One hundred and twelve persons, comprising Staff members, Present and Past Directors, Promoters and Consultants, were awarded for their service to the National Bank of Anguilla (NBA) and ultimately to the island and its people.

Left: Mr. Brown of FirstCaribbean (centre) Mr. Preston Bryan of CCB

The occasion was the 20th Anniversary Dinner and Awards Ceremony held by NBA at the Anguilla Great House on Saturday night, March 12.

Some NBA staff members and others

The awards, tie pins, diamond rings and glass plaques were announced by Dr. O. M. Linda Banks and presented by Lady Josephine Gumbs.

Centre: Sir Emile Gumbs and Governor Huckle (right)

The many persons in attendance were welcomed by the bank’s Marketing and Business Development Manager, Pamela Riley. This was followed by the invocation by Superintendent Minister of the Methodist Circuit, Reverend Lindsay Richardson who, in earlier years, was an employee of NBA.

Chairman of the bank, Joseph Norris Payne, paid tribute to the promoters, the first directors, consultants and original staff members for their hard work and dedication during and after the establishment of the bank. He was particularly grateful to the promoters who took advantage of the sale of Bank of America thus giving Anguillians an opportunity to be shareholders of a financial institution which has made a significant impact on the development of the island and the lives of many of its nationals over the years.

Mr. Joseph N. Payne

The main group of persons awarded by the National Bank of Anguilla Limited

Mr. Payne described NBA as one of the most influential contributors to Anguilla’s growth over the past 20 years.

Governor Alan Huckle said NBA had come a long way since its inception in 1985 when it had assets of only EC$15.6 million compared to over EC$500 million at present. He noted that with four banks in competition, Anguilla was now well served and had a strong base to underpin its future development.

Governor Alan Huckle

The main group of persons awarded by the National Bank of Anguilla Limited

The Governor cautioned the banks to guard against dirty money and white collar crime. “Money laundering is a major international problem and, whilst I would not wish our banks to impede legitimate foreign investment, they must refer suspicious financial transactions to the appropriate authorities, including the Financial Services Regulator,” he advised. “The Police Commissioner has rightly been keen to build up expertise in financial crime within the Royal Anguilla Police Force. That’s why we now have a retired British Detective Chief Inspector seconded to the police here to help do just that.”

The main group of persons awarded by the National Bank of Anguilla Limited

Mr. Huckle stated that it was important for planners not to allow the economy to overheat or inflation to rise beyond a healthy 2 - 3%. He advised banks to exercise proper prudence in not encouraging individuals to borrow beyond their projected means. “There is a high rate of personal indebtedness here as people take advantage of the better times,” he went on. “Anguilla remains vulnerable to exogenous shock. We must guard against over-commitment in case of a sudden down-turn, whilst we ride on the wave of Anguilla’s current success.”

The main group of persons awarded by the National Bank of Anguilla Limited

The Governor added: “I should pay tribute to Val Banks as Chief Executive Officer of NBA. With his Board of Directors and the support of local shareholders, he has welded together a professional and highly motivated team, dedicated as much to service as to making a healthy profit (which they do very well). The NBA is a highly successful national institution of which Anguillians can justifiably be proud.”

Permanent Secretary in the Ministry of Finance, Carl Harrigan, also spoke of the success of the bank. He said the Government had ensured that relevant legislation and regulations were in place to make certain that Anguilla had a high quality of banking service. He noted that there were other commercial banks on the island which were also performing well but he said that NBA was in the forefront of the banking sector.

Mr. Carl Harrigan

The main group of persons awarded by the National Bank of Anguilla Limited

“NBA is 100% a people’s bank,” he observed. “Ordinary people can shape the course of NBA. The ownership structure of the bank means that shareholders can benefit twice. On one hand they get quality service at most reasonable prices. On the other hand its shareholders benefit from dividends and share appreciation based on the profits of the bank. As far as the future is concerned, the people and Anguilla can look forward to many more years of strong economic prosperity, strong fiscal and monetary policy and good financial service legislation that will facilitate the development of the banking and insurance industry,” Mr. Harrigan said.

The main group of persons awarded by the National Bank of Anguilla Limited

He suggested several areas in which NBA could broaden its horizons. The bank could become a broker, giving Anguillians an opportunity to participate more in the regional stock exchange; the bank could list its shares on the Eastern Caribbean Securities Exchange, providing a secondary market for its shares and provide a means for determining the market price. He was of the view that NBA’s example could set a new standard which might encourage other local companies to participate in the stock market.

Chief Executive Officer, Valentine Banks, said NBA’s resolve was to assist the people of Anguilla and that over that past 20 years it had aggressively pursued that objective. “Certainly the promoters of this bank saw as its role to help lift up and empower a people who did not have a lot going for them at that time,” he remarked. “Today we can say their crusade has been successful as evidenced by the growth of the bank, the wide range of services it brings to its customers and the support it receives.

Mr. Val Banks

“NBA is a symbol of what can be achieved by the people of this island coming together for a common cause. This institution is a source of tremendous pride for many people of Anguilla who feel that it is a part of their lives either through their ownership of it or because of the services it has provided them over the years...”

Mr. Banks went on: “In terms of NBA’s achievement, I can say without reservation that Anguillians now have a much better understanding of the business of share ownership. After having participated enthusiastically in our initial public share offering, the first in Anguilla, they have subsequently given tremendous support to three other public share offerings on the island. Anguillians have now grown accustomed to using bank financing and, based on statistical information, they are using financing from NBA more than any other bank on the island. NBA now controls 50% of the Anguilla banking market in loans and over 45% in other critical areas such as deposits and assets. This position allows it to have significant influence over economic activity in Anguilla.”

L-R: Messrs Walton Fleming, Marcel Fahie and Timothy Hodge

Mr. Banks spoke about his vision for the continued success of the bank over the next five years. The first part of his vision related to critical people issues with respect to shareholders, customers, the community, government, staff board and management. The second part concerned the bank’s services and activities.

The feature address was delivered by Edmund Lawrence, who served as the Banking Adviser in NBA’s formative years. Lawrence, who is the Deputy Governor General of St. Kitts-Nevis, said the bank’s astonishing achievements were “a major catalyst in the transition of Anguilla from a rural landscape into a developing city state.”

Mr. Edmond Lawrence

He stated that NBA had “an illuminating and illustrious history which distinguishes and dignifies it as the unrivaled pioneer and persuasive energy of the physical, financial and economic transformation of Anguilla.”

The main group of persons awarded by the National Bank of Anguilla Limited

Mr. Lawrence told his listeners that on March 8, 1985, NBA’s financial position was assets: EC$16 million; loans: EC$3 million; deposits: EC$13 million; and paid up share-capital: EC$1 million. In comparison, the 2004 accounts showed assets: EC$501 million; loans: EC$296 million; deposits: EC$437 million; paid up share capital: EC$3 million; and shareholders’ equity: EC$53 million.

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