Barbados National Bank Inc.
Managing Director & CEO: Mr. Robert L. Le Hunte
Independence Square, PO Box 1002, Bridgetown, BARBADOS
Tel: (246) 431 5905; Fax: (246) 429 2606
Barbados National Bank Inc. (BNB) was established in March 1978 following an amalgamation of three government owned financial institutions, namely Barbados Savings Bank which dates back to 1852, Sugar Industry Agricultural Bank and the National Housing Corporation (Public Officers Housing Loan Fund). In April 1978, the bank acquired the assets of Bank of America in Barbados. BNB was partially privatised following a public offering in 2000. In 2003, the Government of Barbados sold 57% of its shareholding in BNB to Republic Bank Ltd. (RBL) of Trinidad and Tobago. RBL subsequently increased its shareholding to 65.13%. BNB has a staffcompliment in excess of (550) and operates (9) branches strategically positioned across the island with (2) branches in the island’s capital Bridgetown. Its headquarters are located at Independence Square, Bridgetown. BNB boasts the largest ATM network in the country with (23) locations island-wide. The BNB Group includes two subsidiaries – Barbados Mortgage Finance Company Limited (BMFC) and BNB Finance & Trust Corporation (BFTC). BNB’s vision is to be the financial institution of choice in Barbados for its customers, shareholders and staff. Its mission is, “To provide personalised, efficient and competitively priced financial services and to implement sound policies which redound to the benefit of our customers, staff and shareholders.” BNB’s core values are Customer Focus, Respect for the Individual, Integrity, Professionalism and Results Orientation. BNB is now one of the largest banks in Barbados and as at June 2009 had an audited asset base of US$1.22 billion.
Butterfield Bank (Barbados) Limited
Managing Director: Mr Lloyd Wiggan
2nd Floor Carlisle House, Hincks St., 1 Beckwith Place,
Lower Broad Street, Bridgetown, BARBADOS
Tel: (246) 431 4500; Fax: (246) 430 0221
E-Mail: lloyd.wiggan@bb.butterfieldgroup.com
Website: www.butterfieldgroup.com
Butterfield Bank (Barbados) Limited is a subsidiary of The Bank of N.T. Butterfield and Son Limited, established in Bermuda in 1858, with other branches in Bahamas, Canada, Cayman Islands, Guernsey, Hong Kong, Malta, Switzerland and United Kingdom. Barbados comprises a domestic commercial bank offering banking services to the local community and an offshore entity, Butterfield Asset Management catering to the investment needs of high net worth clients. Butterfield Bank’s mission is “Butterfield will provide consistent and superior returns to our shareholders, offer security and opportunities to our employees, and be recognised as making a valuable contribution to the communities in which we operate by a customer focused, efficient and ethical delivery of banking and other selected financial services.” The bank has a staff complement of (142) employees and operates (4) branches and (8) ATMs. In 2003, Standard and Poors awarded the group, 1st place in the world for the 5-year performances of the overall group of Butterfield Funds and the Butterfield Capital Appreciation Bond Fund. In 2003, 2004 and 2005, The Banker magazine awarded The Bank of the Year to the Cayman and Bermuda offices for their excellence in customer service and in 2005 Global Finance Magazine awarded “Best Developed Market Bank in Bermuda.” Butterfield Group has been named Best Bank in Bermuda by Euromoney for the third year running, Best Developed Market Bank in 2008 by Global Finance for the 4th consecutive year, received the MasterCard Award for Operational Excellence and won the Best of Bermuda Gold Award for Best Corporate Citizen. As of March 2009,Butterfield Group had an asset base of US$265 million.
Caribbean Development Bank
(Honorary Member)
President: Professor Compton Bourne
Division Chief, Private Sector Development Division
PO Box 408, Wildey, St. Michael, BARBADOS
Tel. (246)431-1600, Fax: (246)426-7269
E-Mail: info@caribank.org
The Caribbean Development Bank (CDB), is a regional financial institution which was established by an Agreement signed on October 18, 1969, in Kingston, Jamaica, and entered into force on January 26, 1970. The Bank came into existence for the purpose of contributing to the harmonious economic growth and development of the member countries in the Caribbean and promoting economic cooperation and integration among them, having special and urgent regard to the needs of the less developed members of the region. CDB has a staff complement of (191) and its core functions include: assisting the borrowing member countries to optimise the use of their resources, develop their economies and expand production and trade; promoting private and public investment, encourage the development of the financial upturn in the region and facilitate business activity and expansion; mobilizing financial resources from both within and outside the region for development; providing technical assistance to its regional borrowing members; supporting regional and local financial institutions and a regional market for credit and savings and supporting and stimulating the development of capital markets in the region. Its Mission states “CDB intends to be the leading catalyst for development resources in the Region, working in an efficient, responsive and collaborative manner with our BMC's and other development partners towards the systematic reduction of poverty in their countries through social and economic development.” The Bank had Total Ordinary Capital Resources Assets of US$1,177 million as at December 2008.
