Vision Caribbean Association of Banks Inc. will be the focal point for networking andeffective advocacy, and the organization of choice for support and services forfinancial institutions in the Caribbean region.

Mission To advance the interest of member institutions through advocacy, networking,provision of training and other solutions to strengthen the Caribbean financialservices sector.

Value Proposition •Superior Advocate•Premier Networking Platform •Best Information Source•Responsive, Efficient, Effective Service Delivery

Core ValuesCAB members, Board and staff will be guided by the following.

•Integrity: We are truthful and transparent, and deliver what is promised.

•Commitment: We agree to live up to our responsibilities and operate inkeeping with the highest international standards.

•Confidentiality: We adhere to agreements and standards on disclosure ofinformation.

•Cooperation: We are willing to work with others to achieve a common goal.

•Accountability: We accept responsibility for our actions.

Core Objectives • To foster a spirit of goodwill and camaraderie among the Banks and FinancialInstitutions of the region with a view to solving their common problems throughunderstanding and co-operation.

• To assist in and influence the development and improvement of the codes ofconduct and standards of the Banking and Financial Services Industry in theCaribbean/CARICOM Region.

• To provide a forum for the exchange of ideas and information on various aspectsof operations in order to broaden the scope and knowledge of its officers.

• To assist its members wherever possible in the areas of training, management,systems and processes, inspection or any other related areas of operations.

• To collect and disseminate statistical, technical, economic and other informationrelating to banking and all its aspects.

• To print and publish any magazines, newsletters, periodicals, books or leaflets thatthe Association may consider desirable for the promotion of its objectives.

• To foster an increasing awareness of the presence of its members at theGovernmental level and to seek assistance in promoting its objectives.

• To do whatever is deemed necessary within the limits of its members’ powers todevelop and strengthen Banks and Financial Institutions of theCaribbean/CARICOM Region.

• To amalgamate with any companies, institutions, societies or associations havingobjectives altogether or in part similar to those of this Association.

ANTIGUA & BARBUDA

MONTSERRAT

DOMINICA

BARBADOSCapita Financial Services Inc.Caribbean Development Bank Caribbean Financial Services Corporation Globe Finance Inc.KPMGSignia Financial Group Inc.Republic Bank (Barbados) Ltd.

Caribbean Community Secretariat (CARICOM)Citizens Bank Guyana Inc.Guyana Bank for Trade and Industry Ltd.Hand-in-Hand Trust Corporation Inc.Republic Bank (Guyana) Ltd.

Antigua Commercial BankEastern Caribbean Amalgamated Bank Ltd.Caribbean Union Bank Ltd.Global Bank of Commerce Ltd.

Bank of St. Vincent and the Grenadines Ltd.

Banking Network Suriname N.VCooperatieve Spaar-en Kredietbank Godo G.ADe Surinaamsche Bank N.V (DSB)Finabank N.VHakrinbank N.VSurichange Bank N.V.

Commonwealth Bank Ltd.National Bank of Dominica Ltd.

Bank of Montserrat Ltd.

GUYANA

SURINAME

ST. VINCENT & THE GRENADINES

2

Pre-press & Print

Star Publishing Co. Ltd., St. Lucia

Marketing & Distribution

CAB Inc.

Copyright © CAB Inc. 2013

Art & DesignLeigh Morton

ProductionMorton Publishingjklmorton@gmail.com

Editor-in-ChiefCarlton K. Barclay

Editorial & AdvertisingCAB Inc.

EditorKim Morton

CAB Caribbean Account 2013 is a publication of Caribbean Association of Banks Inc.

Chairperson’s Message

General Manager’s Message

Vital Statistics

Holding Pattern: First Half Assessment Presages 2013Performance

T&T’s First Citizens Spreads the Wealth

Developing our Financial System: The Role of a Regional RatingAgency

21st Century Trends in Human Resources Management

The Barbados Financial System - Fit for Purpose?

Caribbean Association of Banks: A History in Pictures

contents4

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account 2013The Magazine of the Caribbean Association of Banks Inc.

3

Address

Chakiro Court

Vide Bouteille

P.O. Box CP 5404

Castries, St. Lucia

Contact

Telephone: (758) 452 2877

Facsimile: (758) 452 2878

E-mail Address: CAB@candw.lc

Website: www.CAB-Inc.com

Officers of the Secretariat

Mrs. Mary Popo – General Manager

Mrs. Mary Louis – Office Manager

Ms. Chris Girard – Project Manager

Ms. Cashana Alexander - Administrative Officer

Scenes from the CAB AGM & Conference •Jamaica 2012

CARICOM & the Caribbean Association of BanksInc.: An Historical Perspective

Caribbean Association of Banks Awards FirstScholarships

Preparing for FATCA: The CAB’s New Initiatives

No Lines…No Paper… No Worries…

Significant Happenings in HR in The Caribbean

Online, Mobile & Tablet: Tailoring Banking Experiences

The Technology & Innovation Imperative

Regulatory Change Drivers as Business Enablers

CAB Members Round-Up

CAB Service Members Round-Up

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Caribbean Association of Banks Inc. (CAB)

The information contained herein has been obtained from sources believed to be reliable. CAB disclaims all warranties as to the accuracy, completeness,or adequacy of such information. CAB shall have no liability for errors, omissions or inadequacies in the information contained herein or for interpretationsthereof. The reader assumes sole responsibility for the selection of these materials and to achieve its intended results. The opinions expressed hereinare subject to change without prior notice.

4

Chairperson’s Message

Our sectors of interest are constantly challengedwith the persistent concerns and impacts resultingfrom the global financial and economic shocks,

shifting trade policies, and the rapidly changing financial mar-kets. We have seen the execution of a variety of regulatory,economic and social policies and interventions by both thedeveloped and developing countries, some of which havebeen employed with differing impacts and results.

These challenges continue to speak of the need for us inthe region to build consensus and forge greater collabora-tion with partners and stakeholder,s regionally and interna-tionally, to grow and become more sustainable. Ourenvironment is characterised by increasing competition forcontrol over limited resources and we cannot, therefore, dobusiness as usual. Consequently, we need to redefine ourstrategies so that we can better reposition our organisationsand become more viable in facilitating the region’s devel-opment and growth potential.

The theme for this edition and conference – RedefiningStrategy – The Leadership Challenge – is timely and wehope that the articles and presentations contained hereinwill equip you with a wealth of information and knowledgeto enable you to take a robust fresh look at your organisa-tion.

Sector Challenges:Our region continues to face the chal-lenges of low economic growth, unsustainable fiscal deficit,high unemployment, increasing levels of poverty and hugesocial problems. These on-going challenges have resulted inserious repercussions for the banking and financial servicessector. Moreover, the increasing regulation and legislation as-sociated with this sector has its own peculiar impacts on the

performance of the sector. The sector continues to experi-ence major challenges of high delinquencies resulting inhuge loan loss provisioning; decreasing profits and, in somecases, net losses before tax; eroding capital; high liquidityand; low demand for financing of good quality projects.

Commemorating the 40th

Annual General Meeting &Conference of the Caribbean

Association of BanksI take great pride in welcoming you to this special edition of Caribbean Account. As we

commemorate the Association’s 40th Annual General Meeting and Conference, we are indeed

enormously proud of the many milestones achieved over the period. In this edition, we will walk

you through some of the history, memories, major achievements and contributions of members of

the Association, who have significantly impacted on the work of the Caribbean Association of

Banks.

“While many of our

members had to take

drastic measures to manage

costs in order to remain

competitive, cost containment in

itself has its limitations.

”

5

While many of our members had to take drastic measures to man-age costs in order to remain competitive, cost containment in itselfhas its limitations. We must forge strategic partnerships with gov-ernment, the private sector and other stakeholders to facilitategrowth and development in the region as this is the basis of a vi-able future and fiscal sustainability.

The CAB’s Role: The CAB continues to advocate for legislativeand regulatory reforms which will assist in underpinning growthprospects. The need for harmonization of secrecy laws, credit bu-reau information, ease of doing business, obtaining/realising col-lateral, etc. across the region is of paramount importance at thistime. It is reassuring to note that a project is underway by the East-ern Caribbean Central Bank to revisit some of the archaic laws insome Eastern Caribbean territories which hinder the realizationof collateral by banks. This will facilitate the release of much re-quired capital by the banks and boost return on capital invest-ments. The issue of easy access to a person’s funds when travellingwithin the Caribbean Community is another matter which mustalso be addressed and the CAB has committed to working withCARICOM in that respect.

An IMF Working Paper examining the “Financial Interconnected-ness and Financial Sector Reforms in the Caribbean” (July 2013)notes that financial sector interconnectedness has increased inthe Caribbean region. Thus, financial sector reforms aimed at bol-stering and harmonizing prudential regulations in the region inline with international best practices, the enhancement of finan-cial sector supervision to include cross-border linkages throughconsolidated supervision, increased cooperation and informationsharing across supervisors in the region, and the establishment ofdeposit insurance and crisis resolution frameworks will be criticalto maintain financial sector stability and minimise the repercus-sions of any negative shocks.

The CAB’s Mission: Consistent with the CAB’s mission tostrengthen the financial services sector, the CAB will continue tobuild capacity among members through its training workshops,webinars and dissemination of information on current issues af-fecting the sector. I urge members to grasp these opportunities asthey will also serve to increase the productivity and efficiency ofyour staff.

Let me take this opportunity to congratulate our members whohave achieved milestones and successes in being able to exist fora number of years in their business operations. We are very proudof your achievements. Congratulations to First Citizens Bank Ltd.– 20 years; Jamaica National Building Society – 25 years in the UK;National Bank of Dominica – 35 years; CARICOM – 40 years; 1stNational Bank St. Lucia Ltd. – 75 years; and Republic Bank Ltd. –175 years. The CAB wishes you and your staff the very best andcontinued success in the future.

Please allow me to extend sincere thanks to those who have con-tributed insightful articles, as well as to our advertisers and pub-lishers of Caribbean Account. I also extend special greetings to allparticipants at this year’s Annual Conference and General Meet-ing. The island of Saint Lucia — the Helen of the West-Indies — isrenowned for its natural beauty, rich cultural heritage, warmth andhospitality. I invite you to bask in all its beauty and make it a

unique experience, while you participate in the Conference. Sin-cere thanks to the Local Organizing Committee, the CAB Boardof Directors, the CAB Secretariat team and all those who con-tributed in making this event a success.

Mr. Carlton K. Barclay, Chairperson, Caribbean Association of Banks Inc.

“Financial sector reforms aimed at

bolstering and harmonizing

prudential regulations in the region

in line with international best

practices…will be critical to

maintain financial sector stability

and minimise the repercussions of

any negative shocks.

”

6

General Manager’s Message

W e extend sincere thanks to our advertisers and con-tributors, and warm greetings to readers, as well asto delegates attending the 40th AGM and Con-

ference in Saint Lucia. The CAB also takes this opportunity toextend a hearty welcome to our new Members:

• General Member: Victoria Mutual Building Society

• Associate Member: Commonwealth Bank Limited

• Associate Member: Hermes Bank Limited

Achievements under CAB Strategic Plan: During the pe-riod November 2012 to October 2013, the Secretariat focusedon achieving many of the objectives set out in our Strategic Plan.Some of the key results arising from the implementation of theStrategic Plan include:

1. Equipping members with the knowledge and tools toimplement FATCA;

2. Training targeted at senior management to increasetheir knowledge in compliance, risk management, salesand human resource management;

3. Dissemination of information on new regulations andnew trends in business management that will enhancethe management skills of members to achieve growthand profitability of the sector; and

4. Implementation of the CAB Scholarship programme

as a mechanism to strengthen the human resource ca-pacity within the banking and financial services sector.

Advocacy: Mindful of the substantial impact that compliancewith the Foreign Account Tax Compliance Act (FATCA) whichwas enacted on March 18, 2010, will have on the resources (tech-nological, human, financial, systems) of banks and financial insti-tutions, the CAB continued to undertake a number of activitiesto assist members and stakeholders in achieving compliance.These included awareness sessions, webinars, training work-shops, and dissemination of current updates to members to

keep them abreast of ongoing progress regarding compliance.

The CAB is represented on the FATCA CARICOM Task Force

40 Years of Unstinting Service to Members of the Caribbean

Association of BanksI am indeed thrilled to welcome you to this special publication of the 2013 Caribbean Account

which commemorates the CAB’s 40th AGM & Conference. With the unfolding global trauma, the

Secretariat is always mindful of the need to continue to facilitate the dissemination of dependable

and current information on the performance of the banking and financial services sector across the

region. Once again, the CAB wishes to highlight the importance of our magazine which functions

to disseminate critical information to members, thereby providing strategic direction for the

improved performance of especially our banking organisations and related sectors.

“The CAB and the Caribbean

Conference of Credit Unions

[prepared] a Strategy &

Implementation Plan for the

public education and awareness

of FATCA in the region...

”

7

which is tasked with the mandate to advise Member States on com-pliance with FATCA and also to formulate a plan of action for regionalcompliance. The CAB in collaboration with the Caribbean Confer-ence of Credit Unions was assigned the responsibility of preparing aStrategy and Implementation Plan for the public education and aware-ness of FATCA in the region. The CAB took the lead in preparing thispaper which was submitted to the CARICOM task force in November2012.

Mindful of the need for the establishment of regional financial serviceslegislation, the CAB continues to be involved in assisting CARICOMwith the preparation of a Draft Regional Policy Framework for the pro-vision of financial services in the CARICOM Single Market and Econ-omy (CSME).

Training & Education: The CAB continues to place high priorityon strengthening the skills and knowledge of our Members in order to

facilitate their growth and development. During this period, traininghas been conducted in the areas of Anti-Money Laundering & CounterTerrorism Financing, FATCA Implementation, Marketing & Sales, andTalent Management for Competitive Advantage. The CAB also col-laborated with IFC/World Bank to host a Risk Management & Corpo-rate Governance workshop in Trinidad.

One hundred and twenty eight participants primarily at senior man-agement levels benefited from these training workshops. Through writ-ten evaluations participants indicated that the training workshops werefound to be valuable and useful. Training needs in the areas of Enter-prise Risk Management, Treasury Management, and Customer Serv-ice have been identified for the year 2014.

CAB Webinars: To assist members in keeping abreast of current de-velopments in the industry we have facilitated members’ participationin webinars on key topics such as: the latest innovative technology thatcan drive better results in organisations (Vatanan Research); EnterpriseRisk Management - practical steps on how to establish and maintainan ERM programme in the organisation; Using Customer ProfitabilityAnalytics to enhance financial performance - this webinar providednew insight on how to understand the true economic value of the cus-

tomer and how to drive business value at the point of contact (IBM);Testing of Business Continuity Plan to ensure the effectiveness of thePlan and; how to dissect hacked security breaches.

To influence and improve the standard of Credit Risk Management inmember organisations, we are in discussions with Keith Checkley andAssociates (UK) who are developing an online Credit Skills Academy.The intention is to have this facility available to members of CAB byyear end, at a discount.

Our newsletters have carried feature articles such as Financial Services& Risk; Ways to incorporate Social Media in Banks Marketing Strategy;Human Capital Trends; Financial Survival Strategies in a DecliningProfit Environment. Our goal is to keep you informed of how to man-age some of the current challenges facing the industry. We thank allour members and partners who contributed towards making the CABnewsletter interesting and informative and we look forward to receivingmany more articles from members in the future, as we endeavour toshare best practices, events and successes with each other.

CAB Scholarship: Consistent with the CAB’s strategic focus tostrengthen the banking and financial services sector we are happy tocongratulate the first awardees of the CAB scholarship programme –Ms. Deriece Barnes of Antigua Commercial Bank and Mr. Dane Ram-persad of First Citizens Bank Ltd., who have both commenced theBanking and Finance BSc programme at UWI open campus in theirrespective territories.

To facilitate collective benefits and services to members we have beenworking with Howden Insurance Brokers of the UK to provide a Grouppolicy for members which will cover Crime & Liability Insurance. Thepolicy will provide substantial cost savings on premiums and better pol-icy wording which will give improved insurance protection. This policyis to be formally launched at the AGM.

Corporate Social Responsibility: The CAB believes that our youthare one of our greatest assets and we have been in discussion with theCaribbean Group of Youth Business Trust to identify areas of collabo-ration to advance youth entrepreneurship. We hope to work on somejoint projects in 2014.

SMEs are considered an engine of growth in our Caribbean economiesand to drive the development of that sector the CAB has been in dis-cussion with Alexander Bain and Associates Ltd, a management con-sultancy registered in England, which focuses on the SME sector. Thisproject involves collaboration on the development of an online plat-form which would streamline the lending process and improve the ac-cess to finance for SMEs throughout the Caribbean.

We thank all of our members and partners for their continued supportas we look forward to what is predicted to be another challenging year.My team and I pledge our unstinting commitment to work assiduouslywith you to realise the goals and objectives of the Association.

Mrs. Mary Popo, General Manager, Caribbean Association of Banks Inc.

“To assist members in keeping

abreast of current

developments in the industry we

have facilitated members’

participation in webinars on key

topics such as the latest innovative

technology. ”

AnguillaNominal GDP (US$ million) 300GDP Real Growth -6.80% GDP per capita (US$) 19,635 Inflation 3.6% Unemployment nd Exports (US$ millions) 7Imports (US$ millions) 100

Antigua & BarbudaNominal GDP (US$ million) 1200 GDP Real Growth 2.30% GDP per capita (US$) 13,207Inflation 1.8% Unemployment ndExports (US$ millions) 100 Imports (US$ millions) 400

BarbadosNominal GDP (US$ million) 4,200 GDP Real Growth 0%GDP per capita (US$) 14,917 Inflation 2.4%Unemployment 11.6%Exports (US$ millions) 600Imports (US$ millions) 1,800

BelizeNominal GDP (US$ million) 1,700 GDP Real Growth 5.3%GDP per capita (US$) 5,130Inflation 3.0%Unemployment 9.6% Exports (US$ millions) 600Imports (US$ millions) 900

Cayman IslandsNominal GDP (US$ million) 2,100GDP Real Growth 1.2%GDP per capita (US$) 33,172Inflation 2.1%Unemployment 6.2%Exports (US$ millions) 20 Imports (US$ millions) 900

DominicaNominal GDP (US$ million) 500GDP Real Growth -1.5%GDP per capita (US$) 6691Inflation 2%Unemployment ndExports (US$ millions) 35.32 Imports (US$ millions) 200

GrenadaNominal GDP (US$ million) 800 GDP Real Growth -0.8% GDP per capita (US$) 7,485Inflation 1.8%Unemployment 25%Exports (US$ millions) 34.8Imports (US$ millions) 300

GuyanaNominal GDP (US$ million) 2,500GDP Real Growth 4.8%GDP per capita (US$) 2,850Inflation 3.4% Unemployment 11%Exports (US$ millions) 1,400 Imports (US$ millions) 2,000

HaitiNominal GDP (US$ million) 7,300GDP Real Growth 3.5%GDP per capita (US$) 713Inflation 7.6%Unemployment 40.6%Exports (US$ millions) 800 Imports (US$ millions) 2,600

JamaicaNominal GDP (US$ million) 15,000GDP Real Growth -0.3% GDP per capita (US$) 5,358Inflation 8.0%Unemployment 8.3%Exports (US$ millions) 1,800Imports (US$ millions) 6,2 00

8

Vital Statistics

MontserratNominal GDP (US$ million) 100GDP Real Growth 1.4%GDP per capita (US$) 11,960Inflation 3.6%Unemployment 6.0%Exports (US$ millions) 2.29Imports (US$ millions) 36.94

St. Kitts & NevisNominal GDP (US$ million) 734GDP Real Growth -0.86%GDP per capita (US$) 12,804Inflation 0.34% Unemployment 5.1%Exports (US$ millions) 61.5Imports (US$ millions) 225.6

Saint Lucia Nominal GDP (US$ million) 1,318GDP Real Growth -0.86%GDP per capita (US$) 7,857Inflation 5.87% Unemployment 16%Exports (US$ millions) 169.9Imports (US$ millions) 648.3

St. Vincent & theGrenadinesNominal GDP (US$ million) 713GDP Real Growth 1.53% GDP per capita (US$) 6,498Inflation 1.04%Unemployment 16% Exports (US$ millions) 9.6Imports (US$ millions) 357.2

SurinameNominal GDP (US$ million) 4,900 GDP Real Growth 4.5%GDP per capita (US$) 9,237Inflation 4.1% Unemployment 12.5%Exports (US$ millions) 2,600Imports (US$ millions) 1,800

Trinidad & TobagoNominal GDP (US$ million) 24,100 GDP Real Growth 1.2% GDP per capita (US$) 17,807Inflation 7.2%Unemployment 4.9% Exports (US$ millions) 11,197Imports (US$ millions) 6,318

9

Courtesy First Citizens Bank Limited Sources: ECCB Annual Economic Review, Business Monitor International, CBTT, CIA World Fact Book

11

Economic Environment

Holding Pattern: First HalfAssessment Presages 2013Performance

Economic conditions generally change course slowly(barring some major event), so evaluating the perform-ance of regional states for the first half of the year often

provides a precise, and in some cases painfully realistic, near-term outlook as well. Like a circling plane, half-waythrough its arc, to an objective observer, the path ofprogression the rest of the way is predictable.

Barbados:After recording no growth in2012, Barbados’ struggles increasedin the first half of 2013. Theeconomy contracted by0.6 per cent in the Janu-ary-June period, led by de-clines in the primaryforeign exchange-earning sec-tors, tourism and internationalbusiness and financial services.The tourism sector shrank by 1.4per cent as stay‑over arrivals fell by6.8 per cent, the second consecutivedecline, as increased European visitorswere offset by reduced arrivals from theUnited States, Canada and the Caribbean.In financial services, the number of businessesdeclined, and other sectors struggled in 2013 as well,with no growth in manufacturing and declines in agricul-ture and construction.

Not surprisingly, the inflation rate slowed significantly, registering2.7 per cent in June compared to 8.4 percent a year ago. The un-employment rate declined marginally from 11.6 per cent in De-cember to 11.5 per cent in March. Worryingly, the budget deficitcame in at 9.4 per cent of GDP for the second quarter, signifi-cantly higher than the year‑ago figure of 6.2 per cent, as expen-diture rose slightly and revenue collections fell. In an attempt to

revive the economy, the government launched a ‘Tourism andHospitality’ plan centered on the creation of new hotels and there-opening of closed ones. While there may be hope for a quickturnaround in Barbados’ economic fortunes, this is unlikely. Al-though tourism figures for the latter half of 2013 should show asmaller contraction than the first six months, this will do little

to mitigate the many challenges the island faces. Over thenext six months many of Barbados’ key indicators are

likely to get worse before they get better.

Cuba: Cuba’s economy grew by an esti-mated 2.3 per cent for the first half ofthis year, an improvement over the0.3 per cent figure for the 2012 pe-riod. While most sectors im-proved, sugar production came inbelow target due to power out-ages and poor efficiency levels.

Construction sector invest-ment grew by a healthy16.6 per cent. While lim-ited data is available on the

external sector, Cuba’s tradebalance almost certainly improved

as it was reported that exports grew by5 per cent in the January-June period while

the import bill fell due to easing food prices. InJuly, the official growth projection for Cuba for 2013

was given as 2.5–3.0 per cent, down from the 3.6 per centtarget at the start of the year.

Nicolas Maduro’s narrow victory in Venezuela’s presidential elec-tions no doubt caused some concern and spurred Cuban offi-cials to intensify efforts to reduce the island’s vulnerability to anydisruption of the trading relationship between the two countries.To this end, in recent months, Cuban officials have held talks

Most observers would agree that within the Caribbean a trend of divergent growth has been in

effect in recent years. Still, there is always the prospect of positive or negative changes in individual

country circumstances. With most of 2013 now history, it is a good time to assess, as this article

does, what has been accomplished thus far and to gauge what lies ahead.

12

with government representatives of several countries, such as Brazil,Angola, Iran, Russia and Saudi Arabia, that could potentially help to fillthe gap in the event of any interruption in energy supplies fromVenezuela.

Grenada:While no recent economic data on Grenada is available, webelieve the trend of recent quarters held sway and the economy con-tracted in the first half of this year. In seeking to slow the deteriorationof Grenada’s already difficult debt situation, the Keith Mitchell admin-istration included a number of expenditure-saving measures in its 2013budget such as a hiring freeze, reduced spending on overseas traveland a 20 per cent reduction in non-personnel spending by ministries.While the new government has signaled its intention to own up to itsfinancial commitments both locally and internationally, it will struggleto meet most of them in the near future as the economy will face on-going growth challenges, with only the agriculture sector likely to pro-vide any meaningful impetus in the short term.

