating within the jurisdiction.”

Mr. Banks added: “Obviously, it would be good for the region’s people, not only the banks themselves, if they can operate on the same level with FirstCaribbean International Bank and Bank of Nova Scotia groups. Let me hasten to say that we benefit from all the banking entities that exist here in Anguilla. My comments here must not be misconstrued to be a protectionist approach to the indigenous banks, but rather a genuine concern for creating an environment where all banks can compete on a level playing field. This I believe will redound to the benefit of al our people.”
Mr. Banks said that Malliouhana-Anico was an example of the first stage of amalgamation to provide services by the two indigenous banks; and that Intertrust had begin to associate itself more closely with Anguilla as a centre of operation with the initiation of the Anguilla European Masters Fund.

He advised that while NBA was celebrating the opening of its new annex, it must keep in mind the attendant issues that would determine the success or failure of the venture. “The Government of Anguilla and the Ministry of Finance in particular, pledges its full support in assisting you to achieve your corporate objectives,” he added.

The Vote of Thanks was given by Bernadine Horsford, Manager in charge of lending. The unveiling of the Bank’s plaque was done by Walton Fleming, Second Vice Chairman of NBA; the cutting of the ribbon by Tonya Brooks, Miss NBA/Miss Anguilla 2000-2001. This was followed by the blessing of the building by Bishop Errol Brooks, a tour of the premises and refreshments.

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