1st National Bank (Saint Lucia) Ltd. opens 2024 in the chair of the Bankers Association of Saint Lucia (BASL).
The island’s first and only indigenous national bank’s Managing Director, Fletcher St. Jean, this week assumes the rotating Presidency of the national association representing banking and financial institutions operating here, after being elected by peer heads.
BASL’s website says it’s “The voice of eleven local, regional and international banks and financial services institutions” operating on the island and it advocates “to help propel Saint Lucia’s economic growth and financial prosperity.”
Its mission includes “fostering economic growth and development for the country as a whole,” as well as “cooperation amongst banks on matters of mutual interest apart from advocacy.”
In addition, BASL aims at “building partnerships with regulators in looking for opportunities to enhance safety and efficiency in the banking system” and “working with law enforcement to combat financial crime.”
To achieve that mission, the BASL provides a “platform where members can together advocate to effect real and lasting change in legislation that leads to economic growth and prosperity” of the nation.
The BASL also seeks “to meet current and anticipate future needs of its individual clients by pro9viding financial solutions that enhance their livelihood and general well-being.”
The association says it’s “keen on public engagement and education of the population to ensure they are well-informed on what is happening in the financial services industry.”
MD St. Jean was elected President at the Annual General Meeting of the BASL on Tuesday and he says: “We are proud to be in this chair once again” and “we intend to make best use of our chairmanship, to help the local banking and financial community to achieve the goals we’ve set ourselves as a body, and as individual entities.”
1st National Bank is in its 85th year of operation, having started in 1938 as the St. Lucia Cooperative Bank. allowing Saint Lucians to open an account with a penny, leading to its acronym ‘The Penny Bank’.
It’s also the first local bank to open a subsidiary in the OECS, through its St. Vincent & The Grenadines branch, opened in 2023.
The 1st National Bank MD, who replaces the representative of Bank of Saint Lucia, assumed the Presidency at the start of what he promises will also be “another year of firsts” in the local banking community.
And he says: “I look forward to working with all other representatives from the various financial institutions.”