Guyana: Finance Minister Dr. Ashni Singh reported that Guyana’seconomy grew by a strong 3.9 per cent in the first half of 2013. The im-petus came from a number of sectors, with gold declarations increasingby 26.8 per cent leading to a 12.2 per cent growth in earnings and riceproduction jumping by some 25 per cent. Also, the financial servicessector grew by 9.1 per cent while construction activity increased by 6.6per cent, through strong public sector works along with private sectorundertakings. The sugar sector declined, however, shrinking by a huge32.5 per cent as the Guyana Sugar Corporation Inc (Guysuco)recorded its lowest ever first crop production of 48,000 tonnes. Be-cause of the weak first crop performance, Guysuco will be extremelyhard pressed to meet its EU quota and may have to import sugar tofulfill its obligation.

In July a new national minimum wage for private sector employees wasintroduced. The new wage is fixed at G$35,000 (US$175) per monthand should benefit approximately 31,000 workers. One of Guyana’slargest projects ever, the Amaila Falls Hydropower project, stalled inAugust as opposition parliamentarians voted against the extra fundingneeded to get the project off the ground. While the economic boostanticipated from the construction of the hydroelectric facility has beenput on hold indefinitely, Guyana’s economy is still expected to continueits growth trajectory over the next two quarters. The authorities projectan overall expansion of 4.8 per cent in Guyana’s economy for 2013.

Jamaica: For January to June 2013, GDP is estimated to have con-tracted by 0.8 per cent in Jamaica due to declines in both the goodsproducing (-3.2 per cent) and service (-0.2 per cent) sectors. While thehotels and restaurants sector contracted marginally, the largest declinesduring the period were agriculture, forestry and fishing (- 9.8 per cent),and mining and quarrying (-2.4 per cent). The only relatively significantarea of growth was in construction, which expanded by 1.1 per cent. Notsurprisingly, Jamaica recorded a high unemployment rate. However,the 16.3 per cent figure in April, surprised some, as it was a significantincrease on the year-ago rate of 14.3 per cent and even more so, the 14.1per cent of January 2013.

The Dominican Republic: The Dominican Republic enjoyedgrowth of 1.6 percent in the first half of the year, spurred largely by agovernment stimulus package rolled out in May. With the exception ofthe mining sector, whose output rose by a massive 222.6 per cent (startof a new gold mining operation), most sectors registered negative orslower growth than in first-half 2012. Local manufacturing declined by1.2 per cent, however, banking and financial services grew by 8.8 percent and the services and tourism sectors grew modestly at 1.7 per centand 1.8 per cent respectively. The country’s Central Bank projects over-all growth for 2013 of 2.8 per cent.

Suriname:While Suriname’s GDP figure for H1 2013 (the first half of2013) was unavailable, anecdotal evidence suggests its economy ex-panded, driven by investments in oil, mining and manufacturing. Con-tinuing the trend of recent years, Suriname’s fiscal deficit alsoundoubtedly grew, driven by increasing government spending onsalaries and social programmes and services. In recent months, Suri-name has taken steps to establish a sovereign wealth fund and its lawmakers have been mulling the terms of a value added tax (VAT) systemto be implemented in 2014. We believe the country is likely to achieveoverall growth of 3-4 per cent for 2013.

The ECCU: Chairman of the Eastern Caribbean Currency Union(ECCU) and Prime Minister of St. Lucia, Dr. Kenny Anthony has pro-jected growth of 1.5 per cent for ECCU member countries in 2013. Webelieve, however, that these countries’ experience thus far in 2013 islikely to be similar to others, where the expected resurgence in tourismdidn’t materialize to the extent expected, with supporting sectors un-able to fill the void. As such, we feel some countries will achieve modestgrowth, others a small contraction, resulting in an average growth figurefor the eight-member sub-region of less than 1 percent.

Outlook: The split-level performance of the Caribbean will continueinto 2014. While the fall-off of gold prices in recent months has some-what dampened the revenue prospects of producers, the countriesthat have strong mining, industrial and agriculture sectors should con-tinue to enjoy solid, sure‑footed growth over the next two quarters. Forthose whose forté has traditionally been financial services and tourism,economic expansion will be weak, tenuous or downright elusive.

Reprinted with permission from The Republic EconomicNewsletter, courtesy Republic Bank Ltd. www.republictt.com

“For those whose forté has

traditionally been financial

services and tourism, economic

expansion will be weak, tenuous or

downright elusive

”

14

Case Study

T&T’s First CitizensSpreads the Wealth

This year saw the successful (and oversubscribed) divestment of 19.3 per cent of the shares of

Trinidad and Tobago’s state-owned First Citizens Bank. Some 48.5 million shares were allocated to

12,851 individual shareholders in the IPO, valued at US$515 million. Shares were sold at TT$22

per share and within just a week leapt to a value of TT$37.59, a 70.9% increase. This article explains

the objectives and outcomes of the offering.

The public divestment of 19.3 per cent of the shares ofTrinidad and Tobago’s state-owned First Citizens Bankhas been “an outstanding success,” says Finance and

Economy Minister Larry Howai. The issue of shares under theInitial Public Offering (IPO) with total subscriptions amountingto TT$3.3 billion (US$515 million – at an exchange rate ofTT$6.40 = US$1.00) was oversubscribed by 3.12 times whenplaced on the T&T market in July/August.

The 48.5 million shares, sold at the price of TT$22.00 per share,have been allocated to 12,851 individual shareholders, 26.5% ofthe overall shares. Individual investors, who applied for 1,000shares have received their share allocation in keeping with theguarantee they were given. In addition to purchases by individualinvestors, employees of the 20 year-old bank bought into theBank acquiring 7.8% of the shares at a discounted price ofTT$19.80 per share.

Individual investors apart, and in keeping with the policy of theGovernment to spread shareholding to the widest number of

investors possible, 25% of the shares were allocated to pensionfunds; 20.7% to mutual funds such as the Unit Trust Corporation;10% to the National Insurance Board (which pays a monthly pen-sion to retired persons who have made a minimum of 750 con-tributions to the fund); with the other 10% of the shares going tocompanies registered in Trinidad and Tobago. “The participationof individual investors continued as 12,000 new brokerage ac-counts were opened in 2013 pointing to the expansion of thedomestic capital market,” said Finance Minister Howai, in speak-ing of the divestment in his 2014 budget statement in Septem-ber.

Within the first week of trading, the value of the shares reacheda high of TT$37.59, a 70.9% increase.

Positive Reactions: “From where I sit, the First Citizens IPOshould be the template on which future Government policywith regard to enriching and empowering T&T’s middle classshould be built,” concluded leading financial journalist, AnthonyWilson in his column in the Business Guardian. For Wilson, thedivestment of shares in the previously fully state-owned bank tothe public “amounts to a change in policy, and, it seems to me,the reversal of the impoverishment of T&T’s middle class—which, for the sake of argument, is defined as any householdwith income of between TT$10,320 and TT$41,666—ought tohave a positive political impact.”

“First Citizens’ listing on the Trinidad and Tobago Exchange isprimarily for the purpose of keeping faith with the promise ofsucceeding governments to establish an indigenous financial in-stitution which is now owned in part by thousands of citizens,”said Group CEO, Larry Nath at the Listing Ceremony of theshares on September 16th 2013.

“Yes, I am persuaded that it is a good decision because it allowsnationals a safe and profitable investment option in which toplace some of their savings, and ownership of a greater andmore direct stake in what my trade union brothers and sistersrefer to as the “commanding heights” of the economy; andgreater participation by nationals in the ownership of a success-ful state enterprise with an established track record of successand profitability,” says Peter Permell Minority Shareholders RightsAdvocate.

First Citizens Bank Share Allocation

IndividualInvestors 26.5%

Bank Employees7.8%

NationalInsuranceBoard 10%

T&TCompanies10%

Pension Funds25%

Mutual Funds20.7%

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17

Reflecting the Bank’s Success: Seeking to account for the success ofthe IPO, Group CEO Nath said “it is obviously based on the perform-ance of the Bank in its first 20 years of existence.” The figures on theperformance of First Citizens are impressive. From an asset base ofTT$3.4 billion (US$531 million) at the start of operations in 1993, theBank’s assets are now valued at over TT$34 billion (US$5.3 billion). TheGroup’s capital base has now crossed the TT$6 billion mark. The qual-ifying capital to risk adjusted assets ratio remains best of class at 58%.

One statistical performance indicator which must have influenced in-vestors of the quality of the management of First Citizens is the factthat the Bank’s non-performing loans now amount to 4.7% (which isbelow the accepted standard) compared to the 37% of non-performingloans on the books of the Bank 20 years ago. “First Citizens has re-turned in excess of $1.2 Billion (US$187.5) in dividends to the shareholder– the Government of Trinidad and Tobago over the last decade of itsoperations,” says Nath. “We suspect that information on that level ofprofitability is one of the factors behind the over-subscription of theshares offered; investors are legitimately expecting annual dividendsand growth in capital invested,” added the Group CEO. The first divi-dends are to be paid out to shareholders in March of 2014.

First Citizens has been a leader in technology, having introduced Mo-bile and Internet Banking, and the bank has achieved greater efficien-cies and higher levels of customer service because of this. The Bank,the only indigenous commercial bank in T&T, has been rated the safestand highest performing bank in the English-speaking Caribbean on anumber of occasions in the recent past. These awards were grantedby international ratings agencies including Moodys, Euromoney, theBanker Magazine and others. First Citizens was given an “A” credit ratingby the international credit ratings agencies. As a result, First Citizenswas able to float bond issues on the U.S. capital market on two occa-sions, long before international banks which operate in Trinidad andTobago did so.

Secondary Market Opportunities: For more than a decade, theT&T Stock Exchange has remained static without depth and tradingvigour, and this is as a result of the narrow range of stocks trading onthe Exchange. That situation is about to change. “It is expected that theFirst Citizens shares will become the source for a dynamic secondarymarket trade,” says Chairperson of the First Citizens Group, Nyree Al-fonso at the Listing Ceremony. “Additionally, and with good results, itcould be expected that at least a portion of the new entrants to themarket would also become involved in general trading activity. It is log-ical to expect that the new entrants could stimulate growth and dy-namism in market trading,” Alfonso ventures.

It is a view shared by Minority Shareholders Rights Advocate, Permell.He believes the purchase of shares in the Bank will assist with “thewidening and deepening of the domestic capital market as a meansof expanding the domestic economy and as a consequence improveproductivity and create sustainable jobs.” And the shareholder rightsadvocate is of the view that there will be great demand for the sharesin the coming months. “It therefore follows that as long as shareholderswithhold or do not make shares available on the secondary market,the price will continue to appreciate in value. However, I hasten to addthat one must also be ever mindful not to fall victim to one's own over-

exuberance and greed.”

An Indigenous Success: First Citizens was established in 1993 fromthree indigenous banks: the Trinidad Cooperative Bank (TCB), theWorkers Bank and the National Commercial Bank (NCB). The TCBwas ushered into existence in 1914 for the “unbanked”, those ordinaryworkers not catered for by the large foreign banks of the day, Barclaysof London and the Royal Bank of Canada. The Bank came to be knownas the “Penny Bank” into which workers put their pennies from themeager wages received. The Workers Bank was established in the1970s and was owned and managed by the trade union movement.

The other seed bank of First Citizens, the National Commercial Bankwas a direct result of the 1970s Black Power quest for indigenous bank-ing institutions owned and managed by the people: “We want thewhole bread, not the Crumbs” was one of the demands of the move-ment. Then Prime Minister Dr. Eric Williams responded to the call andnationalized the Bank of London and Montreal and established theNCB under local management. In succeeding years, the Governmentpursued the policy of the localisation of the commercial bank sectorwith local ownership coming to Barclays (Republic Bank), Royal Bankof Canada, converted to RBTT and Scotia Bank. The shares of all thesebanks were bought over by locals.

However, during the difficult period when the international prices ofthe country’s major energy exports, oil, gas and petrochemicals, fell (oilfrom US$33.00 to a low of US$9.00) coupled with faulty managementpolicies and practices, the Central Bank consolidated the three localbanks into the First Citizens. Foreign expert managers were contractedto establish a viable commercial bank to compete against the privately-owned commercial banks; these foreign “expert managers” of First Cit-izens advised that the bank should be dismantled and “sold for scrap”.With thousands of depositors and investors likely to suffer financialshock if the advice were accepted, the Government took the decisionto turn First Citizens over to completely local management at the topof the institution.

As an institution, First Citizens has grown from the 1300 employees toits present staff of 1800, inclusive of a cadre of local professional andexperienced bankers. From a group of three companies, there are now12 companies within the group. The Bank has spread to includebranches in St. Vincent and the Grenadines, Barbados and St. Luciawithin Caricom. And it has gone into Costa Rica as the jumping offpoint into Central and South America.

A key objective of the management and staff of First Citizens is the inten-tion of becoming the most competitive financial services group in themarkets in which we operate. Meeting the needs of customers, includinginvestors, borrowers and depositors, and doing so with integrity and trans-parency is the dynamic objective in the operations of First Citizens.

The success of the First Citizens IPO has encouraged the Governmentto divest elements of the multi-billion dollar state enterprises sector.Profitable companies in energy and other finance houses, such as theHome Mortgage Bank are to be placed on the TTSE. “These enter-prises with scale and technology- intensive activities needing capital toexpand would be exposed to strategic investors,” says Finance MinisterHowai, promising that this will be achieved in the 2014 financial year.

19

T hrough its national scale and regional scale creditratings of sovereigns, banks and financial institu-tions, corporates and insurance companies in the

Caribbean, CariCRIS provides a mechanism for investorsto objectively compare the risk/return metrics for variousinvestment opportunities across the Caribbean, and makea sensible, informed credit or investment decision on whichinvestment best suits their portfolio and provides the bestreturn per unit of risk . This is critical in ensuring the mostefficient use of capital and in ensuring investment portfoliosare managed in a sound and professional manner, consis-tent with investment policy guidelines.

Over the last few years CariCRIS’ credit ratings have increasinglybeing used by sovereign, financial and corporate entities to raisedebt capital in the region, many times cross-border betweenone Caribbean country and another. Only recently the Govern-ment of St. Lucia was able to leverage on a CariCRIS regionalscale credit rating to raise USD50 million in the Trinidad market.Many of the borrowing entities in the Caribbean are too smallto approach the large international rating agencies, so CariCRISis therefore filling an important gap in the marketplace. The de-velopment of a primary capital market for long term debt is crit-ical for the overall financial system, as it will reduce theover-reliance borrowers currently have on banks for such debtcapital. It is not only more appropriate to access long term capitalfrom the market rather than the banks, it is also more affordable.The resultant saving in the cost of capital can facilitate a morecompetitive Caribbean enterprise. CariCRIS’ ratings also helpto create a more active secondary bond market which createsmore liquidity in bond portfolios and lead to clarity in pricing, ul-timately all redounding to a more resilient financial system. Theregional nature of CariCRIS’ operations along with its regionalcredit rating scale - not offered by any of the international ratingagencies - make it a key institution of the regional integration ef-

fort and critical for the effective realization of the Caribbean Sin-gle Market and Economy.

Scientific & Risk-based Approach: Apart from supportingdebt-raising efforts, CariCRIS’ credit ratings also facilitate a morescientific and risk-based approach to bond pricing and determi-nation of capital requirements, reinforcing the institution’s criticalrole in the capital market infrastructure in the region. Indeed,the new proposed Insurance Act in Trinidad and Tobago requiresinsurance companies to provide capital based on the ratings oftheir investment securities, and CariCRIS’ ratings have been ac-cepted by the Central Bank of T&T for the purpose of capitaladequacy calculations in the Act.

Further, the comprehensive rating reports that accompany Cari-CRIS’ credit ratings provide credible independent analysis andopinion, thereby enabling an environment with more informedfinancial decisions. This is particularly significant in the currentuncertain economic climate, where there is increasing strain onthe part of many entities to meet their debt commitments in atimely and sustainable manner. CariCRIS’ ratings encourage in-creased financial discipline in the marketplace. The process andthe rigorous criteria employed in arriving at credit ratings havean embedded incentive for issuers to adopt and maintain highstandards of financial discipline and risk management in orderto protect and or improve their credit rating.

SME Ratings:Apart from its core credit rating product for sov-ereigns and large corporates, CariCRIS has successfully widenedits suite of products and services to include small and mediumenterprise (SME) ratings and bond valuation services.

CariCRIS’ SME ratings are designed to improve access to ap-propriately priced credit by the small and medium enterprisesector, by offering SME lenders a comprehensive and independ-ent risk assessment and performance grading of each SME.SMEs benefit directly from the diagnostic report accompanying

Case Study

This article, from CariCRIS, the region’s first and only credit rating agency, explains the major rolethe ratings agency has to play in the development and integration of the region’s capital markets. Asthe author explains: A more developed and integrated regional capital market will lead to a saferand sounder financial system, a key prerequisite for sustainable national and regional economicgrowth.

Wayne Dass, CFA

Developing our Financial System:The Role of a Regional RatingAgency

20

the rating, as the report provides a clear roadmap for improvement inperformance by the SME. CariCRIS recently launched SME Ratingsin Trinidad by way of a pilot project to rate 25 SMEs in Trinidad and To-bago, a project funded by the IDB and the Bankers Association of T&T.The pilot project has been extremely successful and many of the ratedSMEs were able to access financing from the banks at better rates thanthey would have enjoyed without the rating. The SMEs have also usedthe ratings to source credit from international suppliers, include in theirtender documents in their bid for new contracts or renewal of con-tracts, and to improve their business operations. Indeed, post the initialrating in the pilot project which was paid for by the project sponsors(IDB and BATT), many of the SMEs have been renewing the ratings attheir own cost, demonstrative of the value-adding they see in the ex-ercise.

CariCRIS is of the view that the SME Rating can be a useful require-ment for SMEs planning to be listed on the SME stock exchange, as itwill provide added comfort and confidence to potential investors, know-ing that the SME to be listed is being independently assessed and mon-itored by a credible and expert regional rating agency.

CariCRIS is currently working on a second phase of the SME Ratingsprogramme in Trinidad and Tobago, and also plans to introduce theproduct in Barbados, Jamaica and the OECS going forward. Successfulexpansion of the SME Ratings programme will boost SME growth anddevelopment and in so doing promote diversification and increasedemployed and competitiveness in the respective economies.

Bond and Portfolio Valuation:CariCRIS’ bond and portfolio valu-ation service addresses the need for independence and uniformity inthe valuation of domestic and regional fixed income securities, therebyleading to increased investor confidence and ultimately higher traded

volumes of securities and better price discovery in the market. Thisleads to a stronger, more developed secondary market, which is an-other important component of a stable financial system and sustain-able economic growth.

CariCRIS plans to continue its market development role in the future,and is currently looking at the feasibility of introducing Mutual FundRatings and Corporate Governance Ratings in 2014. In developing andimplementing these new products and services aimed at filling gapsin our marketplace, CariCRIS has clearly distinguished itself from thelarger international credit rating agencies operating in the region, whofor economic reasons and otherwise have not placed any emphasisover the years on the development of these very important sectors. Inclosing, CariCRIS has not only successfully deepened the credit ratingsmarket in the region through its 100 plus ratings of sovereigns, corpo-rates and SMEs, it has also built an important platform that would becritical to the financial regulators going forward as they seek to intro-duce risk based capital requirements and risk-based supervision in theregion.

Wayne Dass is Chief Executive Officer, CariCRIS;www.caricris.com

Cari BBB+Not RatedCari A+Not RatedNot RatedCari BBB-Not RatedNot RatedNot RatedNot RatedNot RatedCari BBBNot RatedCari AAA

Not RatedBaa1Ba1Caa2Aa3

B1DefaultNot RatedCaa3

Not RatedNot RatedBa3Baa1

Not RatedBBBBB+B-

Not RatedNot RatedB+SD

Not RatedCCC+BBB-

Not RatedBB-A

NegativeNegativeStableStable

Stable

Stable

PositiveStable

NegativeNegativeStable

StableNM

StableStable

PositiveStable

Sovereign

LT Foreign Currency Outlook

CariCRIS Rating*

*as at Sep 2013

Standard & Poor's Rating*

LT Foreign Currency Outlook

Moody's Rating*

Table 1. Regional Sovereign Ratings

AnguillaBahamasBarbadosBelizeCayman IslandsDominicaDominican RepublicGrenadaGuyanaJamaicaMontserratSaint LuciaSurinameTrinidad & Tobago

Regional Foreign Currency

“The SME Rating can be a useful

requirement for SMEs planning

to be listed on the SME stock

exchange, as it will provide added

comfort and confidence...

”

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23

Human Resources

21st Century Trends in HumanResources Management Brenda Pope, MBA, BSC, CISA, CMC

As organisations globally and in the Caribbean continueto grapple with current worldwide economic difficul-ties, it is clear that to be successful in their mandate or-

ganisational HR functions must also in future generate value inthe wider business. The people agenda in most organisationsencompasses a number of business-critical issues for HR to ad-dress:

• Recruitment (and retention) of “top talent”;

• Matching the supply of talent to where opportunitiesfor growth are greatest;

• Development of career paths beyond local borders;

• The need to create more innovative, agile and respon-sive organisations;

• Ensuring that the people profile matches the value driv-ers of the business;

• Smart use of technology to support both the businessand its employees;

• Drawing predictive insights from multiple sources ofdata to ensure timely decision-making on all aspects ofthe people agenda.

Four Key Transformation Areas: The forces of globaliza-tion, talent constraints and new technology are driving rapidchange to the HR function in the following four main areas:

1.Managing a Global, Flexible Workforce: TheCaribbean workforce, like its global counterpart, has be-come increasingly integrated across borders while si-multaneously growing more virtual and flexible.Retention of key talent and building workforces in newor expanded markets will continue to be at the top ofthe priority list of HR departments.

2.Finding ways to Engage with Workers: Improvedemployee engagement will necessitate creative solu-tions, including development of HR policies and ap-proaches that have global (as well as regional)

applications but which can be tailored to local condi-tions. It will also require new ways to engage meaning-fully with a workforce that is less committed to theorganisation than in the past.

3.Technology has already transformed HR andthe application of Data Analytics will foster evenmore profound changes: The HR function now com-monly provides web-based and/or mobile HR plat-forms e.g. benefits, payroll, etc. These technologyenhancements have already enabled HR to do its basic,administrative work faster and more efficiently. However,the advent of data analytics (the area most commonlymentioned by respondents for future IT investment) willusher in the next technological quantum leap for HR.Use of analytics enables a more robust understandingof employee-related needs and opportunities i.e. help-ing to identify future talent gaps.

4.Technology and Economy: Twin catalysts forHR Transformation: Powerful technologies, coupledwith today’s widespread financial constraints, provide aunique opportunity for HR to reinvent itself. This rein-vention will occur through a combination of closer part-nerships within the company as well as a revampedstrategy based on a “whole-business” perspectivealigned with the needs of the entire company, not justthe HR function.

HR’s ‘Big Three’ Challenges:Globalization of business con-tinues notwithstanding current worldwide economic difficulties.Caribbean HR executives must therefore focus on the followingcore challenge areas:

1.Balancing the Global, Regional and the Local:Expanding workforces in new markets, including cross-border identification and hiring of talent, will continueto be the greatest concern for HR departments (aftertalent retention itself). HR executives will need to payclose attention to issues such as coaching, training andstaff development, as well as changing remuneration

KPMG International recently commissioned the Economist Intelligence Unit (EIU) to conduct a study toinvestigate the forces influencing the Human Resources (HR) function, how technology is shaping HR’sresponse and what HR might look like a decade from now. This article is based on the content of “Re-thinking Human Resources in a Changing World,” the KPMG report emanating from the EIU study

24

and incentive schemes. HR has become a global professionwith global standards for HR competencies, and local HR so-lutions should be positioned in the context of such global stan-dards.

2.Managing a Flexible and Virtual Workforce: Technologyincreasingly allows companies to move work to people ratherthan having to move people to work. It also allows more flexi-bility and facilitates knowledge transfer and new levels of col-laboration. The concept of a wider range of flexible workarrangements, which can reduce labour costs and allowgreater access to talent, is one of the key HR trends including:

• Increased use of virtual workspaces;

• Reduced reliance on physical office premises through shifting to hot-desking;

• Hiring of more contractual or temporary workers including former employees.

3.Retaining the Best Talent: Retaining talent remains HR’sbiggest concern and its importance will increase. Thirty-fourpercent of the EIU survey respondents cited retaining crucialskills as HR’s leading focus in the last three years and 40 per-cent say it will remain so over the next three years.

HR can redefine talent management by encouraging thinking ‘outside-in’ i.e. beginning with the talent needed rather than existing talent. Tal-ent management will therefore need to focus on understanding theunique critical roles, skills and capabilities that a business will need towin in the future and then on acquiring, developing and retaining them.

HR teams must also expect to be treated like any other core businessfunction – they should help leaders to manage risk – in this case, tomanage talent risks such as critical skill gaps, key person dependencyand succession risk – and they should be able to demonstrate the re-turn on the investment made in managing talent.