Caribbean Financial Services Corporation
President: Mr Anthony Maughn
Radley Court, Collymore Road, St. Michael, BARBADOS
Tel: (246) 431 6400, Fax: (246) 426 1869
Caribbean Financial Services Corporation (CFSC), a regional private sector company, commenced operations in 1984 as a collaborative enterprise between regional companies, international development agencies, and multinational financial institutions. CFSC provides a range of services to the CARICOM business community by making medium and long term loans and equity investments to commercially viable projects for which funding is often unavailable. Emphasis is placed on projects which create employment and generate foreign exchange. CFSC has a staff complement of (16) and had an audited asset base of US$32.04 million as at March 2008.
Consolidated Finance Co. Limited
President: Mr. John R.S. MacKenzie
CAIB Rep: Mrs. Hazel Highlands, Manager Commercial Credit
Hastings, Christ Church, BARBADOS
Tel: (246) 467-2350, Fax: (246) 426 8626
Consolidated Finance Co Limited was incorporated in 1983. It is a member of Ansa McAl (Barbados) Group of Companies, backed by the Ansa McAl Group of Trinidad and Tobago. It has established itself as the most successful finance company in Barbados, enjoying the confidence of a wide cross section of investors, ranging from smaller depositors who use their deposit interest as an increment to their pensions, to the larger institutional investors, such as businesses, financial institutions and professionals. It is licensed to carry on business as a Finance Company and Merchant Bank and is an authorised foreign exchange dealer. Principal activities are the provision of hire-purchase financing and leasing of motor vehicles and equipment, investment banking and foreign exchange trading. Consolidated Finance Co Limited has a staff complement of (40) and had an audited asset base of US$132 million as at December 2008.
Enterprise Growth Fund Limited
Chief Executive Officer: Mr. Timothy Simmons
Suite B1, Welches Plaza
Welches Road, St. Michael BB11090, BARBADOS
Tel: (246) 426 1809/Fax: (246) 431 0124
E-Mail: finance@egfl.bb
Enterprise Growth Fund Limited (EGFL) was incorporated on January 2, 1998 as an institution to provide developmental and non-traditional financing to the SME sector of Barbados. The mission statement of EGFL is “to be a catalyst for the development of a dynamic small to medium sized business sector through the provision of non-traditional financing instruments and professional expertise to businesses in the productive sectors, with strong profit making and growth potential.”The institution was established as one of the successor organisations to the Barbados Development Bank. Initially, EGFL only provided venture capital funding but its activities have evolved over the years to the point where loan financing is offered and fund management services are provided for various sector specific funds. During its existence, the institution has firmly established itself as a critical source of non-bank financing for the SME sector and it continues to form deeper and more meaningful relationships with sector stakeholders.After a brief period where losses were incurred, 2008 marked the fifth straight year of profitability. EGFL has a staff complement of (12)and had an audited asset base of US$10,115 million as at December 2008.
Signia Financial Group Inc.
Chief Executive Officer: Mr. Anthony Shaw
1st Floor Carlisle House, Hincks Street
Signia Financial Group Inc is a Banking and Stock Brokerage company owned by Cave Shepherd, Grace Kennedy and United Insurance. It provides a full range of retail and commercial banking services as well as stock brokerage and capital market services. The company is an authorised foreign exchange trader. The company has managed three take-over bids and two oversubscribed rights issues. Signia Financial is licensed under the Financial Institution Act and the Securities Act, 2001, and is regulated by the Central Bank of Barbados and the Securities Act, 2001. Signia Financial Group Inc. has a staff complement of (24) and an audited asset base of US$53 million as at September 2008.