HR Transformation via Technology

The Next Step:Data-driven HR: Analytics will allow HR not only tobe involved in managing talent, but also in collecting morespecific/precise information on its supply chain of talent and wherethe greatest demand for particular skills lies. Rather than acting on in-stinct alone, the HR function will in future be able to provide a moregranular roadmap of how the organisation’s people resources need tobe reshaped to deliver on the corporate strategy.

This level of workforce analytics moves away from merely HR perform-ance to the use of qualitative and quantitative measures in order todemonstrate the return on the human capital employed. This will bethe ultimate metric; benchmarking people in terms of the revenueand profitability associated with their efforts. This is the future for work-force analytics – the idea of ‘return on human capital’ or ‘profit per em-ployee’.

Social Media: Promise vs Peril: The rise of data analytics is alsoaccompanied by new sources of information. Traditional data sources– such as engagement scores, productivity data or labour market trends– have now been joined by less-structured sources like crowdsourcing

and social media channels. While this is difficult information to captureefficiently, forward thinking companies will harness and, in some casesalready are harnessing, software that can track and manage their pres-ence on social networks. These new data can be blended with tradi-tional sources to reveal a new level of predictive insight.

Social media will continue to change HR across a range of areas fromrecruitment to performance and career management. The implica-tions can be both positive and negative. Social networking sites provideorganisations access to new sources of talent, but yet the same sitesmake it easier for competitors to poach their best people.

HR as a Strategic Business Partner: Trends in this area relate tohow HR interacts and communicates with the other business functionsit supports:

•Think, understand and communicate in the languageof business: Successful HR will begin to link its work moreexplicitly to business values and requirements, by thinkingmore carefully about the specific business outcomes of rec-ommended actions. What is likely to be the impact on cus-tomer service, or the reduction in costs, or the increase in staffloyalty, or other specifically relevant metrics?

•Move from administration to higher-value-added activ-ities:A technology-enabled HR function will allow profession-als to avoid being immersed in the minutiae of record-keeping,transactions and life-cycle processes, and move to providingmore strategic, higher-order services. But it will also likely re-duce the number of HR staff that companies require.

•Transfer appropriate responsibilities to line managersin a partnership role. Tight budgets and improved tech-nology are also leading to a shift in direct responsibility for em-ployees away from HR and back to line managers as the latterbecome empowered to handle their own HR transactions.Cloud-based solutions will make doing this more user friendlythan ever before.

Beyond the Basics: The HR function must push beyond the basicsto enhance its reputation and fully exploit its critical role in securing re-turn of investment on the people agenda. HR now needs to focus ondelivering unique talent solutions tailored to each company’s circum-stances and requirements.

To do this, HR must develop a deep understanding of the business –in the same way, and using the same “language”, as other managers.The measures it proposes must be tied to business outcomes.

A number of areas such as workforce analytics, talent managementand technology will help secure HR a place in the C-suite and reinforcethe need for HR to make the people agenda as important to CEOsand business leaders as the balance sheet and P&L statement.

Brenda Pope is Advisory and Management Consulting Partner,KPMG Barbados; bpope@kpmg.bb

Find “Rethinking Human Resources in a Changing World,”KPMG International, October 2012, at:

http://www.kpmg.com/global/en/issuesandinsights/articlespubli-cations/hr-transformations-survey

26

Economic Environment

The Barbados FinancialSystem - Fit for Purpose?

Dr. DeLisle Worrell

How well does our financial system suit Barbados'needs? I will examine how the system serves theneeds of households and of businesses, and attempt

to identify any gaps that should be attended to. I begin by dis-cussing financial services for households. The main items ofhousehold credit are mortgages, and the financing of consumerdurables. Households and individuals are well served by banks,credit unions and finance companies, in the provision of financ-ing of housing, durable consumption goods and amenities. Ad-equate availability of this household finance, on affordable terms,significantly enhances the well-being of the population, whichhas the benefit of the goods over the period when they are re-paying their loans. In an earlier period, before mortgages andconsumer credit were widely available, consumers were de-prived of the use of goods while they accumulated the funds forcash purchases.

Inadequate Savings Alternatives: Individuals and house-holds are not as well served when it comes to alternatives for in-vesting their savings. Commercial banks offer poor returns ondeposits, invariably below the rate of inflation; the purchasingpower of monies left on deposit at a bank is eroded over time.Government paper is the most remunerative financial invest-ment available to individuals. For those with gratuities and largeamounts on which they need to earn interest, longer-term se-curities are the best yielding.

For those investing funds set aside for contingencies, savingsbonds are the best bet. If held to their full term savings bondscarry an interest rate which keeps pace with inflation, and thebonds may be cashed in at any time if needed, albeit with an in-terest penalty. Credit union shares and deposits at credit unionsoffer somewhat better returns than at banks, but deposits atcredit unions are not yet insured, unlike bank deposits, whichare protected up to a value of $25,000.

Retirement Income Vulnerable to Inflation: The financialsystem does not serve the needs of retirees very well because

pensions are not adjusted in line with inflation in the typical do-mestic scheme. In less than a decade after retirement the aver-age pensioner is unable to maintain his or her standard of livingat retirement, purely because of the ravages of inflation, unlessthey have supplementary income. Recent legislation mandatingan inflation adjustment is a step in the right direction, but I wouldhave liked to see a more generous minimum stipulation.

Working Capital No Problem for Established Firms:Working capital financing for well established firms with a solidtrack record is the bread and butter of commercial banks, alongwith loans to individuals. These firms have no difficulty in secur-ing adequate bank funding for inventory and other currentneeds. Interest rate spreads are rather high compared to largeindustrial countries, but they are about what you will find in othersmall countries and regions. Established firms are usually able tosecure the financing they need for capital projects and equip-ment from a combination of sources, with an emphasis on eq-uity and retained earnings. We may infer this from a comparisonbetween identified sources of long term finance from banks, in-surance funds and credit unions on the one hand, and annualestimates of capital formation in the country on the other hand.However, among financiers there is an understandable prefer-ence for real estate and distribution activity, where perceivedrisks are lower, and collateral security is more readily available.

The NIS, insurance companies and pension funds are the mainsources of long-term funds. They need investments which willyield a dependable stream of income over many years. Themenu of investment options available to them includes Gov-ernment securities (the least risky option), investment in real es-tate (including mortgages), and investment in the production ofgoods and services (the most risky option). In my view, the mostimportant financial challenge Barbados faces is to ensure thecontinued growth of these funds, and that a larger proportion ofthese long term funds is directed towards increasing the coun-try's capacity to produce goods and services.

In a speech earlier this year, Dr. DeLisle Worrell, Governor of the Central Bank of Barbados, askedthe question: “How well does our financial system suit Barbados’s needs?” Despite some weak-nesses, including a lack of options for investing savings, he concludes that the financial services sectoris relatively efficient. However, the Governor notes a significant gap when it comes to facilitating in-vestment in innovation. Quite simply: “Businesses which aim to break new ground have difficulty insourcing finance on terms which they can afford.”

27

There should be no scarcity of equity finance for any project which isexpected to be sufficiently profitable. If the project is too big to be ac-commodated by the pool of domestic equity funding, profitable proj-ects will attract foreign direct investment. The challenge for decisionmakers in Government and the private sector is to present profitableprojects to potential investors with convincing documentation and jus-tification.

Maintaining Living Standards:We should recognise that it has be-come more difficult to do this, precisely because Barbados has beenso successful over time in raising the standard of living of our workers,compared to that of our competitors. As a result, project and opera-tional costs are higher than in other Caribbean countries where work-ers are not so well off. I believe there is a consensus among Barbadiansthat we should not take measures that would reduce living standardsin Barbados to levels comparable to those in the Dominican Republicand Cancun, for example. Instead we must exploit and develop Bar-bados' reputation and appeal to the discriminating tourist who will paya higher price for a more rewarding experience. We must becomemore adept in demonstrating that potential investments in upmarketprojects are eminently profitable, and we must focus our competitiveinitiatives on countries and areas which serve the traveller who treas-ures an exceptional vacation experience.

Small Business Financing: The financing of small business presentsspecial challenges in all economies, not just in Barbados, for reasonsthat have been aired extensively, and are familiar to all of us. Barbadoshas borrowed from experiences in the UK and other advancedeconomies over many years, to establish a variety of funds and supportschemes for small business. However, we could unquestionably do amuch better job of coordinating services for small business, and chan-nelling finance and support services in ways that are most helpful toeach type of activity. Capital markets have not proven to be particularlyuseful for small open economies, and very little investment in Barbadoshas been funded by new issues of stock, over the life of the BarbadosSecurities Exchange. It has to be admitted that an exchange with as lit-tle daily activity as characterises our own, has little potential to con-tribute to investment in producing goods and services.

The Innovation Gap: All that I have said so far paints a relatively be-nign picture of the efficiency of the financial services sector, in meetingthe needs of Barbadians. However, availability of finance remains num-ber two in obstacles to doing business in Barbados, in the World Bank'sGlobal Competitiveness Index. The reason may be that the sourcesof available finance do not cover innovation. It is the businesses whichaim to break new ground which have difficulty in sourcing finance onterms which they can afford. What such firms need is equity finance,funds from sources which will not expect an immediate return, andcan wait until the project becomes profitable.

We should give some thought to this problem. It may be argued thatthere is an adequate supply of funds from sources that are prepared totake the long view, foregoing near-term returns on their investments inexchange for a higher yield over the life of the investment. Insuranceand pension funds, for example, may wish to allocate a portion of theirportfolio in this way. What they may lack is an appropriate vehicle forchannelling those funds in the direction of innovators. The Stock Ex-

change does not provide such a platform, because innovating firmswill not have a track record of success in the intended activity, as thebasis for attracting investment in their equity. Investors on securitiesmarkets gravitate understandably toward well established firms with astrong track record in areas with which the investor is familiar. In otherwords - the antithesis of innovation.

Innovators often complain that commercial banks are reluctant to lendto them. In my view, firms that are breaking new ground should avoidbank debt if possible, because any new activity needs to be generatinga reliable ongoing stream of income sufficient to meet operationalcosts, before it begins to take on bank debt, which comes with amonthly service cost. In its infancy the business will not want to depleteits shareholders' equity to service bank debt. Later, when the businessis well established, the entrepreneur should have less difficulty securingbank financing for overhead expenses.

It is this disconnect between the financing needs of companies thatwish to exploit novel opportunities in areas like cultural industries andgreen energy, on the one hand, and investors who need long term out-lets for their money on the other, that may be the major lacuna in thedomestic financial market.

I do not have a ready solution for filling this gap, if indeed I have cor-rectly identified it. I believe the members of your Association wouldbe interested in participating in a national dialogue on this question,because long-term funding is your forté (Editor’s note: The Governorwas speaking to the Barbados Association of Insurance and FinancialAdvisors). I am anxious to have your reactions to my thoughts on thismatter, and the Central Bank would be willing to facilitate an informeddiscussion on this question, if there is interest.

To summarise, I believe the financial system serves individuals, house-holds, well-established firms and traditional lines of business very well.However, the further development of our economy requires increasinginvestment in activities that are innovative in one way or another. I havealready mentioned green energy, but there is a myriad of other possi-bilities related to tourism, international business and finance, and agro-processing. Examples include facilities for sports such as polo andrallying, heritage sites, the production of biodiesel and many more.

For these and similar activities we need to find the appropriate financialchannels to overcome the perceived difficulty in securing adequatefunding for their implementation.

Dr. DeLisle Worrell is Governor of the Central Bank ofBarbados; www.centralbank.org.bb

“The availability of finance

remains number two in

obstacles to doing business in

Barbados, in the World Bank's

Global Competitiveness Index.

”

Caribbean Association of Banks: A History in Pictures

2002 - 2004 Mr. Louis Greenidge Barbados National Bank

2004 - 2006 Mr. Hanzel Manners The Bank of Nevis Ltd.

2006 – 2008 Mr. Michael Archibald Republic Bank, Guyana

2008 - 2009 Mr. Wayne Wray First Global Bank Ltd.

2010 Mr. Wayne Wray/ First Global Bank Ltd.

Mr. Robert LeHunte Barbados National Bank

2010 – 2012 Mrs. Carole Eleuthere JnMarie First Citizens

Caribbean Association of BanksPast Chairpersons:

Celebrating 40 Years

Scenes from the CAB AGM & Conference • Jamaica 2012

Celebrating 40 Years

Sharing Knowledge... and Good Times!

Celebrating 40 Years

32

Celebrating 40 Years

Background and Genesis: The CaribbeanAssociation of Banks (CAB), and beforethat the Caribbean Association of In-digenous Banks, was formed in 1973through a recommendation fromthe Inaugural Meeting of theStanding Committee of Minis-ters of Finance (Forerunner ofCOFAP) and approved by the8th Conference of Heads ofGovernment of Common-wealth Caribbean countrieswhich was held in Guyana inApril 1973.

The 8th Meeting of Heads ofGovernment Conference was asked toconsidered the question of Cooperation inTraining of Personnel employed in national banks of theCommonwealth Caribbean countries. As a result of those con-siderations, consultations on cooperation in training as well asother aspects of banking were institutionalized. It was felt thatan umbrella organisation for the Chief Executives of the nationalbanks could provide the context for developing solutions to com-mon problems faced by the newly created national banks.

The creation of the Caribbean Association of Indigenous Bankswas driven by a number of factors including the zest of personswith strong commitment to the ideals of an Association to servethe indigenous banking community, giving them the tools tocompete equally with the foreign-owned banks in the localeconomy. It was also spurred on by the nationalistic sentimentswhich were rampant at the time. This explains the pioneeringinvolvement and commitment of Guyana, Jamaica and Trinidadand Tobago in the formation of the Association.

An Association of Chief Executives of National CommercialBanks was deemed necessary in order to confront the chal-lenges to the fledging national commercial banking industry andto foster goodwill and close cooperation among the banks.

The formation of the Caribbean Association of Indigenous

Banks (CAIB) was influenced largely by thelegacy of colonization and the need toprovide training for senior personnel inthe newly created national commer-cial banks to confront the emerg-ing challenges of nation buildingin a region short of developmentcapital.

The coming together of bankersunder one umbrella for the purpose ofbuilding human capital was not withoutchallenges, distrust, uncertainty and sus-picion. The decades that followed en-hanced some of those characteristics aswell as laid some to rest.

National Banks in the region faced a numberof common challenges which were best con-

fronted collectively through the forum of the CAIB. Some of theearly challenges still remain and include money laundering, au-tomation, competition from non-bank sources, lack of easy ac-cessible training.

Critical Issues: What were the critical issues then whichcaused the national banks to emerge and the CAIB to be theentity to bring the banks closer? The main concern at the timewas governments’ need for development capital. All other issueswere in support of that main issue and included:

I. Lack of easy access to capital for national develop-ment;

II. A banking sector owned, controlled and managed byforeigners whose interest was dissimilar to the re-gion’s;

III. Foreign banks unwilling to take on risk associated withnewly independent states;

IV. Limited access to training; and

V. Absence of the skills in the financial sector to managethe financial needs of the emerging nation states.

CARICOM & the CaribbeanAssociation of Banks Inc.: An

Historical PerspectiveEnid Bissember

33

Celebrating 40 Years

Objectives: The Association was established to, among other things:

i) Foster a spirit of goodwill and camaraderie among indige-nous banks in the Region;

ii) Assist members in certain identified areas such as training;

iii) Develop and strengthen indigenous banks.

Activities to strengthen members were seen as importantaspects of the raison d’etre of the CAIB in its early yearswhen the focus was on:

i) The exchange of information and ideas on topical issues rel-evant to banking and areas of common interest;

ii) Functional cooperation on matters through joint projectsand activities; and

iii) Initiatives leading to joint integrated commercial activities.

The aim was to form an alliance of the national commercial bankswhich were being established in the region as part of the nationalisticmovement of the period. Through the Association, resources wouldbe pooled and shared in the areas of training, systems enhancement,staff exchange and internal audit and a forum would be provided todiscuss problems and to jointly seek ways to improve the efficiency andmanagement of the institutions. Specific areas of cooperation included:

i) A CARICOM multinational bank

ii) A regional disaster fund

iii) Bank security

iv) Compilation of a database of banking statistics

v) Cooperation to facilitate bilateral payment and transfers

vi) Cooperation in training

vii) Development of industry standards

viii) Discussion on group insurance

ix) Discussions on a regional credit card facility

x) Financial sector employees training

xi) Sponsorship of sporting events including cricket

xii) Standardization of systems and procedures in banking

xiii) The feasibility of a proposal for having a joint presence in keymetropolitan centres

The Caribbean Association of Indigenous Banks came out of the needfor governments in the post-independence era in the region to haveeasy access to development financing.

Definition of an Indigenous Bank: Initially, banks were consideredto be indigenous if there was at least 90% ownership by the peoplesand/or governments of the Caribbean. While that was appropriate atthe time, developments in the 1990s and into the twenty-first centuryraised doubts over the efficacy of that criteria and led to a change in

the qualifying criteria for being considered indigenous.

In addition, the rationale for maintaining the “indigenous” in the Asso-ciation’s name was also found to be irrelevant and inconsistent withtrends in banking and finance in the region. That led to a name changein 2011 to “Caribbean Association of Banks” to reflect the realities of thebanking community in the region. At that time the Association’s man-date was enlarged to include all banks operating in the region.

Meetings: The Committee met frequently in regular sessions up tothe end of 1974, however activities ceased shortly after and it was onlyin February 1982 that the Caribbean Community Secretariat decidedthat the indigenous banks were important to the region’s developmentand sought the involvement of the Guyana Cooperative Bank in reviv-ing the committee. In 1982, at the instigation of the CARICOM Sec-retariat, the Standing Committee was resuscitated at a meetingattended by nine indigenous banks held in St. Lucia. Meetings wereheld two times per year up to 1985 in regular session and since thenthere have been meetings once per year in regular session.

Role of CARICOM Secretariat: In 1971, at the height of the nation-alistic fervor in the Caribbean and the developing countries for thatmatter, some bankers from Jamaica, Trinidad and Tobago and Guyanafelt that the time had come for locally-owned banks to take on a moredevelopmental role and be bankers to the underprivileged.

How to get that going was the subject of a series of discussion and sem-inars involving the Caribbean Community Secretariat under the stew-ardship of Mr. Demas and, after him, Mr. McIntyre. Also involved in theearly discussion were the University of the West Indies and the CentralBank of Trinidad and Tobago,

The idea was widely supported by the intellectual thinkers at the timeand encouraged by successive Secretaries General at the CaribbeanCommunity Secretariat who ensured that adequate research was un-dertaken to justify focusing attention on training of the personnel inthe newly created national commercial banks and to lay the theoretical

“In 1971, at the height of the

nationalistic fervor in the

Caribbean and the developing

countries ... some bankers from

Jamaica, Trinidad and Tobago and

Guyana felt that the time had come

for locally-owned banks to take on

a more developmental role and be

bankers to the underprivileged.

”

34

foundation and basis for the focus on indigenous banks as engines ofgrowth for the regional economies.

The role of the Secretariat was multifaceted, in part focusing on the in-tellectual foundations, while simultaneously acting as the organizer ofthe meetings of the Chief Executive Officers of the national banks andalso ensuring that governments were kept abreast of developments re-lating to the national banks. In effect the CARICOM Secretariat wasthe link between bank and governments.

Upon the assumption of the responsibility to revive the Association,the secretariat’s functions devolved to CARICOM (away from the rov-ing secretariat) under the direction of the Economic Research and Pol-icy Unit. In reviving the Committee, the CARICOM Secretariatidentified a number of indigenous banks that could be invited to the6th meeting to give rebirth to the Standing Committee. While the as-terisked banks no longer exist in their original form, the banks invitedto the 6th meeting were:

1. Antigua Commercial Bank

2. Barbados National Bank *

3. National Commercial and Development Bank of Dominica *

4. National Commercial Bank Grenada *

5. Guyana National Cooperative Bank*

6. National Commercial Bank Jamaica

7. Workers Bank Jamaica*

8. St. Kitts-Nevis-Anguilla National Bank

9. Nevis Co-Operative Banking Company Limited *

10. National Commercial Bank St. Lucia *

11. St. Lucia Cooperative Bank*

12. National Commercial Bank of St. Vincent *

13. National Commercial Bank Trinidad and Tobago*

14. Workers Bank of Trinidad and Tobago*

15. Trinidad Cooperative Bank *

The role of the CARICOM Secretariat was to provide the Associationwith the technical support which would assist it in achieving its objec-tive of advancement of the Region’s financial markets. The CARICOMSecretariat viewed meetings of the committee as being vital to the fos-tering of collaboration amongst indigenous bankers in areas of mutualinterest and felt that the meetings provided an opportunity for collec-tive analysis in respect of the problems faced by the banks. It was forthose reasons that the Secretariat wanted the Committee to be re-vived and therefore took steps to approach GNCB, the last Chairmanin an effort to revive the committee.

The CARICOM Secretariat in addition, supported the Chairperson inthe convening and conduct of meetings and performed other admin-istrative duties to the members. In supporting the meetings of the

CAIB the CARICOM Secretariat would:

1) Prepare agenda in consultation with the Chairman;

2) Identify topics for discussion and presenters;

3) Liaise with the host bank on hosting the meeting ;

4) Convene and service the annual meetings and conferenceand those of the executive committee

5) Keep faithful records of all discussions

The CARICOM Secretariat would identify those issues that had thepotential to impact the banking community and alert the generalmembership and would seek to get them discussed by the relevantorgans in the Community, usually the Ministers of Finance and Plan-ning.

From time to time, regional/global issues emerged which would im-pact on or have the potential to impact on banking and the CARI-COM Secretariat used the forum of the Annual meetings to presentthese issues to the bankers.

The CAIB adopted a revised constitution at its AGM in November2000. Among the changes were provisions for three categories ofmembership – general, associate and honorary – the last being the onlynew category. Honorary membership was conferred upon interna-tional or regional organisations which shared the aims and objectivesof the Association and which, in the opinion of the Association, werecapable of making significant contributions to the development andfurtherance of the objectives of the Association.

Over the years, the CARICOM Secretariat provided research on issuesof importance to the region’s indigenous banking community and oninforming and explaining policy decisions taken at the regional level,which were of direct relevance to the banking sector.

Issues:Members of the CAIB have always been urged to play an ac-tive role in the economic development process. The Association con-centrated on issues aimed at further strengthening cooperation amongindigenous banks and increased visibility of members in their respec-tive community. It has also embarked on areas of mutual interest in-cluding:

Celebrating 40 Years

“The role of the CARICOM

Secretariat was to provide the

Association with the technical

support which would assist it in

achieving its objective of

advancement of the Region’s

financial markets.

”

35

a) The creation of the Caribbean Credit Card Corporation(now located in St. Kitts and Nevis)

b) The CAIB Disaster Fund

c) Training for bankers

d) Sponsorship of sporting activities including Leeward islandcricket

e) Scholarships to tertiary institutions in CARICOM

f) Financing for the Home for the Aged in Montserrat followingthe volcano eruption

g) Advocacy on issues pertaining to the banking industry

h) Creation of the national anthem for the CAIB

i) Collaboration to negotiate fee reduction for services, for ex-ample with Visa and SWIFT

Publicity: By 1999 it was recognised that the CAIB, despite its growthin membership, was not well known. A subcommittee was tasked withthe responsibility of giving necessary publicity to the Association. Someefforts failed miserably because of lack of industry-wide support andlack of a central support point. However a new suite of efforts were rec-ommended and included:

1) The establishment of a shared ATM network to assist travel-ers who visited various territories within the OECS, Barbadosand Jamaica;

2) The formation of a sub-group to promote the issuance ofCAIB Visa credit cards;

3) The transfer of specialist staff to various territories to transferknowledge and improve performance

4) The establishment of the CAIB Disaster Fund to promotegoodwill within the region;

5) The sponsorship of business conventions, symposia be-tween CARICOM countries or sub region;

6) Public pronouncement on important national and regionalissues such as the Association’s position on the OECS unityvia the formation of an economic union of the Leewards andWindwards prior to contemplating immediate OECS unity;

7) Publication of a quarterly newsletter as a journal with adver-tising spaces;

8) Development of a pension fund instrument to be marketedby all members;

9) Contribution to the CARICOM /OECS stock marketdebentures;

10) Publication of the Association’s growth in market shares ofloans and deposits;

11) The establishment of a student loan fund within each cur-rency area under the umbrella of the CAIB; and

12) Creation of an independent Secretariat with staff dedicatedto the development of the CAIB.

Celebrating 40 Years

The Caribbean Association of Banks Inc. (CAB) awarded US$10,000 scholarships to Mr. Dane Rampersad, CustomerAccount Representative (Operations) First Citizens Bank, Trinidad and Tobago and Ms. Deriece Barnes, Consumer LendingCustomer Assistant at Antigua Commercial Bank, Antigua and Barbuda to pursue the UWI BSc. Banking and Finance,under the CAB Banking Scholarship launched at the 39th AGM & Conference in Jamaica, on 14th November 2012.

Caribbean Association of Banks Awards First Scholarships

Enid Bissember is Senior Project Officer, Economic Policy, CARICOM; www.caricom.org.

36

Celebrating 40 Years

Since the enactment of The Foreign Account TaxCompliance Act (FATCA) in March 2010,the CAB has been very concernedabout its implications for financialservices institutions, corporations, in-dividuals and the industry as awhole. As a result, the CAB hastaken steps to raise the industry’sawareness in that regard and tosupport its member’s knowl-edge requirements in their ef-forts towards compliance. FATCAcreates significant obligations forForeign Financial Institutions andthere are considerable challengesassociated with addressingFATCA, as well as substantialpenalties for non-compliance. In an effort to en-sure that the region is adequately prepared and ableto minimize any negative outcomes from the implementationof FATCA, the CAB has undertaken a number of activities to as-sist members and stakeholders in achieving compliance. Thesehave included awareness sessions, webinars, training, workshop,and continuous dissemination of current updates to membersin order to keep them abreast of ongoing progress regardingcompliance.

CAB 38th Annual Conference in Suriname, November2011: The CAB engaged experts from Deloitte to speak on thetopic “Understanding the US HIRE Act and the FATCA - Impli-cations for the Caribbean Financial Services Sector.”

FATCA Training, April 2012: The CAB held a FATCA train-ing session in Antigua for its members and provided the partic-ipants with some practical tools to achieve compliance.

FATCA Awareness Session, June 13, 2012: The CAB con-ducted a FATCA awareness session in St. Lucia at which a num-ber of professionals from the financial services industry, legalindustry and public sector were present.

FATCA Position Paper, February 2012: The CAB engagedPricewaterhouseCoopers to prepare a position paper highlight-ing issues regarding compliance and non-compliance with theAct. A copy of this paper was presented to CARICOM and CABrequested that a regional approach be undertaken to deal withFATCA compliance. CAB also circulated the Paper to regional-Bankers Associations and Central Banks to raise their awarenessand to provide them with information on the Act.

CARICOM Council for Finance and Plan-ning (COFAP) Presentation: Mindful ofthe substantial impact that compliancewith FATCA will have on the resources(technological, human, financial,processes) of banks and financialinstitutions, the CAB lobbied tohave FATCA placed on theagenda of the CARICOMCouncil for Finance and Plan-ning (COFAP) meeting, held inSt. Lucia in April 2012. The CAB,in conjunction with Pricewater-houseCoopers, made a presen-tation on FATCA at that meetingthe result of which was that a re-gional Task Force was established

to come up with a plan of action towards com-pliance. CAB is represented on that Task Force and

is advocating that an Intergovernmental agreement at the CARI-COM level be entered with the IRS, similar to that which isbeing negotiated with some other countries.

Public Awareness Strategy for CARICOM Taskforce onFATCA, December 2012: The CAB, in collaboration with theCaribbean Confederation of Credit Unions, has developed apublic awareness strategy document for the Task Force whichwill provide guidelines for banks to conduct FATCA public aware-ness sessions in the region.

CAB 39th Annual Conference, Jamaica, November2012:One of the agenda highlights at the CAB conference wasa discussion on FATCA in which the panel included a team ofexperts from the US law firm Baker Hostetler.

Training Workshops 2013: The CAB, in collaboration withthe Florida International Bankers Association (FIBA), held a work-shop on FATCA implementation in Antigua in April. Approxi-mately 50 persons attended. A webinar to clarify furtherquestions was held in collaboration with FIBA. Approximately150 persons were in attendance.

Continuous Updates: Through collaboration with FIBA, New-gen and Deloitte, the members of CAB are kept up to date onthe latest developments regarding FATCA via webinars, publica-tions, videos etc.

Preparing for FATCA: The CAB’s New Initiatives

CAB Secretariat

37

Celebrating 40 Years

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The Caribbean Association of Banks also wishes to congratulate the Eastern Caribbean Central Bank for30 years of service to the Eastern Caribbean Currency Union.

Congratulations go out to our Members who are celebrating milestones in business. The Caribbean Association of Banks wishes you many more years of continued success!

175 Years (2012) Republic Bank Ltd, Trinidad

75 Years 1st National Bank, St. Lucia Ltd.

40 Years CARICOM

35 Years National Bank of Dominica, Dominica

20 Years First Citizens, Trinidad and Tobago

CAB Training

Assessing Risk - Ensuring Internal Audit's Value

FIBA, AMLCA & FATCA Implementation

Marketing & Sales for the Financial Services Sector

Talent Management for Competitive Advantage

Past Conference Themes

Celebrating 40 Years

The CAB Conferences: Stimulating & Informative Every year for the last decade, the CaribbeanAssociation of Banks has hosted its Annual GeneralMeeting and Conference in a different MemberTerritory. A great deal of care and attention goesinto selecting an exciting theme for the annualConference, and speakers of the highest caliber,from the region and further afield, come together todeliver a packed agenda of information andknowledge. Here’s a round-up of past ConferenceThemes and locations!

• Shaping a Competitive Financial ServicesIndustry, Jamaica, Nov 17-21, 2003

• Building on our Strengths in a ChangingMarket Place, Saint Lucia, Nov 14–18, 2004

• Transformation: The Way Forward, CaymanIslands, Nov 13–17, 2005

• Growth, Profitability & Regulation: TheImperatives, Trinidad & Tobago, Nov 15–18,2006

• Defining the Market Space, Guyana, Nov 12–15, 2007

• Safeguarding our Future in the Face of GlobalEconomic Challenges, Barbados, Nov 16–20,2008

• Identifying & Leveraging Opportunities forGrowth in a Global Recession, Antigua, Nov8–12, 2009

• Repositioning the Region: The Role of theFinancial Services Industry, Trinidad &Tobago, Nov 9–12, 2010

• Growth and Profitability in the Banking Sector– Incorporating Risk, Leadership, Ethics andGovernance , Suriname, Nov 16–19, 2011

• Partnering for Regional Transformation,Development & Growth - Empowering theFinancial Services Sector, Jamaica, Nov 14–17, 2012

39

Banking Technology

Lesli Hay

Worldwide, the use of digital banking applications ison the rise. Smart Phone and Cell phone usershave gravitated toward mobile banking apps, avoid-

ing lines in banks. After all, in a world where avenues for instantgratification are de rigueur, why stand in a line for an hour whenyou could conduct the same transaction on your phone, tabletor laptop, in a matter of minutes if not seconds? Future cus-tomers will find themselves having a bit more elbow room inthe banking halls, with statistics having predicted that in the yearsto come, there will be fewer banks, substituted by more bankingapps, and increased mobile phone and Smartphone bankingactivity, and with these trends growing in popularity in the U.S.and in Europe, other regions have been adapting to suit.

As one of the largest and most successful indigenous banks inthe Caribbean, Republic Bank has constantly sought new andinnovative ways of satisfying the growing needs of our retail bank-ing customers, corporate clients and governments throughoutthe Caribbean. Our customers may choose from a wide rangeof banking options, including our internet banking facility, Re-publicOnline and our telephone banking facility, Republic Tele-banker.

SMS Banking:Maintaining our focus on improving service toour customers, we created yet another avenue through whichcustomers could bridge the gap between banking and technol-ogy, and stay up to date in today’s fast paced world – Republic-Mobile SMS Banking. The facility allows customers to conductvarious transactions using their mobile phones – view accountbalances; transfer funds between accounts; view transaction his-tories; pay credit card bills and get immediate access to funds;receive salary deposit confirmations and other SMS alerts – with-out having to enter a branch, far less stand in line. We chose tooffer these facilities, not only for their convenience but also fortheir environmental benefits. The related transactions can all beconducted without the use of paper.

Banking Goes Green:Bank card behavior, in itself is changing.An August report by the UK Payments Council stated that bankcard behavior will be partly driven by mobile payments and in-

ternet banking, increasing them from 356 million in 2012 to 1.5billion by 2022. This doesn’t mean the death of cash, but it doesshow that non-cash transactions will be dominant in the not sofar future. The same report forecasted a significant decline in theuse of paper checks. This is not surprising, considering the cor-porate push for “green” business. More and more banks are ad-justing their operations to promote a more earth-friendlymethodology.

Republic Bank has also boarded the green ship, through the in-troduction of OneCard Banking. For those who prefer to go intoour branches to conduct their transactions, we opted for anotherpaperless route through which customers could conduct trans-actions using their bankcards at the tellers. They simply swipetheir cards and provide their Personal Identification Numbers(PINs) to achieve their objectives, thereby usurping the need forpaper vouchers.

Protecting Customers: While we aim to give our customersthe latest in banking offerings, we remain fully aware that, as withany new banking service, fraud is a major concern. The lists ofDos and Don’ts being uploaded to financial websites are increas-ing daily, with the banking world trying to stay one step ahead ofthe fraudsters. When we brought Chip and PIN credit cards toTrinidad and Tobago and the Caribbean Markets, we did so withsecurity and worldwide acceptance in mind. The introductionmade Republic Bank the first and only bank in the English-speak-ing Caribbean to offer those cards.

No Lines…No Paper…No Worries…

From internet, to telephone, to SMS options, the banking landscape is changing at the speed of light.This case study shows how one of the largest and most successful indigenous banks in the Caribbean,Republic Bank Limited, has implemented new and innovative technology-based solutions to satisfythe growing needs of its retail banking customers, corporate clients and governments throughoutthe Caribbean.

“These and all our other

offerings have been

developed with one main focus,

providing top-notch, modern

service to all Republic Bank

customers.

”

Trinidadians and Tobagonians are well travelled and over the last few years, agrowing number of customers who travelled regularly to Europe, the UK andAsia in particular, were inconvenienced when attempting to pay for merchan-dise with their traditional magnetic stripe credit cards. That was because manycountries on those two continents and in the UK had already made the switchto chip and PIN technology and some merchants in those countries had goneso far as to stop the acceptance of magnetic stripe cards. Closer to home,Brazil, Venezuela and Mexico were also well on their way to becoming chip-centric in their card acceptance.

The decision to be the pioneer in introducing this cutting edge technologyto our market here in Trinidad and Tobago and the Caribbean was thereforepredicated on our commitment and desire to provide our customers with amore convenient and secure banking experience, wherever in the world theymight be. But how does it relate to fraud protection? The technology on theRepublic Bank credit cards makes the chip effectively impossible to copy andprovides strong transaction authentication with a personal identification num-ber or PIN. The virtually impenetrable nature of the microchip makes thechip credit card a very secure, not to mention faster alternative, as the signa-ture step is eliminated from the transaction. This new technology is buttressedby our intelligent fraud monitoring system, which is designed to monitor trans-actional activity on credit card accounts and report any deviation from usualspending patterns, which will alert us to possible fraud.

It’s all about Service: These and all our other offerings have been devel-oped with one main focus, providing top-notch, modern service to all our cus-

tomers. We believe in moving with our customers, constantly monitoring andimproving these facilities for them, while helping to make life a bit more has-sle-free for them.

In fulfilling our mission, "To provide Personalised, Efficient and CompetitivelyPriced Financial Services and to Implement Sound Policies, which will re-dound to the benefit of our Customers, Staff and Shareholders," RepublicBank continues to enjoy prominent status as the financial institution of choicein the Caribbean for all our Stakeholders, through an ever-seeking eye intothe global technological landscape.

Lesli Hay is Communications Officer - Editorial, Republic Bank Limited; www.republictt.com

Whether you’re making a purchase with a gift card, using

your debit card to make a donation or shopping online with

your credit card, chances are your transaction is moved

quickly and securely by First Data.

At First Data, we simplify the connections that make

commerce possible. To learn more, please visit firstdata.com.

Designing the future of commerce.

© 2013 First Data Corporation. All Rights Reserved. All trademarks, service marks and trade names referenced in this material are the property of their respective owners. 6399

63

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“The technology on the Republic Bank

credit cards makes the chip effectively

impossible to copy and provides strong

transaction authentication with a personal

identification number or PIN.

”

41

Human Resources

Significant Happenings in HR in The CaribbeanMichael McAnuff-Jones, MA (Social Sciences), MBA, ACIS, AIB, HRMP

A s a result of the confluence of regulatory changes,economic shifts, demographic patterns, and devel-opments in the location of primary and secondary

producers of goods and services, the Caribbean is set to,and is already experiencing some HR–relevant changes inthe following areas:

• Labour and Capital Mobility

• Labour Market Dynamics

• Workforce Training and Development

• Employee Experience

A summary look at each follows, concluding with a look at sug-gested needs for HR practitioners.

Labour & Capital Mobility: Labour mobility was supposedlyenhanced by free movement provisions in the CSME. However,the mobility of capital and the mobility of jobs have been pre-senting at a faster rate than the mobility of labour (caused by adrive for international cost competitiveness). Perhaps this is justas well, as some Caribbean states have shown an unwillingnessto allow EVEN free movement of visitors, and would probablycreate headaches for regional HR leaders!

Because labour is not able to follow jobs around the region asfast as the jobs are moving, HR is under pressure to deal with im-plications of wage differentials and the loss of jobs from one is-land to another.

HR leaders are also having to manage multiple workforcesacross the region (banking, insurance, hospitality, manufacturingetc), as more and more Mergers and Acquisitions are demand-ing more due diligence and culture convergence work from HR.

Capital pressures are also forcing HR to add more value to thestrategic space in creating workforce related solutions in expensemanagement, core business transformation, and leadership de-velopment. In a related challenge, HR is having to manage, more

closely and far more frequently, HR transaction costs throughoutsourcing (e.g. entry level hiring).

Labour Market Pressures: As we over-talk the free move-ment issue, skills are being imported into the regional labourmarket as the region continues to be a net exporter of talent.This is occasioned by work permit pressures from Foreign DirectInvestments (FDI) related demands, as well as inadequate in-vestment in capacity development for key skills by regional au-thorities.

HR has also been increasingly raising the bar on entry for sometraditional lower paying clerical jobs, as a rationing response todeclining employment offers, due to lower or no economicgrowth. At the same time, the region has been seeing more andmore Business Processing Investments in lower paid jobs, whichrequire less than traditional clerical jobs; as a result, HR is nowhaving to manage a younger, lower educated workforce in largernumbers than before. Labour market competition is now in-creasingly cross-regional. Wage differentials at middle and highermanagement are now key issues in recruitment and retentionbetween one country and another, as technology allows moretelecommute flexibility. Host and home country tax complica-tions are a new area of focus for HR.

“These are exciting times for Caribbean HR,” says the author, who sees opportunities to facilitate

“social dialogue, social mediation, and economic diplomacy.” This article examines developments

relevant to HR in the areas of labour and capital mobility, labour market dynamics, workforce training

and development and the employee experience, and suggests steps for HR practitioners.

“Because labour is not able to

follow jobs around the

region as fast as the jobs are

moving, HR is under pressure to

deal with implications of wage

differentials and the loss of jobs

from one island to another.

”

42

Workforce Training & Development: Professor Errol Miller notedthat the 5-24 years age cohort in many Caribbean countries is smallerthan the prime age adult population of 25-49 years, and that this lattergroup will be in the labour force for another 16 to 49 years.

He also noted the presence of many in the 18-49 age group in the work-force who missed out on high quality primary and secondary educa-tion, leaving deficits. HR therefore is presented with significant trainingand development needs, and huge work and study time off demandfrom people who can't leave their jobs.

Perhaps as an outcome of larger training departments, some compa-nies have been observed to be internally "marketing" training as asource of credits for further study, and this is accompanied by a trendtowards corporate colleges/learning academies.

Employee Experience Issues: Work-life imbalance issues are in-creasingly showing up, and the Caribbean gap with Latin America iswidening. HR is increasingly having to look at more and more flexiblework arrangement (FWA) policies to facilitate young workers who areincreasingly female, many single parents, who are studying.

There is also increasing demand on HR from employees for parentalparticipation as covered persons in company health schemes. Thereis also increasing demand on HR for workplace counseling, and moreand more EAP arrangements are happening.

Younger people are the managers at an increasing frequency in thepublic and private sectors, and in some cases the leadership acumenis below standard. Talent management gaps are increasingly a chal-lenge for HR to build collaborative effort with Line Management.

Automation has also deskilled many jobs as the region experiencescatch up; HR has consequently been challenged by pressures for re-deployment of skills.

The reality of a larger Generation Y population that is less concernedwith privacy, and more focused on connectivity, means that HR is nowconfronted with bigger challenges regarding the management of in-formation as a strategic organisational asset. As a corollary, HR is alsochallenged more in building employee engagement around mutualinterests, as the traditional loyalty factor is no longer persuasively avail-able.

The trend towards emphasising the employment brand and HR's roleas the custodian and promoter of it, has meant in some cases an un-willing HR embrace of responsibility as a champion for diversity andinclusion. There are new demands on HR in the region to balance di-versity inclusion imperatives against the conservative values-culture ofCaribbean societies and workplaces.

Finally, the new thrust in corporate social responsibility is expandingthe workspace of HR as employees increasingly expand give-back withpersonal engagement.

HR Practitioner Needs Moving Forward:Regional HR Practition-ers will need to demonstrate the following:

• skill in negotiation

• strong strategic application skills

• business acumen

• strong talent management skills

• innovation skills

• metrics and technology application awareness skills -strongprocess leadership

• strong change management skills

• strong communications skills

• strong at strategic influencing and skills at challenging the busi-ness leaders

• global mindset

• development mindset

• cross-cultural leadership acumen

• corporate social responsibility awareness

We are a resilient people. These are exciting times for Caribbean HR.We have a role to play in facilitating what Professor Neville Ying callssocial dialogue, social mediation, and economic diplomacy. Let’s dowhat we were born to, and make our region stronger.

Michael McAnuff-Jones is President of the Human ResourceManagement Association of Jamaica, and Chair of the JamaicaInstitute of Financial Services. He is also Senior Vice-President,

Human Resources for Scotiabank Group, Jamaica;michaeld.jones@scotiabank.com

“The reality of a larger

Generation Y population that

is less concerned with privacy, and

more focused on connectivity,

means that HR is now confronted

with bigger challenges on the

management of information as a

strategic organizational asset. As a

corollary, HR is also challenged

more in building employee

engagement around mutual

interests...

”

43

A s digital technologies have been adopted by in-creasing numbers of consumers, the banking indus-try has naturally looked for ways to better serve

customers using these technologies. The age of multi-chan-nel digital banking currently includes three associated butvery unique channels: online, mobile and tablet. Each chan-nel is used in distinct ways by consumers and therefore bank-ing services provided across each channel must be tailorednot only to the attributes of the online mobile or tablet de-vice, but also to how and why the channel is used. However,there also must be consistency of experience, feel and lookacross these channels. This is a difficult balance to masterfor banks, but one that is surely achievable.

Device Attributes Influence Channel Use: The character-istics of digital devices are part of what defines today’s digitalbanking channels, and taking advantage of the unique attrib-utes of each device is essential to providing a tailored expe-rience. For example, smartphones are fitted with camerasthat can be used to capture information, tablets offer tactilefunctionality and a portability that encourages leisurelybrowsing, and PCs have keyboards, a mouse, and a largescreen that facilitates the input and review of information.To offer a truly tailored experience, financial institutionsshould leverage each digital device’s capabilities to boostthe functionality of the channels. This could manifest itselfin features such as mobile cheque capture or mobile photobill pay that allows customers to deposit checks or pay a billby taking a picture, visual displays of “touchable” personal fi-nancial information that reveal transaction details with a tap,and online personal financial management tools to cate-gorise spending.

Consumers & Different Digital Channels: While theunique capabilities of smartphones, tablets and PCs do im-pact their respective digital banking channels, it is importantto note that the devices themselves do not define the chan-nels. To optimise each of the different channels, banks must

consider where and how consumers use the channel, thecontext and reasons for its use and the tasks that users wantto complete. Once banks have a good grasp of these details,they can begin to create digital banking experiences thatallow consumers to conduct channel-specific activities withease. Recent qualitative research conducted by Fiserv userexperience experts and detailed in a white paper entitled,“Digital Banking Personas and Insights: Fashioning a TailoredExperience,” provides insights into consumer behaviorsacross digital channels, as summarised in table 1.

The research shows the unique use scenarios for each chan-nel and demonstrates why one size certainly does not fit allwhen it comes to a great multi-channel experience. Takentogether, the characteristics of each channel, combined withhow consumers use the channel and the context and rea-sons for its use, determines how banking experiences canbe tailored for each.

Tailoring for Mobile: The typically brief, on-the-go interac-tions that take place in the mobile channel necessitate easynavigation to facilitate quick access to information such asaccount balances or ATM locations, as well as the ability toexecute just-in-time transactions such as transferring fundsprior to making a purchase. For consumers engaged withmobile technology, services like remote cheque capture andthe delivery of contextually relevant data (such as rewardsearning and redemption opportunities presented during atransaction) are also a good fit. Low balance notifications, billreminders, and security alerts serve to keep the user con-nected with their finances.

Tailoring for Tablet: The casual, at-home use of tablets en-courages relaxed browsing in a leaning-back posture, callingfor simple, visually compelling content that is navigated withswipes and taps. This could include large and interactive cal-endar displays, and the ability to easily set up reminders, addnotes, and access online chat capabilities. In addition, tabletsare often used in multiscreen situations with multiple people

Technology

Online, Mobile & Tablet: Tailoring Banking Experiences

We have entered a new age of multi-channel digital banking which includes three very unique chan-nels: online, mobile and tablet. This article seeks to help banks which are looking for ways to leverageeach digital device’s capabilities to boost the functionality of the respective channels and to delivertruly tailored experience. “Taken together, the characteristics of each channel, combined with howconsumers use the channel and the context and reasons for its use, determines how banking expe-riences can be tailored for each,” the author explains.

Steve Shaw

45

present, such as when a user watches TV with tablet in hand. Thecontext of tablet use, in combination with its capacity to providerelevant content and chat capabilities to connect with customerservice representatives that can answer questions relating to spe-cific products, provides a compelling proposition to financial insti-tutions who have struggled to engage task-focused PC users forcross-sell opportunities. As tablet users sit in their living room theycan talk with their family or friends about a suggested product, askquestions about the product via chat, then take action after gettinginput from their trusted network. Financial institutions can max-imise the opportunity presented by the conversational context oftablet use by enabling users to open accounts and add new prod-ucts directly from the device.

Tailoring for Online:Consumers turn to PCs for tasks that requiredata input or a larger screen, require considerable effort , andwhich would often be cumbersome on a mobile phone or tablet.When using a PC, consumers typically sit down and lean in tofocus, often in a room away from others. Tasks such as detailedPFM categorisation, budgeting and tax preparation lend them-selves well to the online channel. When focused on a specific task,customers expect detailed, comprehensive information to be attheir fingertips, making in-depth product information and longer-term financial records access appropriate for the online channel.

The concept of a tailored experience can also manifest itself intasks that are conducted in every channel such as checking bal-ances, viewing transactions and transferring funds. Checking a bal-ance on a mobile device is likely to be done in a hurry, so afinancial institution may choose to make balances available with-out requiring a log-in. On a tablet the user will want to see all their

balances in a large, easily viewable format that they can scan andcompare, whereas on a PC they may expect to see even more de-tails such as the interest rate and interest paid to date on the ac-count. Even though the task is the same, the experience is tailored.

Consistent Information, Coherent Design:While consumers de-sire tailored user experiences that provide the right functionalityon the right device, optimised for the context in which it is used,they also desire consistency in their banking interactions. In aworld that includes multiple digital banking channels, consistencyhas become a priority. This includes displaying the same accountnames and account information, ensuring the same passwordsand preferences can be used, and having the same look and feelacross channels. Above all, it is essential that data is accurate, real-time and consistent. Consumer expectations have never beenhigher, so banks must deliver the right services across the rightchannels, while also ensuring consistency. Indeed tailored experi-ences are at the heart of more engaging and usable digital bankingexperiences. While banks are under increasing pressure to meetthe needs of demanding consumers, they can meet these withthe right approach to the delivery of their services. Failing to ad-dress these issues can leave customers disillusioned with ill-de-signed applications and functionality, alongside confusing anddisjointed experiences.

Looking ahead, as the banking industry continues to evolve andtake advantage of emerging technologies and channels, the prin-ciple of delivering tailored experiences can continue to serve as afoundation for the very best customer experiences.

Steve Shaw is VP, Strategic Marketing, Digital Channels &Electronic Payments Fiserv; www.fiserv.com

Table 1: Digital Banking Channels are Used in Different Ways, RequiringExperiences Tailored to Each

Access Device

Location of Use

How it is Used

Context of Use

Reasons to Use

Smartphone

On the go

Situational

• Opportunistic

• In-between moments

• Multitasking

• Convenience

• Urgency

• Immediacy

• Anywhere connectivity

Mobile Tablet Online

Tablet

Home

Leaning back

• Casual

• Social

• Multiscreen

• Multitasking

• Simple

• Low effort

• Education

• Information

• Entertainment

PC

Office or home office

Leaning in

• Requires data input

• Requires large screen

• Focused

• Functionality

• Productivity

• Necessity

46

Technology

The Technology &Innovation Imperative

John A. Rickards

Caribbean Banks are passing through challenging times.What are some of these challenges and what are someof the ways in which they can be addressed? Whatever

the solutions proposed, an increased reliance on innovative Infor-mation and Communication Technology (ICT) will be a sine quanon of every successful bank.

Challenge - the Economic Downturn: The protracted down-turn affecting most of the world continues to affect mostCaribbean economies adversely. This has had a negative effecton most banks’ loan portfolios with increased defaults and re-duced earnings.

Challenge - Increased Regulation: Recent years have seenincreased regulation of commercial banks in the Caribbean, asin the rest of the world. Anti-money laundering (AML), Auto-mated Clearing House (ACH) and now the U.S. Foreign AccountTax Compliance Act (FATCA) have all had the effect of increasingadministrative costs for banks in the region. In addition to financialresources (as if that were not enough) these new reporting re-quirements often tie up scarce technical resources, especially insmaller banks. The effect of this is that the banks’ programmes oftechnical development are predetermined by the regulatorsrather than the needs of the banks’ customers.

Challenge - Demands of Customers:As the Millennial Gen-eration (or, if you prefer, Generation Y) enters the workforce andthe pool of banks’ potential customers, service expectationschange. Whereas the older generations, especially in theCaribbean, often looked forward to a trip to the bank as ‘an out-ing’ to meet and chat with long-time friends and acquaintances,the Internet Generation expects to be able to do their bankingfrom anywhere and at any time of night or day. Any bank whichdoes not meet these expectations will find their customers agingand their market share diminishing.

Challenge - Competition from non-traditional FinancialService Providers: Because of the failure or inability of banksto provide several of the services demanded by members of the

public, needs are being met by other businesses. These ‘nonbanks’ offer services such as money transfers, cheque cashing,loans, bill payment and cashless money transfers. Moreover, theseservices are provided through convenient channels such as theInternet, mobile phone applications or several small, convenientlylocated outlets.

Whatever the causes, it seems that commercial banks in theCaribbean are stuck in rut or even worse, a time warp, offeringthe same old services using 20th Century delivery channels. Oneneed only look at the product offerings of some of the African

banks (See http://www.ecobank.com/ and http://www.uba-group.com/) to realise how far behind the technological curvewe are in this region. In the meantime, our customer base is be-coming more and more sophisticated and is increasingly exposedto, and demanding, 21st Century service products and servicechannels. If commercial banks do not meet this demand, otherswill.

Meeting the Challenges - An Ever-increasing Reliance onTechnology: The solutions to these challenges will vary frombank to bank, market to market. Most analysts agree, however,that just about every tenable solution requires the application ofappropriate Information and Communication Technology (ICT).

From the protracted economic downturn, to increased regulation, more demanding customers and

competition from non-traditional financial service provders, Caribbean Banks face many challenges.

“The solutions to these challenges will vary from bank to bank, market to market,” the author says,

but there’s one thing analysts agree on: “just about every tenable solution requires the application of

appropriate Information and Communication Technology (ICT).”

“As the Millennial Generation

enters the workforce and the

pool of banks’ potential

customers, service expectations

change

”

It is through the implementation of innovative solutions that banks will beable to meet regulators’ reporting requirements or the demands of customersin an efficient and affordable manner. Innovative ICT solutions supported byan efficient and secure ICT infrastructure would allow a bank to meet its reg-ulatory commitments at the least cost and to bring new, innovative productsto market through the modern technological channels customers now de-mand and in a shorter timeframe.

Yes, but can we afford it? All this sounds very wonderful but ICT costsmoney. How can banks, especially smaller ones, afford all this technology?

The answer, my friends is blowing in the wind, or more accurately, the Cloud.Secure Cloud technology is a method by which several organisations are ableto share ICT resources. This enables several banks to share development, de-ployment and operating costs for ICT making it much more affordable. Giventhe worldwide shortage of human resources in the ICT field, this methodcould also shorten the time to market of new banking products.

Naturally bankers operating in a competitive environment will be apprehen-sive that confidentiality could be compromised. It has been proven, however,that this need not be the case provided proper governance is applied.

Together We Stand: Faced with the challenges of increasing administrativecosts, declining earnings and increasing competition Caribbean banks needto take action to ensure their continued survival and growth. Banks need to

tear down silos of isolation and embrace meaningful cooperation in order toidentify, acquire and implement the innovative technology they require tomaximise administrative efficiency and enable the innovative banking prod-ucts and service delivery channels demanded by today’s financial servicesmarketplace.

John A. Rickards is Manager, National Commercial DataServices Limited; www.ncds.com

“It seems that commercial banks in

the Caribbean are stuck in rut or

even worse, a time warp, offering

the same old services using 20th

Century delivery channels...

”

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49

Regulatory Developments

Arthur Dania

It’s no secret that banking has evolved considerably in the lastdecades. Different business models, products and technol-ogy have broadened the operational boundaries of banking,

while several regulatory changes strive to create a level playingfield and improve the safety and soundness of the industry.

Accordingly, running a bank successfully, especially in challeng-ing times, requires banks to work both ends of the scale. Thismeans that ideally, both business development and regulatorychanges should be taken into account to maximize revenue,while taking the least possible risk.

The approach mentioned above, is traditionally certainly fol-lowed for the business development part. However, regulatorychanges, or the drivers are often considered only a threat and acost-bearing burden. There is no indication that this may be usedas a business enabler instead. Think about it, when was the lasttime you heard your fellow banker say “let’s explore the new reg-ulatory changes or drivers to determine our strategy to grow ourbusiness?”

Undeniably, being able to identify and utilize regulatory changedrivers as a business enabler, as is the case with any form of busi-ness development, will require proper research, analysis, plan-ning and effort. In this particular case, timing is also essential fordetermining whether you get a return on your investment ornot. Complete your research and analysis, plan and make yourinvestment in a timely manner and get a competitive edge overthe competition. Contrary to that, you can wait too long, expect-ing your regulator to take charge and end up just complying withthe eventual imposed regulation as everyone else does.

But how do you identify a regulatory change driver? Where doyou start and what possible benefits could these bring you?

Regulatory Change Drivers: Identifying a regulatory changedriver starts by setting your research boundaries. Fortunately, theregion has the advantage that regulatory change drivers andeventual changes are mostly originated from mature economiesand markets. This implies that mostly all significant changes,which turn out to be change drivers, do not affect our regulatorycompliance environment directly. In other words, the most cur-rent trends and developments are of less importance, althoughnot completely ignorable. The latter one could for instance bethe case if an event that lays in the foundation for a change driver,may have been overshadowed by a more significant event.

The elimination of Tier 3 Capital from the Basel III, which waspreviously introduced by Basel II to support market risk, com-modities and currency risk, is a typical example of change fromwhich its driver has been overshadowed by time.

Once a potential change driver has been identified, it takes acomprehensive analysis, including an impact study and scalabil-ity test to determine whether it’s beneficial to implement or not.Next to that, it is also good to investigate whether your regulatorintends to eventually implement regulations as a result of thischange driver.

Case Study: The bankruptcy of Lehman Brothers, the fourthlargest investment bank in the U.S., which was in business since1850, with the subsequent result of the Credit and Euro Crisesthat followed in 2008 till 2010, is a typical recent example of achange driver. Why?

The chain of events described above, exposed not only Lehmanbut identified a particular trend that pinpointed the fundamentalneed for regulatory changes and additions. It was clear that BaselII, which is yet to be introduced by most of the Caribbean Fi-

Regulatory Change Drivers asBusiness Enablers

The author advocates a new perspective on regulatory change, suggesting that instead of being anobstacle it should be seen as a business enabler. “The key to a successful identification and advanta-geous adaption of a new measurement or management, triggered by a regulatory change driver,lays in your own organization,” he says. Given recent change drivers such as Basel III, the Dodd-Frank Wall Street Reform and Consumer Protection Act and IFRS 9, related opportunities willabound, he suggests.

50

Figure 1 - Bank Leverage Ratios

nancial Institutions, had some deficiencies and plenty of room for im-provement on risk management and incentive structure levels.

Overleveraged balance sheets, (a situation when a bank is carrying toomuch debt and is unable to pay interest payments from loans) as illus-trated in Figure 1, was one of the major issues and triggers for the crisesmentioned above.

To place this into perspective, Basel III dictates a standard leverage limitof 3% while some institutions such as Lehman had a leverage ratio of32% in 2008. Note however that Basel II did not have restrictions re-garding the maximum leverage ratio at all.

Despite the above and the severity of this chain of events, we don’t seeany of the recommendations, which are now included in the Basel IIIAccord, in any of the Basel II implementations currently in progress inthe region. This is actually pretty peculiar, as we may be deliberatelyimplementing outdated regulations from which its driver may havebeen long overshadowed. Moreover, we are neglecting key changesfrom which its driver has proven to have catastrophic consequencesfor the banking sector and world economy.

Risk Management: Implementing a change, such as the new BaselIII risk measures, within your organisation is a good example and op-portunity to benefit from a regulatory change driver. It will definitelycome at a cost since it requires additional data to determine the newlyintroduced ratios.

However, doing so will significantly increase the level of risk understand-ing of your business and improve your risk management techniquesand general oversight. It will ensure that past excesses are avoided,while it will most likely improve your Risk Adjusted Return on Capital(RAROC). Besides that, taking into account that Basel III will be partof the regulations you have to adhere to in the near future, it’s arguablybetter to take advantage of the incentives now, while it could still pro-vide you with a competitive edge, rather than later when it will be as ahard requirement for you to comply. Obviously, the entire sector willbenefit from the same in the future, creating a level playing field again.

Opportunities: The key to a successful identification and advanta-geous adaption of a new measurement or management, triggered bya regulatory change driver, lays in your own organisation. There willsurely be plenty of opportunities coming your way from recent changedrivers such as Basel III, the Dodd-Frank Wall Street Reform and Con-sumer Protection Act and IFRS 9.

Like Winston Churchill said: “Difficulties Mastered are OpportunitiesWon.” In other words let’s treat our obstacles and challenges as ways toimprove ourselves and hone our crafts.

Arthur Dania is a Senior Banking Compliance & RiskConsultant with IBIS-Management Associates;

www.ibismanagement.com

Notes:

Based on data for the big six Canadian banks, seven major banks from the Euro area, six major UK banks and five large US commercial banks. Canadian data

are based on the regulatory ratio of assets (including some off-balance sheet items) to adjusted Tier 1 and Tier 2 capital. Leverage for other countries is

measured as the ratio of balance sheet assets to shareholders’ equity.

Sources: Bloomberg; financial statements.

Assets as a multiple of capital35

30

25

20

152000 2001 2002 2003 2004 2005 2006 2007 2008

U.S. U.K. Canada Euro area

52

Corporate Governance

The member states of the Organisation of EasternCaribbean States (OECS) and the wider CARICOMnations are at a unique stage in their development. The

private sector consists mainly of family owned and managedbusinesses with a general reluctance to divest their sharehold-ings. Their primary source of capital has been borrowings orcredit facilities from commercial banks and the regional capitalmarkets are relatively under developed.

As an example, at March 31, 2012 there were 70 securities listedon the Eastern Caribbean Securities Exchange (ECSE), consist-ing of 13 equities, 8 corporate bonds, and 49 sovereign debt se-curities.

According to the Eastern Caribbean Central Bank (ECCB) Mon-etary Statistics, the total bank debt outstanding in the EasternCaribbean Currency Union (ECCU) as at April 2013 was EC$15billion, with business loans accounting for EC$5.8 billion.

The amount of capital provided by the ECSE since inception isEC$362 million which represents approximately 2.42% of totaloutstanding debt or 6.26% of business loans.

We can safely state that banks are the primary providers of capitaland as such their sheer contribution necessitates very closemonitoring to ensure their success.

The analysis above highlights the regional market’s risk exposureto commercial bank debt and reinforces the fact that well disci-plined governance systems in both providers and users of capitalis critical in ensuring the interest of all stakeholders - sharehold-ers, employees, governments, suppliers and users of surplus cap-ital, depositors and banks - are protected. This is particularlyimportant in the current environment of overleveraged firms,

high corporate defaults, bank failures and its potential negativeimpact on the stability of the financial system.

The stability of the region is, in large part, dependent on the suc-cess of the financial system which, in turn, necessitates the adop-tion and enforcement of prudent financial managementthroughout the entire business community.

OECD Principles: The Organisation for Economic Develop-ment and Cooperation (OECD) in its Principles of CorporateGovernance has described corporate governance as involving“… a set of relationships between a company’s management, itsboard, its shareholders and other stakeholders…. Good corpo-

rate governance should provide proper incentives for the boardand management to pursue objectives that are in the interestsof the company and its shareholders and should facilitate effec-tive monitoring. The presence of an effective corporate gover-nance system, within an individual company and across an

The Importance of CorporateGovernance in Managing Credit

Risk in OECS Indigenous Banks

The authors highlight the regional market’s risk exposure to commercial bank debt, and make itclear that “well disciplined governance systems in both providers and users of capital” are vital toensure that the interests of all stakeholders are protected. This includes shareholders, employees,governments, suppliers and users of surplus capital, depositors and banks. The authors emphasise:“This is particularly important in the current environment of overleveraged firms, high corporate de-faults, bank failures and its potential negative impact on the stability of the financial system.”

“Total bank debt outstanding

in the Eastern Caribbean

Currency Union (ECCU) as at

April 2013 was EC$15 billion,

with business loans accounting

for EC$5.8 billion.

”

Wayne Auguste and Jodi Boodhoo

53

economy as a whole, helps to provide a degree of confidence that isnecessary for the proper functioning of a market economy.”

In a Caribbean context, employees, banks, insurance companies, socialsecurity, tax authorities, the business community, and suppliers, interalia, are all considered part of the stakeholder grouping. The manage-ment teams of businesses must therefore consider the impact, nega-tive or positive on stakeholders when evaluating and implementingtheir various business decisions. It is prudent that management adopt

a structured approach to ensure the sustainability and viability of theirbusinesses and protect the interest of all stakeholders and shareholders.

One cannot deny the negative effects of global economic shocks onthe financial sectors and businesses of developing economies. How-ever, due to a lack of sound management and robust corporate gover-nance structures, many regional businesses, across all sectors, lack theresilience and nimbleness to lessen the impacts of economic shocksand to tack quickly towards value opportunites in the changing de-mands of the market.

Credit Risk Management & the Regional Regulatory Frame-work: OECS indigenous banks have experienced a higher level ofloan loss provisioning than OECS registered Canadian banks and wehave also recently seen four OECS indigenous bank failures. OECSregistered Canadian banks have also experienced higher levels of loandefaults as a percentage of their loan portfolios than their Canadianbased operations.

These observations are interesting to note as they raise questions re-garding the current approach to credit risk management in the OECSwhich has a heavy internal focus. That is, measures, procedures andpolicies are implemented internally to reduce risk exposures withinbanks. There is a need for greater emphasis to be placed on externalrisk factors. Regional banking legislation and the various credit risk man-agement policies are generally silent on the issue of corporate gover-nance and active monitoring as it relates to the client side. In manycases of overleveraged and failing businesses in the OECS, loans andoverdraft extensions were provided to these businesses withoutenough regard given to better evidencing the existence of proper andfunctioning governance and management systems.

The regional credit risk management framework is modeled from theBank of International Settlements recommendations which are, in turn,based on assumptions about the institutional framework within devel-oped economies which are not widely prevalent in developingeconomies.

The fundamental difference is the maturity of the institutional frame-works of many developed economies which underpins the success oftheir private sectors and, thus, their economies. Closely linked are thehigh levels of liquidity in the real estate, equity and debt primary andsecondary markets which makes it considerably easier to dispose ofassets and failing businesses and for banks to realise on their loan col-lateral.

On the other hand, the institutional frameworks in the OECS territoriesare underdeveloped, not functioning efficiently enough, and the realestate, equity and debt markets are too illiquid. These factors make itvery difficult for banks to realise on collateral held to secure bank loansor to repackage and securitize. It is also important to note that, in everycase, attracting equity is dependent squarely on the recipient businessfirst evidencing a sound corporate governance architecture which in-cludes, among other attributes, functioning control systems, compe-tent management, and good prospects for medium term growth.

The reality is that equity investors are reluctant to provide capital with-out seeing functioning corporate governace systems and without beingable to map a sound strategic pathway to a profitable medium termexit or a consistent long term return on investment.

The Need for Change: The question remains: how do we influencethe necessary changes towards a greater appreciation of sound corpo-rate governance architecture as quickly as possible? Banks, because oftheir role as primary providers of business capital, are well placed tomake the right demands on the borrowing community to protect theinterest of all stakeholders.

The ECCB is yet to fully implement Basel II and Basel III is not yetunder consideration. The concern, at this stage, is not with the reason-

“The OECS indigenous banks

have experienced a higher level

of loan loss provisioning than

OECS registered Canadian banks

and we have also recently seen four

OECS indigenous bank failures.

”

“In addressing the level of non-

performing corporate loans, we

are strongly of the view that robust

governance architecture within the

corporate community is one of the

primary solutions in ensuring a

healthy and sustainable financial

and business system.

”

54

ableness of the Basel accords but with its implicationsfor capital requirements given our regional issues withcredit quality. Basel II and III require the use of riskweighted assets, market risk and operational risk in thecalculation of the capital requirements. The primaryrisk weighted asset is loans.

Loan assets generally account for approximately 70%of total assets of the indigenous banks with the corpo-rate portfolio being by far the worst performing assetportfolio of the regional banks. This has grave implica-tions for the capital and liquidity requirements of theindigenous banks as a deteriorating portfolio meansmore capital must be set aside to meet the target cap-ital ratio.

It is, therefore, in everyone’s interest to ensure thatcredit quality is improved and sustained by fully enforc-ing current policy as well as implementing additionalmeasures such as strengthening corporate governancewithin the indigenous banks and the businesses whoare recipients of depositors’ funds. This will require a fullreview and needs assessment of our institutional frame-work and the resolve to make bold and proactivechanges to current policy, legal, and regulatory require-ments concerning banks and businesses.

In addressing the level of non-performing corporateloans, we are strongly of the view that robust gover-nance architecture within the corporate community isone of the primary solutions in ensuring a healthy andsustainable financial and business system.

Currently, the chain reaction originating from poorlymanaged businesses begins with cash flow problems,then leads to delinquency in supplier payments whichaffect the supply chain, delinquency in paying businessloans, taxes, and other statutory dues, then job losseswhich lead to a drop in income and expenditure which,in turn, affects personal loan payments and eventuallythis chain reaction results in decreasing GDP and apoorer quality of life for all concerned. The cost of a re-fined framework and compliance with such to createand increase competitive advantage and financial sys-tem stability is a non-issue in the face of the cost of in-action.

Wayne Auguste is Director – Strategy, Jodi Boodhoo is Director – BusinessDevelopment, Avance Inc.;www.avanceadvisory.com

First released in May 1999 and revised in 2004, the OECDPrinciples are one of the 12 key standards for internationalfinancial stability of the Financial Stability Board and form thebasis for the corporate governance component of the Reporton the Observance of Standards and Codes of the WorldBank Group.

The preamble to the OECD Principles states that they “areevolutionary in nature and should be reviewed in light ofsignificant changes in circumstances”. It is also recognisesthat, “To remain competitive in a changing world,corporations must innovate and adapt their corporategovernance practices so that they can meet new demandsand grasp new opportunities”.

The financial crisis revealed severe shortcomings in corporategovernance. When most needed, existing standards failed toprovide the checks and balances that companies need inorder to cultivate sound business practices. In 2010, theOECD published a set of recommendations forimprovements in priority areas such as remuneration, riskmanagement, board practices and the exercise ofshareholder rights. These recommendations also address howthe implementation of already-agreed standards can beimproved.

In 2002, OECD Ministers called for a review of the OECDPrinciples of Corporate Governance. After more than a yearof extensive and open consultations, including anopportunity for public comment via the website, the revisedPrinciples were released in April 2004.

The work on reviewing the Principles was supported by asurvey of corporate governance developments in OECDcountries, which was carried out in 2002-2003, and a similarsynthesis of experiences gained from the Regional CorporateGovernance Roundtables.

During the review process, the OECD asked for publiccomment on the draft text of the revised Principles.Comments were received from more than 70 individuals,national and international organisations, including, amongstothers, the International Corporate Governance Network,Standard and Poors, the International Federation ofAccountants, Institutes of Internal Auditors.

About the OECD Principles of Corporate Governance

Source: www.oecd.org

55

members round-up ANGUILLA

Caribbean Commercial Bank (Anguilla) Ltd. PO Box 23, 1 St. Mary’s Street, The Valley, ANGUILLA Tel: (264) 497 2571/3, Fax: (264) 497 3570 E-Mail: ccbaxa@anguillanet.com/service@ccb.aiWebsite: www.ccb.ai

Incorporated under the Laws of Anguilla since November1976, Caribbean Commercial Bank (Anguilla) Ltd, a pri-vate and locally owned institution has operated with thesingle commitment to meet and exceed the financialneeds of the Anguillian community. For several years andongoing, it has proudly done so under the theme “Bank-ing for My Life.” This commitment is true within the organ-isation as it provides high quality financial servicesthrough well-trained, motivated and rewarded staff. TheBank, with a staff compliment of (53) employees, hasmore than 150 years of combined managerial experienceand continues to be a pillar of strength in the communitythrough meaningful participation in its social and eco-nomic development. As at October 31, 2012, the Bank’saudited asset base was XCD$760.8M.

National Bank of Anguilla Ltd. PO Box 44, TheValley, ANGUILLA Tel: (264) 497 2101/4, Fax: (264) 497 3310 E-Mail: nbabankl@anguillanet.comWebsite: www.nba.ai

Established in 1985, with the purchase of the Anguillaoperations of Bank of America, National Bank of AnguillaLtd (NBA) is a publicly owned company offering residentsa variety of personal and commercial banking productsand services. It operates from (2) branches and has astaff complement of (131). National Bank of Anguilla Ltdcurrently has (12) ATM’s including 1 Mobile ATM, thelargest network on the island. In terms of market shareNBA is the largest commercial bank operating in Anguil-la. Its wholly owned subsidiary NBA (Private Banking &Trust) Ltd, incorporated to provide Offshore FinancialServices on Anguilla to non-resident clients, became fullyoperational in April 2005. NBA is "Committed to achieveexcellence in financial services through skilled and dedi-cated management and staff for the benefit of customers,shareholders and the community." Its audited asset basewas US$412.15 million as at March 2008.

ANTIGUA & BARBUDA

Antigua Commercial Bank General Manager: Mr. Gladston S. Joseph CAB Rep: Mrs. Denise ArmstrongAssistant General Manager – Credit and ControlThames & St. Mary's Streets, PO Box 95

St. John's, ANTIGUA Tel: (268) 481 4200/1/2/3, Fax: (268) 481 4229 E-mail: gsjoseph@acbonline.com/darmstrong@acbonline.comWebsite: www.acbonline.com

Antigua Commercial Bank (ACB) was incorporated in1955 with a share capital of EC$100,000. It is the country'sfirst indigenous bank and public company. ACB is wellknown for its role in assisting local entrepreneurs, smallbusiness owners and the youth of Antigua and Barbuda.Its subsidiary, ACB Mortgage & Trust Co. Ltd., is thelargest indigenous provider of mortgage finance on theisland. ACB aims "to be the leading financial and relatedservices provider by exceeding its stakeholders’ expecta-tions through exemplary service, innovative products andadapting to an ever-changing environment." The Bankoperates (3) branches and (2) agencies and has (10)Automated Teller Machines, the largest network of ATMson the island. ACB has a staff complement of (115), and isone of the largest indigenous commercial banks inAntigua & Barbuda, with an audited asset base ofUS$339 million as at September 30, 2012.

Caribbean Union Bank Ltd.General Manager: Mr. Greg Gilpin-PaynePO Box W2010, Friars Hill Road, St John’s, ANTIGUATel: (268) 481 8272, Fax: (268) 481 8291E-Mail: greg.gilpin-payne@cub.agWebsite: www.caribbeanunionbank.com

Caribbean Union Bank Ltd. (CUB) was incorporated inAugust 2004 and granted a Banking license in Septem-ber 2005. The Bank operates from (2) branches, one atits Friars Hill address where it also has (2) ATMs on siteand (1) at Jolly Harbour, and (1) at Mount St. John MedicalCentre. CUB has (31) staff and its mission is to “Embracethe vision of a unified Caribbean economy and strive forexcellence in financial services to support regional devel-opment and create Caribbean wealth. We will berenowned for our passionate pursuit of service levels thatconsistently exceed our customers' expectations througha combination of our indigenous skills and the innovativeuse of modern technology. We will enhance shareholdervalue and the well being of our employees and communi-ty.” The Bank offers financial services to both personaland corporate entities and as at September 2010 had anaudited asset base of US$52,142,851million.

Eastern Caribbean Amalgamated Bank Ltd. General Manager: Mr. Henry Hazel1000 Airport Boulevard, Coolidge, P.O. Box 315, AntiguaTel: (268) 480 5300, Fax: (268) 480 5433Email: hhazel@ecabank.comWebsite: www.ecabank.com

members round-upEastern Caribbean Amalgamated Bank (ECAB) is a fullservice commercial bank located in Antigua, which offersbanking products and services to individual and busi-ness clients within Antigua and across the region. Ownedby a consortium of regional institutions, this extraordinaryfinancial institution symbolises the strength and determi-nation that characterises our Caribbean region anddemonstrates the stability of our Indigenous Banking Sys-tem. ECAB is one of eight commercial banks currentlyoperating in Antigua, serving a broad-based clientelefrom four convenient branches, strategically locatedthroughout the island. Our (4) branch locations at thebank's headquarters in Coolidge, downtown St. John's,Nelson’s Dockyard in English Harbor, and Jolly Harbour,give us the largest network of branches operated by anybank on the island. Our customer focused businessmodel is continually reinforced through staff training anddevelopment to ensure the delivery of superior customerservice and the ability to effectively manage customerrelationships with individual and corporate bankingclients.

Global Bank of Commerce Ltd. Chairman and CEO: Mr. Brian Stuart-YoungGlobal Commerce Centre,Old Parham Road, PO Box W1803St. John's, ANTIGUA Tel: (268) 480 2329, Fax: (268) 480 3321E-mail: customer.service@gbc.ag<mailto:customer.service@gbc.ag> Website: www.globalbankofcommerce.com

Global Bank of Commerce Ltd is a locally owned andoperated institution licensed since 1983, and is consid-ered the “grandfather” of international financial servicesin Antigua. It offers demand deposits, savings accountsand certificates of deposit with bi-lingual (English/Span-ish) client relations management services; provides bank-ing services to international businesses involved intourism and real estate developments; promotes wealthmanagement products and services ; and supportsclients with 24/7 online access to their accounts in USD,EURO, GBP and CDN currencies. Its management andstaff are committed to delivering a most pleasurablebanking experience to clients, and place customer satis-faction as their highest priority. It securely hosts strongtechnology driven services within its own data and pro-cessing centre, including internet banking, mobile bank-ing, electronic commerce facilities and card services pro-vided under its Visa membership, as well as mobile pay-ments. It is a global provider of branded card servicesoperating in over 100 countries, with an in-house globalpayment and processing platform for Internet-enabledclient programmes. Its subsidiary, Global ProcessingCentre, Ltd. is PCI compliant and Visa certified as an EFTprocessor able to process ATM, POS and Ecommerceacquiring and card issuing for other financial institutions.

The Bank embraces the vision that it can provide globallycompetitive financial services and products, regardlessof its size and geographic location. It has its corporateheadquarters and wealth management company at itsGlobal Financial Centre on Friar’s Hill Road and a Branchoffice and Data Centre at Global Commerce Centre onOld Parham Road, staffed by (42) employees. The Bank’sCEO was the recipient of CAIB’s Excellence Award in2010. It is audited by the international accounting andbusiness advisory firm, PKF, and its audited statements atDecember, 2010 confirmed an asset base of US$115.2 mil-lion, shareholder equity of US$30 million and net incomeof US$2.8 million.

BARBADOS

Republic Bank (Barbados) LimitedManaging Director & CEO: Mr. Ian De SouzaIndependence Square, PO Box 1002, Bridgetown,BARBADOSTel: (246) 431 5907; Fax: (246) 429 2606E-Mail: idesouza@republicbarbados.comWebsite: www.republicbarbados.com

Republic Bank (Barbados) Limited, formerly BarbadosNational Bank Inc. was established in March 1978 follow-ing an amalgamation of three government owned finan-cial institutions, namely Barbados Savings Bank whichdates back to 1852, Sugar Industry Agricultural Bank andthe National Housing Corporation (Public Officers Hous-ing Loan Fund). In April 1978, the bank acquired theassets of Bank of America in Barbados. Following partialprivatization of the bank in 2000, the Government of Bar-bados sold 57% of its shareholding to Republic Bank Lim-ited, Trinidad & Tobago. In 2003, Republic subsequentlyincreased its shareholding to 65.13%. In 2013, RepublicBank further increased its shares to the full 100%. Thebank was also officially rebranded as Republic Bank(Barbados) Limited in 2012. The bank has a staff comple-ment in excess of (500) with its headquarters located atIndependence Square, Bridgetown. Republic operates(10) branches strategically positioned across the islandwith two branches in the island’s capital Bridgetown aswell as an extensive ATM network with 26 locationsisland-wide. The bank owns two subsidiaries – RepublicFinance & Trust (Barbados) Corporation and RepublicFunds (Barbados) Inc. Republic Bank’s vision is to be thefinancial institution of choice in Barbados for its cus-tomers, shareholders and staff. Its mission is “To providePersonalised, Efficient and competitively priced FinancialServices and to Implement Sound Policies which willredound to the benefit of our Customers, Staff, Share-holders and the Communities we serve.” The bank’s corevalues are Customer Focus, Respect for the Individual,Integrity, Professionalism and Results Orientation. Repub-lic Bank (Barbados) Limited is now one of the largest

56

57

members round-upbanks in Barbados and as at March 2013 had an assetbase of US$1.16 billion.

Capita Financial Services IncPresident & CEO: Mr. Paul MaxwellWalrond StreetBridgetown, BARBADOSTel: (246) 431 4716 Fax: (246) 426 6168E-Mail: Paul.maxwell@capitacaribbean.comWebsite: www.capitacaribbean.com

CAPITA FINANCIAL is full service provider of financialsolutions operating in the islands of Barbados and St.Lucia. While CAPITA —as it is now known—is relativelynew to the landscape, the dynamic and innovative teamhas years of experience in the provision of financial serv-ices. Primary areas of business include financing for resi-dential and commercial real estate, vehicle purchase andleasing and home equity loans. On the investment side,CAPITA offers long term fixed deposits at competitiverates. Additional services, including stock brokerage,insurance brokerage and Trustee services, complete therange of services offered. At CAPITA, the vision of superi-or customer service means that we are always working toensure that the experience with us is convenient, easyand satisfactory. Our clients include, private individuals,Insurance Companies, Credit Unions, Government Statu-tory Corporations and Institutional Investors.

The company, which was originally incorporated in May1984 as the Caribbean Commercial Trust Company isnow a subsidiary of Barbados Public Workers Co-opera-tive Credit Union Limited, Barbados' largest Credit Unionwith assets in excess of USD$400 million. Vision: “We willbe the financial services provider of choice, operating inthe global marketplace, renowned for innovation, out-standing performance and superior customer service.”Mission: “We aim to be the leader in the provision offinancial services, continuously striving to improve for thebenefit of our customers, shareholders and employees.”Motto: “Today, Tomorrow, Together.”

Caribbean Development Bank(Honorary Member)President: Dr. Warren SmithDivision Chief, Internal Audit Unit and Evaluation &Oversight DivisionPO Box 408, Wildey, St. Michael, BARBADOSTel. (246)431-1600, Fax: (246)426-7269 E-Mail: info@caribank.orgWebsite: www.caribank.org

The Caribbean Development Bank (CDB) is a regionalfinancial institution which was established by an Agree-ment signed on October 18, 1969, in Kingston, Jamaica,and which entered into force on January 26, 1970. TheBank came into existence for the purpose of contributingto the harmonious economic growth and development of

its member countries in the Caribbean and to promoteeconomic cooperation and integration among them, hav-ing special and urgent regard to the needs of its lessdeveloped members in the region. Its core functionsinclude: assisting the borrowing member countries(BMCs) to optimise the use of their resources, to developtheir economies and to expand production and trade;promoting private and public investment, facilitating busi-ness activity and expansion; mobilising financialresources from both within and outside the region fordevelopment; providing technical assistance to its region-al borrowing members; supporting regional and localfinancial institutions and a regional market for credit andsavings and supporting and stimulating the developmentof capital markets in the region. Its Mission states: “CDBintends to be the leading catalyst for developmentresources into the Region, working in an efficient, respon-sive and collaborative manner with its BMC's and otherdevelopment partners towards the systematic reductionof poverty in its BMCs through social and economicdevelopment.” The Bank had total Ordinary CapitalResources assets of US$1,640.8, million as at December31, 2012.

Caribbean Financial Services Corporation President: Mr. Anthony Maughn Radley Court, Collymore Rock, St. Michael, BARBADOSTel: (246) 431 6400, Fax: (246) 426 1869E-Mail: cfsc@sunbeach.netWebsite: www.cfsc.com.bb

Caribbean Financial Services Corporation (CFSC), aregional private sector company, commenced operationsin 1984 as a collaborative enterprise between regionalcompanies, international development agencies, andmultinational financial institutions. CFSC provides arange of services to the CARICOM business communityby making medium and long term loans and equityinvestments to commercially viable projects for whichfunding is often unavailable. Emphasis is placed on proj-ects which create employment and generate foreignexchange. CFSC has a staff complement of (9) and hadan audited asset base of US$22.9 million as at March2010.

Signia Financial Group Inc. Chief Executive Officer: Mr. Paul Ashby 1st Floor Carlisle House, Hincks StreetBridgetown, BARBADOSTel: (246) 434 2360, Fax: (246) 434 0057E-Mail: Paul.Ashby@signiafinancial.comWebsite: www.signiafinancial.com

Signia Financial Group Inc is a Banking and Stock Bro-kerage company owned by Cave Shepherd, GraceKennedy and United Insurance. It provides a full range ofretail and commercial banking services as well as stockbrokerage and capital market services. The company is

members round-upan authorised foreign exchange trader. The company hasmanaged three take-over bids and two oversubscribedrights issues and has become a major player in the Retailand Commercial Banking sector. Signia Financial islicensed under the Financial Institution Act and the Secu-rities Act, 2001, and is regulated by the Central Bank ofBarbados and the Securities Act, 2001. Signia FinancialGroup Inc. has a staff complement of (30) and an auditedasset base of US $75 million as at September 2010.

BELIZE

The Belize Bank LimitedChairman: Lyndon GuiseppiCAB Rep: Michael B. Coye, Deputy Group ChiefFinancial Officer60 Market Square, PO Box 364, Belize City, BELIZETel: (501) 227 7132/5, Fax: (501) 227 2712E-Mail: mcoye@belizebank.comWebsite: www.belizebank.com

The Belize Bank Limited commenced banking opera-tions in Belize by purchasing the Royal Bank of Canadain April 1987. Registered under the Banks and FinancialInstitutions Act, the Belize Bank Limited is the largest fullservice commercial banking operation in Belize, provid-ing a complete range of banking and financial services toboth domestic and international customers. The Bank’smission is “to maximize value for individuals and busi-nesses locally and internationally by providing quality andinnovative financial services, nurturing long-lasting rela-tionships and developing superior customer service”.The Belize Bank is well placed to provide high quality pro-fessional service through its countrywide network of (12)branches and more than (25) ATMs and a staff comple-ment of (385) employees. In 2000, the Bank extended itsservices to the Turks and Caicos Islands through its asso-ciate, British Caribbean Bank Limited (formerly TheBelize Bank (Turks & Caicos) Limited). Subsequently in2006, a wholly owned subsidiary, Belize Bank Internation-al Limited, was established to better serve the Bank’sinternational customers. The Bank’s consolidated audit-ed asset base as at year end March 2013 was US$465million.

BRITISH VIRGIN ISLANDS TORTOLA

National Bank of the Virgin Islands Limited Chief Executive Officer: Miss Joy N. FrancisPO Box 275, Wickham’s CayRoad Town, Tortola, BRITISH VIRGIN ISLANDSTel: (284) 494 3737/8, Fax: (284) 494 3119

National Bank of the Virgin Islands Limited, formerlyDevelopment Bank of the Virgin Islands Ltd., was incor-

porated on February 1, 2005 under the Companies Act,Cap 285 and was subsequently registered in the BVIBusiness Companies Act with an authorized share capitalof US$15 million. However, the bank opened its doors in1980 as a Statutory Corporation under the British VirginIslands Development Bank Act 1974. Effective April 1,2005, the Development Bank of the Virgin Islands (Trans-fer of Assets & Liabilities) Act, 2004, and the Develop-ment Bank of the Virgin Islands (Transfer of Assets & Lia-bilities) Vesting Order 2005 came into force to facilitatethe new direction of the bank. The bank now operatesunder a general banking license in accordance with theBanks and Trust Companies Act, 1990. Wholly owned bythe Government of the British Virgin Islands, DBVIL istransitioning from a purely developmental type institutioninto a commercial banking entity. In addition to takingdeposits, the Bank offers mortgages (commercial andresidential), personal and consumer loans. Currently thebank operates from (1) branch, is staffed by (43) employ-ees and had an asset base of US$130 million as atDecember 2012.

CAYMAN ISLANDS

Cayman Islands Development Bank General Manager/CEO: Ms. Tracy Ebanks PO Box 2576, 36B Dr. Roy's Drive, Grand Cayman KYI-llO3, CAYMAN ISLANDSTel: (345) 949 7511, Fax: (345) 949 6168 E-Mail: tracy.ebanks@cidb.ky

Cayman Islands Development Bank (CIDB), a statutoryauthority wholly owned by the Cayman Islands Govern-ment, was established in March 2002. The primary func-tion of the Bank is to mobilise and provide financing for,as well as to promote and facilitate, the expansion andstrengthening of the economic development of theIslands. As the islands' only development bank, CIDB’srole is to complement and supplement the activities ofthe local commercial banks. Lending is primarily focusedon three key areas: small businesses, the housing sectorand human resource development. The branch is staffedby (15) members. As at the end of the fiscal year, June2009, the total audited assets of the Bank stood at US$46million.

Cayman National Bank Ltd.President: Mr. Ormond A. Williams200 Elgin Avenue, PO Box 1097 GT, Grand Cayman KY1-1102 CAYMAN ISLANDS Tel: (345) 949 4655, Fax: (345) 949 7506E-Mail: ormond.williams@caymannational.comWebsite: www.caymannational.com

Cayman National Bank Ltd (CNB) is headquartered inone of the largest financial centres in the world, the Cay-man Islands (CI). Cayman National Bank is the largest of

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members round-upsix other wholly-owned subsidiaries of Cayman NationalCorporation Ltd., a publicly owned and traded Caymancompany. The Bank’s mission is “Our business is satisfy-ing our clients’ financial needs. We aspire to be knownand preferred for our client focus, innovative productsand services, passion for consistent high levels of serv-ice, being the best place to work and our ability to createeconomic value for our shareholders.” Cayman NationalBank with its (8) Customer Service Centres and largestfleet of (20) ATMs and growing, is the only bank with apresence on all 3 islands comprising the CaymanIslands. For more than 38 years, the Cayman NationalGroup of Companies has provided its customers with afull range of domestic and international financial servicesto meet their personal or business financial objectives;full service retail and corporate banking, online banking,investment services, trust services, company formation,administration and management, fund management andwealth management. The Group has also establisheditself as an integral part of the Cayman Islands, both inthe community as well as in the financial arena. CaymanNational also has operations in Dubai, Panama and theIsle of Man. Cayman National Bank was voted 'Bank ofthe Year 2005 and 2008 in the Cayman Islands' by theBanker Magazine and also received the inaugural awardof “Top Employer” from the Cayman Islands Society ofHuman Resource Professionals (CISHRP) in 2010. CNBhas a staff complement of (245) and its audited assetbase at September 2011 was US$1.086 Billion.

National Building Society (Cayman)General Manager: Mr. Dunbar McFarlane29 Elgin Avenue, PO Box 504 Grand Cayman KY1-1106, CAYMAN ISLANDS Tel: (345) 946 3030, Fax: (345) 946 3031E-mail: dmcfarlane@jnbs.comWebsite: www.jnnbsc.com

The National Building Society of Cayman (NBSC) wasestablished in the Cayman Islands in 1992. It is a sub-sidiary of Jamaica National Building Society, a leadingJamaican financial institution. NBSC provides homemortgages as well as savings and fixed deposit accounts.A Caymanian financial institution delighting local andinternational customers with a range of superior savings,loans, and other financial products and services, is itsmission. The Society presently has a staff complement of(12) and as at Financial Year ended 31.3. 2011 its assetbase was US$59.8M.

DOMINICA

National Bank of Dominica Ltd. General Manager: Mr. Michael BirdCAB Rep.: Mr. Bernard Thomas 64 Hillsborough Street, PO Box 271, Roseau, DOMINICA

Tel: (767) 255 2300, Fax: (767) 448 3982E-Mail: customersupport@nbd.dmWebsite: www.nbdominica.com

National Bank of Dominica Ltd. (NBD) began operationsin March 1978 as National Commercial & DevelopmentBank. In December 2003, the Bank privatized its holdingsand became National Bank of Dominica Ltd. NBD earneda reputation of being innovative and product savvy, deliv-ering a wide portfolio of loan and deposit instruments toits customers. It was among the first in the region to offeran International Debit Card on a Visa platform and MobileBanking. NBD

Currently operates out of (6) locations with a staff com-plement of (154) and has (20) ATMs at 14 locations acrossthe island, making it the largest bank in Dominica. TheBank aims to provide high quality wealth creating solu-tions for customers at home, in the wider Caribbean andbeyond. NBD manages assets in excess of 40% of thelocal banking industry and as one of the leading emerg-ing financial institutions in the OECS; NBD had an assetaudited base of US$350 million as at June 2012.

GRENADA

Grenada Co-operative Bank Ltd. Managing Director: Mr. Richard W. Duncan#8 Church Street, PO Box 135, St. George's, GRENADATel: (473) 440 2111 EXT 6222, Fax: (473) 440 6600 E-mail: rwduncan@grenadaco-opbank.comWebsite: www.grenadaco-opbank.com

Grenada Co-operative Bank Limited, often referred to as“Co-op Bank,” was established in 1932 out of a dire needfor a bank that could provide service to the working classand the small business owners. Seizing the opportunity,the Bank began operations from a single unit in St.George's. Today, the bank has over (150) members ofstaff offering a full range of commercial services at (5)Retail Banking Units and (10) ATMs. Grenada Co-opera-tive Bank Limited aims “To be the leading Grenadianprovider of high quality financial and related services toindividuals and organisations in local and internationalmarkets, maximising benefits for all stakeholders." Thebank recognises that when it comes to finances, a caringand understanding relationship is everything. As at Sep-tember 2010 the audited asset base was US$200 million.

Republic Bank (Grenada) Limited Managing Director - Mr Keith Johnson Republic House, Grand Anse, PO Box 857, St. George’s, GRENADATel: (473) 444 2265, Fax: (473) 444 5501E-mail: info@republicgrenada.comWebsite: www.republicgrenada.com

members round-upRepublic Bank (Grenada) Limited, formerly The NationalCommercial Bank of Grenada Limited, was established inOctober 1979 with the first branch in Grenville, St. Andrew.During the ensuing decade the Bank expanded its net-work across the tri-island State of Grenada. A subsidiaryof Trinidad based parent company Republic Bank Limit-ed since 1992, the Bank changed its name and re-brand-ed in April 2006 when it adopted the Republic BankBrand. On June 25th 2008 the Bank became the firstGrenadian corporation to list its shares on the EasternCaribbean Securities Exchange (ECSE) The Bank is com-mitted to providing personalised, efficient and competi-tively priced financial services and implementing soundpolicies that redound to the benefit of customers, staffand shareholders. It has a wide distribution channelwhich includes Internet Banking; telephone banking and(11) ATMs. The Bank has consistently received Good Cor-porate Citizen Awards including the Best Corporate Citi-zen Award among commercial banks in the OECS by theECCB in 2001, 2003, 2004, 2007 and 2011. Staffed by(230) employees, the Bank had an audited asset base ofUS$265.7 million as at September 2012.

GUYANA

Caribbean Community Secretariat (CARICOM) (Honorary Member)Secretary General: H.E. Irwin LaRocqueCAB Rep: Mrs. Enid BissemberDeputy Programme Manager, Economic PolicyPO Box 10827, Turkeyen, Greater Georgetown, GUYANATel: (592) 222 0001/75, Fax: (592) 222 0171E-Mail: enidb@caricom.orgWebsite: www.caricom.org

In 1972, Commonwealth Caribbean leaders at the 7thHeads of Government Conference decided to transformthe Caribbean Free Trade Association (CARIFTA) into aCommon Market and establish the Caribbean Communi-ty, of which the Common Market would be an integralpart. The signing of the Treaty establishing the CaribbeanCommunity, Chaguaramas, 4th July 1973, was a definingmoment in the history of the Commonwealth Caribbean.Although a free-trade area had been established, CARIF-TA did not provide for the free movement of labour andcapital, or the coordination of agricultural, industrial andforeign policies. The Community has the following objec-tives: (a) improved standards of living and work; (b) fullemployment of labour and other factors of production; (c)accelerated, coordinated and sustained economic devel-opment and convergence; (d) expansion of trade andeconomic relations with third States; (e) enhanced levelsof international competitiveness; (f) organisation forincreased production and productivity; (g) the achieve-ment of a greater measure of economic leverage and

effectiveness of Member States in dealing with 3rdStates, groups of States and entities of any description;(h) enhanced co-ordination of Member States' foreigneconomic policies; and (i) enhanced functional co-opera-tion.

Citizens Bank Guyana Inc. Managing Director: Mr. Eton M. Chester BSc 201 Camp & Charlotte Streets, Lacytown, Georgetown, GUYANA Tel: (592) 226 1708/9, Fax: (592) 227 8251 E-Mail: emchester@citizensbankgy.comWebsite: www.citizensbankgy.com

Citizens Bank Guyana Inc. was incorporated in Novem-ber 1993 and commenced business in November 1994 asa wholly owned subsidiary of Citizens Bank Jamaica Lim-ited. The administrative office and main branch of Citi-zens Bank Guyana Inc. is situated at Lot 201 Camp andCharlotte Streets, Lacytown, Georgetown. In Septemberof 1996, Citizens Bank Jamaica Limited reduced its own-ership of Citizens Bank Guyana Inc to 70% and in Novem-ber of 1998, existing Guyanese shareholders acquired theremaining 70% shareholding in Citizens Bank Guyana Incheld by Citizens Bank Jamaica Limited. Banks DIH Limit-ed, a company incorporated in Guyana, acquired suffi-cient additional shares to enable it to own 51% of theshare capital of the Bank. Other major shareholders ofthe Bank are the Continental Agencies Limited 16.7% andthe Hand-in-Hand Insurance Group with 16.5%. 69 share-holders including 5 employees hold the remaining 13.01%.The bank’s mission is “To attain Distinguished Leader-ship through a team of Professionals delivering Innova-tive, Superior Service to our Customers.” It is staffed by(82) employees and has (8) ATMs, located at convenientpoints around the capital, Georgetown and at each of its(4) branches located at Camp Street and Thirst Park,Georgetown, Parika, East Bank of Essequibo and Bartica,Essequibo River. The Bank had total assets of US$ 133.0million as at September 30, 2010.

Guyana Bank for Trade and Industry Ltd.Chief Executive Officer: Mr. John TraceyCAB Rep: Mr. John Tracey, Chief Executive OfficerGBTI Corporate Office High & Young Streets, KingstonGeorgetown, GUYANATel: (592) 231-4400/08, Fax: (592) 231-4411E-Mail: banking@gbtibank.comWebsite: www.gbtibank.com

Guyana Bank for Trade and Industry Ltd. has a rich andsuccessful history that dates back to the establishment ofthe first commercial bank in British Guiana in 1836, andwas part of the Barclays Bank network up to 1987 whenBarclays sold their local operations to the Government ofGuyana, and the Bank was renamed Guyana Bank forTrade and Industry Limited. In 1991, GBTI became a pub-

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members round-uplic company and now has over 1,800 shareholders,including a majority shareholder. GBTI provides an exten-sive range of services to its corporate and individualclients through its (10) countrywide branches staffed by(325) employees. A range of business and investmentaccounts cater to individuals and the business communi-ty, and financing is offered under the GBTI QualityLifestyle and Commercial Loan Plans. The Bank also pro-vides international business services such as moneytransfer, bills for collection, bills discounting, and pre-export financing; and technology-based services such asVisa Prepaid & Credit Cards, Web Banking, TelephoneBanking and Debit Cards for its network of (17) ATMs andover (150) POS Terminals located throughout the country.The Bank has built up a reputation for innovative, efficientand quality service to its customers and embraces itsresponsibility as a good corporate citizen through its var-ied and sustained nation building contributions. TheBank has market share of 21% in assets, 20% in deposits,and 23% in lending. GBTI is the second-largest commer-cial bank in Guyana, with an audited asset base ofUS$310 million at December 2010.

Hand-in-Hand Trust Corporation Inc. General Manager/Director: Mr. Hewley Nelson 62-63 Middle Street, PO Box 10569, NorthCummingsburg, Georgetown, GUYANA Tel: (592) 227 1772, Fax: (592) 226 9971 E-Mail: trustco@gol.net.gyWebsite: www.handinhandtrust.com

Hand-in-Hand Trust Corporation Inc., formerly GNCBTrust Corporation Inc., was incorporated in 1971 as a whol-ly owned subsidiary of the Guyana National CooperativeBank Ltd. In 1977 it was re-incorporated as a public com-pany but later privatised and the principal shareholder isthe Hand-in-Hand Group of Companies. The Trust Corpo-ration has (46) employees and it is the largest fund man-ager in Guyana with an audited asset base of US$ 32.9million as at 31st December, 2009. The mission of theTrust is "To complement the services provided by otherinstitutions for the improvement of the quality of life of thepeople of our community."

Republic Bank (Guyana) Limited Managing Director: Mr. John N. Alves PO Box 10440, Promenade Court,155-156 New Market Street, South Cummingsburg, Georgetown, GUYANA Tel: (592) 223 7938/49, Fax: (592) 227 4523E-Mail: Headoffice@republicguyana.comWebsite: www.republicguyana.com

Republic Bank (Guyana) Limited formerly National Bankof Industry and Commerce Limited (NBIC) has been partof Guyana's landscape for over 17 decades. It is the suc-cessor to the British Guiana Bank which commenced

operations in 1837. In 1914, British Guiana Bank's opera-tions were sold to the Royal Bank of Canada, which waslater acquired by the Government of Guyana in 1984, andvested in the National Bank of Industry and CommerceLtd. In October 1997, 47.5% of the stocks held by the Gov-ernment and the National Insurance Scheme was sold toRepublic Bank Limited of Trinidad and Tobago, whichtoday holds 51% of the stockholdings of the bank. Repub-lic Bank (Guyana) Limited operates from (11) locationswith a staff of (602) as at July 2011, and (33) ATMs at (16)locations. The Bank’s mission is “To provide Person-alised, Efficient and Competitively-priced Financial Serv-ices and to implement Sound Policies which will redoundto the benefit of our Customers, Staff and Shareholders.”It aims to realise its commitment to the economic devel-opment of Guyana through continuous innovation andthe use of modern technology driven by its sound leader-ship and corporate social responsibility. The Bank’s assetbase as at September 2010 was approximately US$473.7million.

JAMAICA

First Global Bank LimitedPresident: Mrs. Maureen Hayden-Cater2 St. Lucia AvenueKingston 5, JAMAICA Tel: (876) 935-1885, Fax: (876) 754-6784 E-Mail: maureen.hayden-cater@gkco.comWebsite: www.firstglobal-bank.com

First Global Bank Limited (FGB), a wholly-owned sub-sidiary of Grace Kennedy Limited, began operationsunder its current name in January 2001. It has (3) branch-es in Kingston, (1) in Montego Bay and (1) in Mandeville.FGB continues to distinguish itself by providing value-added commercial banking products and services toCaribbean people worldwide, through its debit and creditcard services; online banking facilities; certificates ofdeposit; chequing and savings accounts; foreignexchange trading and corporate and retail lending. TheBank’s mission is “To satisfy the unmet financial servicesneeds of Caribbean people.” With its head office locatedin the heart of Jamaica’s business capital, FGB is current-ly staffed with just over (200) employees and had anasset base of approximately US$331 million, as at Decem-ber 2010.

Jamaica Money Market Brokers Limited(JMMB) Group Chief Executive Officer: Mr. Keith DuncanGroup Executive Director: Mrs. Donna Duncan-Scott6 Haughton Terrace, Kingston 10, JAMAICATel: (876) 920 5050/998-JMMB (5662)Fax: (876) 926-3685 E-Mail: info@jmmb.com

members round-upWebsite: www.jmmb.com

Since its inception, the JMMB Group has establisheditself as one of the leading brokerage houses in theCaribbean. The Group now offers a wide range of invest-ment solutions, banking and insurance services inJamaica, Trinidad & Tobago and the Dominican Repub-lic. Known for its pioneering spirit, the JMMB Group hasconsistently introduced new products and services to itsextensive client base of over 200,000 – individual, corpo-rate and institutional. The brainchild of the late Joan Dun-can, JMMB opened for business in November 1992 asthe first Money Market Broker in Jamaica. The vision wasto provide great investment opportunities to Jamaicansfrom all walks of life and companies of all sizes so theycould benefit from great returns on safe investments. AsPossibility Thinkers, Joan Duncan and co-founder Dr.Noel Lyon, created a company based on love that wascommitted to serving its clients, team members andshareholders. Since then, the Company has become oneof Jamaica’s largest, securities dealers, with several sub-sidiaries in Jamaica, including: JMMB Securities Ltd,JMMB Insurance Brokers Ltd, JMMB Merchant Bank Ltd,Capital & Credit Remittance Ltd, and JMMB Fund Man-agers Ltd. The JMMB Group, inclusive of its subsidiaries,has over four hundred team members, thirteen locationsand eleven Electronic Transaction Machines (ETMs),most offering dual currency options island-wide to ensureconvenient access to a wide client base. JMMB’s formu-la: Vision + Values + Expertise = Phenomenal Success. Inline with our 2025 vision, the JMMB Group began itsexpansion to other Caribbean markets in 1999, through asuccessful joint venture establishing Caribbean MoneyMarket Brokers (CMMB) in Trinidad and Barbados. In2005, as a means of deliberate business line diversifica-tion in the region, JMMB acquired 50% shareholding inIntercommercial Bank Ltd. (IBL Group) in Trinidad &Tobago. In late 2012, the company opened JMMB Invest-ments T&T. JMMB Dominicana opened its doors in 2006and in October 2007 was officially called JMMB Puestode Bolsa with a mandate to actively develop the MoneyMarket in one of the largest Spanish-speaking Caribbeanislands. We currently have two locations in the DominicanRepublic. JMMB is listed on the Jamaica, Barbados andTrinidad and Tobago Stock Exchanges. On June 29,2012, JMMB successfully completed the transaction toacquire the Capital & Credit Financial Group (CCFG) inJamaica. This enables the expansion of the JMMB Groupto include the provision of Banking, Remittance and UnitTrust products to its extensive client base. This transac-tion has resulted in tremendous benefits for shareholdersof both companies and their clients. It gives the expand-ed entity the opportunity to deliver stronger financial per-formance and increased efficiencies by extracting syner-gies in products, technology platforms and operations.This will increase the overall growth prospects of theJMMB Group and shareholder value.

Jamaica National Building Society General Manager: Mr. Earl W. Jarrett2-4 Constant Spring Road.Kingston 10, JAMAICATel: (876) 926 1344-9/926 1600/3Fax: (876) 968 6596/926 7661E-Mail: info@jnbs.comWebsite: www.jnbs.com

The Jamaica National Building Society, “The Society,”was established in 1874 under the name WestmorelandBuilding Society. The Society is licensed in Jamaicaunder the Building Societies Act and the Bank ofJamaica (Building Societies) Regulations 1995. It is amutual organisation owned by its members, and run fortheir benefit with all holders of shares (savings accounts)having one vote. JNBS’ mission states, “We are a mutualorganisation satisfying our members and customers witha competitive range of savings, mortgage loans, financialand other services, directly and through our sub-sidiaries.” JNBS is the leading building society in Jamaicaand the Caribbean, and remains the third largest financialinstitution in Jamaica in terms of its assets, capital baseand savings among local commercial banks, buildingsocieties and licensees under the Financial InstitutionsAct, for the financial year ended March 2011. The Societyprovides home loans, savings accounts, and facilitatesinternational money transfers. The Society has an exten-sive distribution network with (1,065) staff members, (38)ATMs, (25) branches, (8) money shops and (2) JNExpress Teller locations in Jamaica as well as OverseasRepresentative Offices in the USA, Canada and the Unit-ed Kingdom. The parent of a diverse group, “The Society”has 12 subsidiaries including JN Small Business LoansLtd., Management Control Systems, JN Finance Ltd., JNMoney Services Ltd., NEM Insurance Co. (Ja.) Ltd.,National Building Society of Cayman and JN Fund Man-agers Ltd., which, at March 31, 2011 has funds under man-agement of US$255.4 million. “The Society’s” auditedasset base as at March 2011 US$1.09 billion and the JNBSGroup audited asset base was US$1.54 billion.

National Commercial Bank Jamaica Ltd.Group Managing Director: Mr. Patrick Hylton32 Trafalgar Road,PO Box 88, Kingston, JAMAICA,Tel: (876) 929 9050/89, Fax: (876) 929 8399E-Mail: ncbinfo@jncb.comWebsite: www.jncb.com

The National Commercial Bank Jamaica Limited (NCB)has stood at the centre of the financial services industryin Jamaica for decades. The growth of our organisationdates as far back as 1837, when the Colonial Bank of Lon-don began operations in the bustling port city ofKingston, Jamaica. That same year, the bank issuedJamaica’s first bank notes, payable in British, Spanish orlocal currency. As inheritors of that pioneering legacy,

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through mergers and acquisitions, an institution hasemerged that is truly proud to be Jamaican-owned andoperated. Since 1977, as National Commercial Bank Limit-ed, we have continued to meet the needs of individuals,families, entrepreneurs, professionals and companies,while supporting the dreams of generations of Jamaicanseverywhere. NCB remains a market leader in the industry,operating primarily based on our three strategic BrandPillars: Innovation, Expertise and Strength. In 1983, NCBbecame the first Jamaican bank to have deposits inexcess of J$1.0 billion. NCB is also the first Jamaicanbank to access a Caribbean Information and Credit Rat-ing Services Limited's (CariCRIS) credit rating indicatingNCB's commitment to openness and transparency in itsoperations across the Caribbean. NCB has made signifi-cant contributions to the country by implementingJamaica’s first and only local credit card (Keycard) in1981; the island’s first ‘Drive Thru’ ABM in 2002; the firstfull service Customer Care Centre in the local financialindustry in 2003; the first mobile Point-of-Sale terminal in2006 and the first online loan and credit card applicationin 2008. Our industry remains a rapidly-changing andcompetitive one, but we aim to be an agile and flexiblegroup of companies that meets all the financial needs ofour customers, no matter what stage they may be in theirlife cycle - NCB Capital Markets Limited, offers securities,stock brokerage, fund and investment management serv-ices; NCB Insurance Company provides bank-assuranceand pension fund management, ordinary long-term insur-ance products; NCB (Jamaica) Nominees with registrarservices; off-shore banking services via NCB (Cayman)Limited and remittances through NCB Remittance Servic-es (UK) Ltd. As the island’s leading home-grown Bank,NCB is passionate about our corporate social responsi-bility. The NCB Foundation was established to fulfill thiscommitment and continues to significantly impact lives,through its focus on education, community developmentand youth leadership and entrepreneurship. NCBacknowledges our duty to give back to our communitiesand our people, especially our youths, as we strive toBuild a Better Jamaica.

MONTSERRAT

Bank of Montserrat LimitedGeneral Manager: Mr. Michael JosephBrades Main Road, BradesPO Box 10, MONTSERRATTel: 1 664 491 3843, Fax: 1 664 491 3163E-mail: bom@candw.msWebsite: www.bankofmontserrat.ms

On the 3rd May 1988, following the incorporation as a lim-ited liability company, the Bank of Montserrat Limitedopened its doors to the public, as the first indigenousbank of Montserrat. With a population of approximately

11,000 people, there were three other commercial banksoperating on the island at the time but Montserratianswere proud to have their own bank and responded posi-tively and enthusiastically, placing their hard earnedmoney in the bank and getting the institution off to anexcellent start. Today, the Bank caters not only for a localpopulation of 5,000, but also serves a large overseasclient base in the Montserratian Diasporas in London,USA, Canada and several Caribbean islands. From itshumble beginnings as a savings and loans institution, theBank of Montserrat has flourished into the leading finan-cial institution on the island with a market share of 80% ofthe commercial banking market. The Bank has (1) ATMand a staff compliment of (26). The audited assets of thebank totaled US$70 million as at September 2010.

ST KITTS & NEVIS

St. Kitts-Nevis-Anguilla National Bank Ltd.Chief Executive Officer: Ms. Dawne E WilliamsCentral Street, PO Box 343, Basseterre, ST. KITTS Tel: (869) 465 2204, Fax: (869) 465 1050E-Mail: dawnew@sknanb.comWebsite: www.sknanb.com

St. Kitts-Nevis-Anguilla National Bank Limited was incor-porated as a public limited liability company in February1971. In February 1972, this commercial Bank establishedNational Bank Trust Company (St Kitts-Nevis-Anguilla)Ltd and in 1973, National Caribbean Insurance CompanyLtd was incorporated as a wholly owned subsidiary of theTrust Company. To meet the needs of the market, theBank in 2001 established St Kitts and Nevis Mortgageand Investment Company Ltd. The Bank, Trust, Insuranceand Mortgage Companies comprise the National BankGroup of Companies. The Bank operates from (4)branches and (1) sub-office and has (23) ATMs. Its (170)employees pursue the group’s mission “To be an effi-cient, profitable and growth oriented financial group, pro-moting social and economic development in the nationaland regional community by providing high quality finan-cial services and products at competitive prices.” TheBank had an asset base of US$935 million as at June 30,2012.

The Bank of Nevis Ltd General Manager: Mr. Everette Martin Address: PO Box 450, Main Street Charlestown, NEVISTel: (869) 469 5564/469 1318, Fax: (869) 469 5798/469 1039E-Mail: info@thebankofnevis.com Website: www.thebankofnevis.com

The Bank of Nevis Limited is a public company incorpo-rated on August 29, 1985 under the laws of the Federationof Saint Christopher and Nevis. It is licensed to conductbanking activities under the Banking Act of Saint Christo-

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members round-uppher and Nevis, No. 4 of 2004. The Bank employs (60)staff. It operates from (1) branch with (1) ATM and aims “Tobe a profitable and compliant financial institution, proac-tive in exceeding its stakeholders’ expectations with acommitted and empowered team”. In July 1998, theBank’s offshore activities and operations were trans-ferred into a newly formed subsidiary company, Bank ofNevis International Limited which is licensed to carry onthe business of Offshore Banking as contemplated by theNevis Offshore Banking Ordinance No. 1 of 1996. To date,Bank of Nevis International Limited remains the only off-shore bank in the Federation of St. Christopher andNevis, offering an outstanding opportunity for clients tobenefit from the advantages of a jurisdiction which pro-motes stability and integrity. The bank listed its shares onthe Eastern Caribbean Securities Exchange (ECSE) inOctober 2001. It is also a licensed Broker Dealer/Interme-diary of the ECSE thereby allowing the Institution to facili-tate the buying and selling of shares listed on the ECSE.The audited consolidated asset base of the Bank wasUS$144.0 million as at June 30, 2010.

Caribbean Credit Card Corporation Ltd.General Manager: Mr. Jessel Gadsby PO Box 993, Bladen Commercial Development, Basseterre, ST. KITTS Tel: (869) 466 6517, Fax: (869) 465 0890E-Mail: jgadsby.4cs@sisterisles.knWebsite: www.4csonline.com

Caribbean Credit Card Corporation Ltd (4C’s) was incor-porated in Antigua and Barbuda in September 1992 andre-registered in St. Kitts & Nevis in January 1994. Com-mencing commercial activities in July 1994, it conductscard operations under Visa and MasterCard licensingarrangements. 4C’s operates from (1) branch, is staffed by(30) employees and strives “to be a leading provider ofcompetitive, high-quality, value-added, financial and relat-ed services using state of the art technology.” Owned bythe indigenous banks in the OECS sub-region, 4C’s hadan asset base of US $20.37 million as at September 2010

SAINT LUCIA

1st National Bank St. Lucia LimitedManaging Director (Ag.): Aurea Lafeuillee#21 Bridge Street, PO Box 168, Castries, Saint LuciaTel: 1758 455 7000, Fax: 1758 453 1630E-mail: manager@1stnationalbankslu.comWebsite: www.1stnationalbankonline.comSwift Code: LUOBLCLC

1st National Bank St. Lucia Limited, in the throes of its75th anniversary observances, continues to be a pioneerand innovator. Since it’s re-branding, the Bank hasexpanded to serve the people of St. Lucia through thecommissioning of 3 full service branches at Marigot Bay,

and in the bustling north of the island: Choc Bay and asof December 2012, the Rodney Bay Marina. The Banktakes pride in pioneering its corporate social responsibil-ity programmes. The institution’s culture of caring isdemonstrated by its adoption of the Mon-Repos Com-bined School located in the eastern part of the island,and its financial support of many charitable and develop-mental causes island wide. The Bank’s community out-reach is wide and varied to include sports; specific socialtransformation initiatives and cultural observances. Giv-ing back to the communities it serves is high on theBank’s priorities; the Bank has won the award for Corpo-rate Social Responsibility and Service Excellence for 3 ofthe past 4 years at the St. Lucia Business Awards hostedby the St. Lucia Chamber of Commerce, Industry andAgriculture. In 2011 the Bank also achieved the presti-gious award for Human Resource Development, reflect-ing the importance that the indigenous institution placeson relations with all of the people with whom it relates:customers and employees alike. These awards areindicative of the Bank’s sound and visionary leadershipand reinvestment in the St. Lucian community. Testamentof the Bank’s contribution can be seen on 1st NationalBank Notes, a popular television programme aired twiceweekly and the publicly distributed newsletter, The Teller.Staying true to its motto “Here for You!” 1st NationalBank’s already customer-centric business approach hasmanifested in the form of a cadre of innovative servicesintended to maximise customer convenience and satis-faction. These include a suite of smart products such asMobile Banking, 1st Online Banking, 1st Debit Card, 1stCash Point ATM, convenient Saturday banking at all ofour sub branches, and 7 day banking at our Bureaux deChange at the George F. L. Charles Airport, all in an effortto meet the needs of 21st century customers, whereverthey surface. The recent creation of the post of ExecutiveManager, Client Services during its recent restructuring isa cogent representation of an organisation with an unam-biguous focus on its valued customers. 1st National BankSt. Lucia Limited has a total of (6) full service branchesand 1 Bureaux de Change, all strategically locatedthroughout the country. The Bank has a staff comple-ment of (120), and an asset base of USD$181 million as atDecember 2012.

East Caribbean Financial Holding CompanyLimited Group Managing Director: (Ag.) Mrs. Esther Browne-WeekesCAB Representative: Ms. Joanna Charles, Assistant General Manger – Bank of Saint Lucia Bridge Street, PO Box 1860, Castries, SAINT LUCIA Tel: (758) 456-6000, Fax: (758)456-6702E-Mail: ecfh@candw.lcWebsite: www.ecfh.com

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members round-upThe East Caribbean Financial Holding Company (ECFH)was established as a result of the 2001 merger of twomajor financial institutions in Saint Lucia: the largest com-mercial bank, National Commercial Bank, and the soledevelopment bank, Saint Lucia Development Bank. Themerger’s objectives were to provide a wider range ofbanking, financial and other related services at a lowercost and a higher level of efficiency than was previouslyprovided by these institutions operating independently.The Group rapidly became one of Saint Lucia’s leadingfinancial institutions. Today, the Group is a dominant play-er in financial services industry and is made up of fivesubsidiaries: Bank of Saint Lucia Ltd.; Bank of Saint LuciaInternational Ltd. (offshore banking subsidiary); ECFHGlobal Investment Solutions Ltd. (investment bankingarm); EC Global Insurance Co. Ltd; and most recently,Bank of St. Vincent and the Grenadines Ltd., formerlyNational Commercial Bank (SVG) Ltd. As the global econ-omy continues to experience challenging and less pre-dictable times, ECFH remains a strong well capitalizedcompany and the largest indigenous financial institutionin the Eastern Caribbean, with over EC$3 billion in assetswith a staff complement of approximately (600) group-wide. ECFH provides a wide range of services from retail,commercial and development banking to, insurance, cap-ital market and merchant banking services. This solid,reputable company continues to meet its strategic objec-tives and consistently gives back to the communities inwhich the Group and its subsidiaries operate. ECFH wasalso recognised by the CAB in 2012, receiving a DiamondAward for its consistent contributions over the years tothe development of CAB and its members, and to thebanking sector of the Caribbean. Bank of Saint LuciaLimited, the Group’s largest subsidiary, currently oper-ates a total of (5) branches, (2) special service centres,and an exchange bureau providing a wide range of finan-cial and related services including corporate, retail, devel-opment and wealth & asset management, and has anextensive convenience banking network with (27) ATMsand cash dispensers island wide, Complete Online Bank-ing, Mobile Banking and an extensive point-of-Sale net-work including its wireless service Swipe on the Go. Bankof Saint Lucia has been the recipient of numerous GoodCorporate Citizen Awards from the Eastern CaribbeanCentral Bank.

ST. VINCENT AND THE GRENADINES

Bank of St. Vincent and the Grenadines Ltd.Managing Director: Derry WilliamsCAB Rep: Ms. Nandi Williams, Corporate SecretaryBedford & Grenville Streets, PO Box 880, Kingstown, ST. VINCENT AND THEGRENADINES

Tel: (784) 457 1844, Fax: (784) 456 2612 E-Mail: nwilliams@svgncb.com

The National Commercial Bank (SVG) Ltd. was estab-lished in 1977. In November 2010, the East CaribbeanFinancial Holding Company Limited acquired 51% of theshares of the bank, and the bank was re-named Bank ofSt. Vincent and the Grenadines Ltd. The bank, with a staffcomplement of (156), operates from its main branch atBedford Street, Kingstown and (6) branches throughoutSt. Vincent and the Grenadines. The mission statement ofthe bank is "To be customer-focused, innovative and effi-cient. To be the preferred provider of superior financialproducts and services through caring, professional staffand appropriate technology. To exceed shareholderexpectations and be a catalyst for development." TheBank has twelve (12) ATMs and offers internet bankingand International Debit Cards to its customers. Its auditedasset base as at December 31, 2010, was US$264.3 mil-lion.

SURINAME

De Surinaamsche Bank N.V (Also commerciallyknown as DSB Bank) President: Mr. Sigmund L.J. Proeve Henck Arron Street NR 26, PO Box 1806, Paramaribo, SURINAME Tel: (597) 471100/ (597) 425720, Fax: (597) 411750 E-Mail: info@dsbbank.srWebsite: www.dsbbank.sr

De Surinaamsche Bank N.V. was founded in 1865 by theNederlandsche Handel-Maatschappij which later mergedwith the Twentse Bank to become Algemene Bank Ned-erland. In 1976 the Government of Suriname bought 10%of the shares while 41% was taken up by private investorsand 49% remained with Algemene Bank Nederland; ABNlater merged with AMRO Bank to form ABN AMRO BankN.V. De Surinaamsche bank functioned as the circulationbank for the Government of Suriname until 1957. In July2001 ABN AMRO Bank N.V. sold its 49% participation inDe Surinaamsche Bank to ASSURIA N.V, an insurancecompany in Suriname. The Bank operates from its headoffice and (8) branches, has (60) ATMs and is staffed by(358) employees. The Bank's mission is "With deep rootsin the Surinamese community, De Surinaamsche Bank isa customer-focused bank that offers the best financialservices to consumers, businesses, institutions and gov-ernments. This customer focus derives from our core val-ues and is proudly exhibited by our dedicated staff. In allour activities, we seek to add value to Surinamese societyin general and to our customers, employees and share-holders in particular.” Its audited asset base exceededUS$762.4 million as of December 31st 2010.

members round-upFinabankChief Executive Officer: Mr.Eblein G FrangieDr. Sophie Redmondstraat 59-61Paramaribo, SURINAMETel: (597) 472266 Fax: (597) 422672E-Mail: Finabank@sr.netWebsite: www.finabanknv.com

Finabank N.V is an Independent Bank operating in Suri-name since 1991. The Bank has (3) branches and (6)cash-dispensing machines. Finabank ranks among thefour largest Banks in Suriname and has a staff compli-ment of (90) employees. Finabank is 100% privatelyowned. The board members are private individuals repre-senting the civic and business community. The bankfocuses on two major business lines: Retail and BusinessBanking. The bank’s historical core market is the con-sumer market, offering retail banking services such asinternational Visa credit cards, savings and currentaccounts, personal checking accounts, consumer loans,home mortgage loans, overdraft and internet bankingservices. In recent years, the bank has been focusingmore intensively on the business market, aiming mainly atthe small and medium sized companies as these are gen-erally considered as being the backbone of Suriname’seconomy. Finabank combines personal service and pro-fessional expertise. While the bank aims to exploit its rep-utation as a “relationship” bank (i.e. close to its customerbase), it faces strong competition from other domesticinstitutions. FinaBank client base consists of personaland business customers who value a bank that puts sus-tainable partnership and tailor made solutions first, toensure their financial needs are met. Finabank is commit-ted to delivering responsible but innovative banking thatis grounded in customer and shareholder value. Thebank’s strategy is aimed at building its market positionwhile preserving its business values, its corporate socialresponsibility, and its transparency. Finabank strives tokeep up with the pace of the current progress by continu-ously educating management and employees. The bankis regulated by the Central Bank of Suriname. The audit-ed assets totaled approximately US$123 million as atDecember 31, 2011.

Cooperatieve Spaar-en Kredietbank Godo G.A Chief Executive Officer: Mr. Herman VijzelmanKeizerstraat 139-143PO Box 2674, Paramaribo, SURINAME Tel: (597) 421546, Fax: (597) 411609 E-Mail: info@godo.srWebsite: www.godo.sr

Carlho Wijdh founded the savings and credit union on 10December, 1971. The business started with 43 membersbut with three years, the founder realised that the busi-ness in the form of the credit union appeared to be some-what limited in terms of the scope of the business. A cam-paign was held for the name of the credit union and the

choice was Godo, which means honeycomb and with thebusy bees working together on the development of theirenvironment, Godo soon grew strongly in membershipand professionalism. Alongside Godo’s growth in mem-bership was the demand for more services. This led itsmanagement structure to pursue a transformationprocess that would see Godo transformed from a CreditUnion into a full fledge Cooperative Bank. This importantmilestone was achieved in 2009. The management struc-ture of the bank deemed this graduation to be meaningfulin terms of the Bank’s operations, given that Godo cannow participate in the full offering of financial servicesdelivery including, money transfers, checking accountsand so on. Even more important, is the fact that the Bankis well placed to source larger amounts of financialresources on favorable terms for its members. Despitethese positive developments, the Bank’s basic valueshave remained the same thereby continuing to embracethe principle of “people helping people”. Membershipgrew by 11.4% by December 31, 2009. The primary goal ofCooperatieve Spaar-en Kredietbank Godo is to look afterthe interest of its members by:

• Granting loans and credits through currentaccount to its members

• Attracting money, especially savings

• Conducting all other activities of the bank

Godo has been working together with other local bankssuch as De Surinaamsche Bank N.V, Hakrinbank N.V andSurichange Bank N.V and is working towards establish-ing relationships with international organisations andother financial institutions. Audited assets as at Decem-ber 31, 2009 were US45,201 million.

Handels-Krediet-en Industriebank N.V.(Hakrinbank NV) Chief Executive Officer: Mr. Jimmy D. Bousaid Dr. Sophie Redmondstraat 11-13PO Box 1813, Paramaribo, SURINAME Tel: (597) 477722, Fax: (597) 472066 E-Mail: hakrindp@sr.netWebsite: www.hakrinbank.com

Hakrinbank N.V. is a commercial bank established inSuriname in 1936 and had as its predecessor Vervuurt'sBank L.L.C. In 1973 the Bank was reorganised and itsname was changed to Handels-Krediet-en Industriebank,fondly called Hakrinbank. The Mission statement of thisinstitution is "A dynamic, innovative Bank that provides itsclients with a comprehensive range of high quality, cus-tomised financial services. Our highly skilled employeeswork together as a team to maximise client satisfaction.”During the second half of the eighties, two foreign banksviz. Bank of America and Rabobank (Holland) divestedtheir shares that were taken up by the state (51%) and pri-vate investors (49%). The Bank has as its subsidiary DeNationale Trust & Financierings Maatschappij N V. Cur-

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members round-uprent staffing at the Bank’s head office and (8) branchesamounts to (272). The Bank has (30) ATMs and its audit-ed assets totaled approximately US$470 million as atDecember 2010.

Surichange Bank N.V.Managing Director: Mr. Stanley P. Mathura MSc. QTDr. Sophie Redmondstraat 71 Paramaribo, SURINAME Tel: 011 (597) 471261/Fax: 011 (597) 520740Email: info@surichange.srWebsite: www.surichangebank.sr

Surichange Bank N.V. was established in May 1996 andopened its doors to the public on 9th September, 2005.“The Bank’s mission is “To strive to offer customisedfinancial products as much as possible. In addition, itoffers a coherent package of banking, investment andinsurance products; a package that is tuned to therequirements of today and tomorrow. The Bank’s strate-gic underpinning is linked with it staying in tune with thesignals from the market, interpreting the wishes of itsclients clearly and rapidly translating these into satisfyingcustomer-friendly products; aiming always to succeed inapplying greater differentiation within each group of prod-uct offering. It serves its clients from its office staffed with(49) employees, through its payment offices, the inde-pendent intermediary, the internet and the telephone.Regarding remittances Surichange Bank N.V. is the mostexperienced bank in Suriname and has an agency-rela-tionship with Suri-Change B.V. – which has 8 branches –in the Netherlands. As at December 2010, it had an audit-ed asset base of US$52 million.

TRINIDAD & TOBAGO

Caribbean Centre for Money and Finance (Honorary Member)Executive Director: Professor Compton BourneThe University of the West IndiesSt. Augustine Campus, TRINIDAD & TOBAGOTel: (868) 645 1174, 224 3727 Fax: (868) 645 6017E-Mail : Compton.Bourne2@sta.uwi.eduWebsite: www.ccmf-uwi.org

In May 2008 the Governors of Caribbean central banksthat contribute to the funding of the Caribbean Centre forMonetary Studies expanded the Centre’s mandate toinclude issues in finance, banking and investments. TheCentre was renamed and this 40-year old institution isnow called the Caribbean Centre for Money and Finance(CCMF) in recognition of it expanded mandate and theinclusion of new funding principals from private financialinstitutions in the Caribbean. The Centre had evolved outof the previous Regional Programme of Monetary Studies(RPMS), a programme which was established in 1968 asa partnership between the Central Banks of CARICOM

and the Universities of the West Indies and Guyana. In1995, the activities of this institution was consolidated andcentralized as the Caribbean Centre for Monetary Stud-ies. The CCMS built on the solid research foundation ofthe old RPMS, while enhancing efforts in the area of cen-tral bank training. The new Caribbean Centre for Moneyand Finance (CCMF) is currently staffed by (11) employ-ees and aims to facilitate high quality research in mone-tary, financial and other issues relevant to the centralbanks and private enterprises in the regional financialsector. The new Centre builds on the solid research foun-dation of its past while enhancing efforts in the area ofspecialist financial training, the creation of an adequateand specialist regional repository of financial informationand improving the region's research and forecastingcapabilities.

First Citizens Bank Ltd.Chief Executive Officer (Acting): Mr. Larry Nath CAB Rep: Mrs. Carole Eleuthere-JnMarieRegional Manager-Eastern Caribbean & Barbados #9 Queen's Park East, Port of Spain, TRINIDAD & TOBAGO Tel: (868) 624 3178, Fax: (868) 627 4548/ (868) 6233393E-mail: carole.e-jnmarie@firstcitizensslu.comWebsite: www.firstcitizenstt.com

The First Citizens Group is one of the leading financialservices groups in Trinidad &Tobago. It offers a full rangeof retail, corporate and merchant banking services aswell as asset management, trustee and brokerage servic-es. The Group is headquartered in Trinidad & Tobagoand First Citizens Bank, which is the largest part of theGroup, has an extensive retail branch network in Trinidad&Tobago with a large deployment of ATM and point ofsale devices in both islands. In 2009, First Citizensacquired Caribbean Money Market Brokers Limited (nowre-branded as First Citizens Investment Services Limited),the largest full service securities trading Company in theCaribbean with offices in Trinidad & Tobago, Barbados,St, Vincent and St. Lucia. In January, 2012 the Group ven-tured into the Central American market and opened anoffice in Costa Rica which is expected to propel the FirstCitizens brand. The Group’s growth and expansion con-tinued in August, 2012 with the acquisition of ButterfieldBank in Barbados (now called First Citizens Bank (Barba-dos). These acquisitions rounded out the services whichthe Group is able to offer its customers both local andregionally making it possible to address everyfinancing/investment need of its customer base. It alsoprovided a physical footprint for the Group in theCaribbean region. First Citizens is the highest ratedindigenous financial institution in the English speakingCaribbean with long term foreign currency counterpartycredit ratings of Baa1 from Moody’s and BBB+ from Stan-dard and Poor’s. The Group has successfully issued fixed

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members round-upincome paper, which was over-subscribed in the interna-tional financial market, with the most recent being aUSD175 million placement in February 2011. First Citizenshas won a number of awards over the years, includingBank of the Year 2009 from the Banker Magazine, LatinFinance and World Finance and Best Bank in Trinidad &Tobago 2010 (World Finance). The Bank was also namedas the safest bank in the English – speaking Caribbeanby Global Finance Magazine in 2010 and 2011. Over theyears, the Group has introduced a number of innovationslocally including internet banking and mobile banking. Ithas also been recognised on several occasions for excel-lence in innovation, communications technology and e-commerce by the local Energy Chamber of Trinidad andTobago. Additionally, First Citizens has been involved infinancing a number of landmark projects across theregion – with an asset base of TTD31.2 billion (approx.USD 4.8 billion) the Group recorded profit after tax ofTTD718.2 million (approximately USD111 million) for thelast fiscal year ended September 30, 2011. Recently, theGroup introduced a number of innovations locally whichincluded Internet Banking and Mobile Banking. It hasalso been recognised on several occasions for excel-lence in innovation, communications technology and e-commerce by the local Energy Chamber of Trinidad andTobago. The Group has also been involved in financing anumber of landmark projects across the region andrecorded an asset base of TT $30.5 billion as at March31st 2011.

Intercommercial Bank Limited (IBL) (Associate Member)Group CEO & Managing Director: Mr. Krishna BoodhaiDSM Plaza, Old Southern Main Road, ChaguanasTRINIDAD & TOBAGOTel: (868) 665 4IBL (4425), Fax: (868) 665-6663E-Mail: info@intercommercialtt.comWebsite: www.ibltt.com

The IBL Group is the strategic alliance of Jamaica MoneyMarket Brokers Limited (JMMB), Jamaica's leading bro-kerage house and three companies promoted by SteelMagnate Lakshmi N. Mittal. Our senior managementteam is a cadre of highly qualified financial executiveswith vast collective banking experience in Retail, Com-mercial, Corporate and Investment Banking. Guided byIBL’s core values, our dedicated team of (172) members iscommitted to deliver tailored financial solutions with pro-fessionalism, the highest levels of confidentiality andtrust. We offer a unique customer intimacy focused onunderstanding the changing needs of our customers.Our Service Centres are strategically located in north,central and south and coming soon to East Trinidad, pro-viding a full range of Personal and Business Bankingservices under one roof. Currently, IBL provides 24-hourATM access at its (3) locations and locations are in IBL’sfuture outlook to bring our sales team, value-added prod-

ucts and services closer to you. For the Financial yearended March 31st 2012 the IBL Group reported a capitalbase of TT$98.2 million and audited assets in excess ofTT$1.21 million. “IBL Bank…. because I matter”

Republic Bank LimitedManaging Director: Mr. David Dulal-WhitewayCAB Rep: Mr. Roopnarine Oumade SinghGeneral Manager - Risk Management9-17 Park Street, Port of Spain, TRINIDAD & TOBAGOTel: (868) 623 1056, Fax: (868) 624 1282E-Mail: roumadesingh@republictt.com/email@republictt.comWebsite: www.republictt.com

Republic Bank's history is one of continual financialgrowth, professional and personal development, and suc-cessful collaboration with communities to bring aboutpositive change. Starting 175 years ago with the formationof the Colonial Bank in 1837, the Bank would laterbecome Barclays Bank of Trinidad and Tobago Limited in1972 and eventually make the transition to a Bank of theNation, by becoming Republic Bank Limited in 1981. Oneof the largest and most successful indigenous banks inthe Caribbean, Republic Bank has a diverse portfolio ofproducts and services designed to satisfy the growingneeds of its retail banking customers, corporate clientsand governments throughout the Caribbean. RepublicBank proudly offers an extensive range of banking servic-es, including credit and debit card issuance and process-ing, leasing, trustee services, mutual fund and investmentmanagement and merchant banking. The Bank has astaff complement of (2,824); (40) branches and (121)ABMs and is made up of 15 subsidiaries and 2 associatedcompanies. The Group maintains a strong regional pres-ence in Barbados, Cayman Islands, Grenada andGuyana and headquarters in Trinidad and Tobago. As atthe end of September 2011, Republic Bank had an audit-ed asset base of US$7.47 Billion. Building on a strongrelationship with the communities it serves, with the aimof building successful societies, Republic Bank has alsochampioned the cause of the young, elderly and sociallymarginalised, all the while promoting and safeguardingthe rights of the differently able, under its innovative flag-ship programme, The Power To Make A Difference. Overthe second 5-year phase of Power to Make a Difference,spanning 2009-2013, Republic Bank will invest overUS$16.1 million to this end. In fulfilling its mission, "To pro-vide Personalised, Efficient and Competitively PricedFinancial Services and to Implement Sound Policies,which will redound to the benefit of its Customers, Staffand Shareholders," Republic Bank enjoys prominent sta-tus as the financial institution of choice in the Caribbeanfor all its Stakeholders.

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service members round-upANGUILLA

National Commercial Data ServicesChief Executive Officer: Mr. John RickardsPO Box 1661The Valley, ANGUILLA B.W.I.Tel: (264) 498 6237/ Fax (264) 498 1001E-Mail: johnr@ncds.comWebsite: www.ncds.com

National Commercial Data Services Ltd (NCDS) wasincorporated in 1996 and began operations in November1998. The company was established to offer InformationTechnology services to alleviate business entities fromthe increasingly complex technology considerations rele-vant to their business objectives and to achieve synergiesin the area of Information and Communications Technolo-gies.

In 2004 NCDS began operations from its modern DataCentre facility in the Valley, Anguilla. In 2011 NCDS’unmanned site at St. Michael, Barbados became fullyfunctional. NCDS’ Customer base has grown over theyears. They serve a number of indigenous banks inAnguilla, Dominica, St. Kitts-Nevis and Grenada. NCDShas invested in a process to recruit and retain highly qual-ified and professional individuals, and boasts a compe-tent and professional team to meet clients’ needs.

BARBADOS

KPMGManaging Partner: Ms. Carol NichollsHastings, Christ Church, BB15154, BARBADOSTel: (246) 434 3900 /Fax: (246) 427 7123E-Mail: info@kpmg.bbWebsite: www.kpmg.bb

KPMG is a global network of professional firms whosepurpose is to turn knowledge into value for the benefit oftheir clients, their people, and the capital markets. Theyoperate in 148 countries and have more than 114,000 pro-fessionals working around the world. KPMG in Barbadosis a member firm of KPMG Caricom - a regional gover-nance entity, comprising the KPMG member firms in Bar-bados, the Eastern Caribbean (with offices in Antiguaand Barbuda, Saint Lucia, St. Vincent and theGrenadines and providing services in Anguilla, Dominica,Grenada, Montserrat and St. Kitts and Nevis), Jamaicaand Trinidad and Tobago. They offer clients the ability toleverage the combined skills, knowledge and experienceof 30 partners and over 350 professionals, in deliveringvalue to clients and people across the Caribbean.KPMG’s practice is organised around their Audit, Tax andAdvisory practices through which they deliver a globallyconsistent set of multidisciplinary financial and account-ing skills and capabilities based on deep industry knowl-

edge. They help regional and international organisationsto meet their challenges and respond to the constantpressure to deliver ever-better results while contendingwith a wide range of risks that can threaten survival.KPMG people operate within industry groups, giving theirclients access to advisors who understand their specificbusiness issues and concerns and whose advice isgrounded in understanding and appreciation of the par-ticular needs of each client. Service offerings span allindustries, both private and public sector, and cover thefollowing areas: Audit - Financial Statement Audit, Statuto-ry Audit, SOX 404 Compliance; Tax - Corporate Tax,Domestic and International, Indirect and Personal Tax;Advisory – which encompasses the following services:Management Consulting (People and Change Servicesand IT Advisory); Risk Consulting (Accounting AdvisoryServices, Internal Audit, Forensic and Financial Risk Man-agement); Transactions & Restructuring (TransactionServices. Corporate Finance and Restructuring).

CANADA

Bevertec CST Inc. CEO/Managing Director: Mr. Barry Walsh5935 Airport Road, Suite 400, Ontario, L4V 1W5,CANADA Tel: (416) 695 7525 /Fax: (416) 695 7526 E-Mail: bwalsh@bevertec.comWebsite: www.bevertec.com

Founded in 1981, Bevertec is a supplier of IT solutionsand consulting services to financial institutions globally.Information Technology Solutions - empowering Bankswith the solutions to thrive in the market place - has beenBevertec vision from the outset. Their solutions enabletheir customers to access an “anytime, anywhere” globalservice delivery model that maximizes their ROI on all ITprojects. They are a single-source global provider of fullyintegrated, end-to-end electronic banking solutions usingopen system technologies. Bevertec is the first to offerthe financial market the compatibility, flexibility andupward scalability necessary for global electronic servicedelivery. As an industry-leading technology provider, Bev-ertec is well positioned to deliver financial transactionprocessing solutions that help banks leverage technolo-gy for growth and profitability. Their results-oriented tech-nology solutions and financial processes help banksattract and retain profitable customers, generate new rev-enue streams and improve bank efficiency ratios. This,coupled with their dedication to building enriching, long-standing partnerships as the single-source technologyprovider of choice, ensures their uncompromising com-mitment to quality service and customer care. Bevertechas enjoyed a long and successful relationship withIndigenous Banks in the Caribbean. They have been pro-viding these institutions, over the past 20 years, with qual-

service members round-upity cost effective IT product solutions and consulting serv-ices. This spans the entire region. The main solutionsunder their ESP-Link™ brand are: Comprehensive CardSolution (CCS), Financial Transaction Solution (FTS) anelectronic payment switch, Business Intelligence Solution(BIS), Alert Management Solution (AMS), Integrated Col-lections Management Solution (ICMS) and Fraud Preven-tion Solution (FPS). Bevertec is also involved in Informa-tion Technology Consulting Services - within the past twodecades, they have nurtured an inherent ability and pro-fessional infrastructure to search, select, train and placecandidates from various technological backgrounds andspecialties. They pride themselves on their capability toseamlessly deliver highly skilled resources to their clientsboth effectively and efficiently. Their Strength: servicecommitment to their clients’ needs, access to a pool ofhighly skilled professionals who have built their own repu-tation, and consistently delivering strategic business solu-tions to their clients.

Open Solutions CanadaGeneral Manager: Mr. Rob Palin710 Dorval Drive, Suite 310Oakville, Ontario L6K 3V7CANADATel: (905) 849 1390, Fax: (905) 849 1396E-Mail: psg-sales@opensolutions.com

Open Solutions Inc. helps community-based financialinstitutions succeed by providing essential technologiesand insights that enable them to operate more profitably,efficiently and collaboratively. An international companywith global reach, Open Solutions is a leading provider ofbanking system outsourcing to Canadian financial institu-tions and has been delivering innovative payment solu-tions to the financial services industry for more than 30years. It provides and runs the complex systems thatfinancial institutions rely on to serve their customers, peo-ple rely on to access their money, and merchants rely onto make sales to their customers. A leader in the globalpayments market, Open Solutions’ Payment SolutionsGroup (PSG) develops, implements and supports state-of-the-art, industry-standard payment transaction pro-cessing solutions for financial institutions, ISOs, retailersand third-party organisations around the world. OpenSolutions’ PSG also provides switching services for ATMsand POS transactions, as well as licensed software andconsulting services for the financial services industry.Our highly skilled project professionals have decades ofexperience drawn from a range of relevant backgroundssuch as online processing centres, software engineering,training and business development, finance and banking.Our application monitoring solutions have been devel-oped to let our clients analyze traffic and anticipate futureevents along with the standard functionality of monitoringand alerting, so they can act on situations before theybecome crises. Most are applications we developed to

help us run a complex transaction processing network –our own. We provide payment (credit card, debit card,chip and Internet) transaction processing solutions and apayment processing centre to the Canadian market.Open Solutions’ PSG drives and operates one of thelargest ATM networks in Canada and has more than14,000 ATMs and 33,000 POS devices across the coun-try. Open Solutions PSG has hundreds of clients in morethan 15 countries and counts many top-tier banks andbank consortia around the world as payment applicationclients.

JAMAICA

Fujitsu Caribbean (Jamaica) Limited President & CEO: Mr. Mervyn Eyre 18 Belmont Road Kingston 5, JAMAICA Tel: (876) 926 7567/Fax: (876) 920 4761Email: meyre@fj-icl.comWebsite: www.fujitsu.com/caribbean

Fujitsu Caribbean is a wholly owned subsidiary of theUS$55–billion Fujitsu Group. Fujitsu integrates the coreexpertise of their skilled resources and Business Partnersto deliver IT Infrastructure Solutions and Managed Servic-es that continuously evolve to respond to their customer’scomplex business and technology issues. Focused onthe Financial Services, Telecommunications and Govern-ment sectors they simplify IT for their customers andbuild more value into their IT investments. Fujitsu is theworld’s third largest IT Services Company and has beenoperating in the Caribbean for over 60 years. Managedby a regional executive team, they have offices inJamaica, Barbados and Trinidad, with business agents inthe Bahamas, St.Vincent, Haiti, Anguilla, Antigua, Domini-can Republic and Grenada, to serve the entire region.Fujitsu has delivered and currently supports mission criti-cal ICT solutions and networks across the English-speak-ing islands of the Caribbean.

The Jamaica Institute of Financial ServicesVMBS Building, 53 Knutsford BoulevardKingston 5 (3rd floor), JAMAICADirector: Mrs. Darlene Jones Tel: (876) 754 5051-2/Fax: (876) 754 5049 E-Mail: djones@jifsjm.org/tedirector@jifsjm.org Website: www.jfsjm.org

The Jamaica Institute of Financial Services (JIFS) wasestablished as The Jamaica Institute of Bankers (JIOB) in1977 by the Bank of Jamaica and the then CommercialBanks. In 1999 the Jamaica Bankers Association (JBA)assumed full responsibility for its operations. The namechange took effect in May 2010 and reflects its mandateto support the financial services industry through training(Financial Services Training Institute), research

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service members round-up(Research Club) and social exchange (Finance Club). Its Exec-utive Committee comprises senior heads of human resourcesof the financial services sector who provides guidance regard-ing its activities. Through The Financial Services Training Insti-tute, it offers a number of short-term training courses and sem-inars as well as certification programmes from internationallyrecognized institutions. It has a wide cadre of facilitators bothlocally and overseas and offers training both on the open mar-ket and tailored for in-house purposes. In its effort to prepareprofessionals for the global market place it has forged a num-ber of strategic partnerships both locally and overseas. It nowoffers the Chartered Banker MBA programme from the interna-tionally renowned Business School for Banking (Bangor Uni-versity) in partnership with the world’s oldest professional Insti-tute of Bankers (The Chartered Institute of Bankers – Scot-land). It also offers certification programmes through the Inter-national Compliance Training (UK) and the Chartered Instituteof Bankers of Scotland. It is a service member of theCaribbean Association of Banks (CAB). Mission: The JamaicaInstitute of Financial Services (JIFS) is committed to the contin-uous development of knowledgeable, responsive and cus-tomer-driven professionals and strives to promote and facilitateexcellent education, training and information services for asuperior return on investment in human capital for the financialservices sector and the wider business community.

NETHERLANDS ANTILLES

IBIS Management Associates Inc. Chief Executive Officer: Mr. Clark F. Russel IBIS Plaza, Santa Rosaweg 32, Willemstad, Curacao, Netherlands Antilles Tel: + 5999 737 2065 (Curacao)/1-305 767 2875 (USA)Fax: + 5999 737 2048E-Mail: marketing@ibis-management.comWebsite: www.ibis-management.com

IBIS Management Associates Inc. is the award-winning advisorto Retail, Private Banks and Central Banks in the Caribbeanand the Americas. IBIS Management provides state-of-the-artonline and mobile banking solutions complete back officeautomation, SWIFT solutions AML and automated reconcilia-tion. IBIS Management’s flagship Alchemy Payment Process-ing Platform now helps more than 35 major banks in the regionprocess all their ACH, SWIFT transfers, Manager’s checks andother payments straight-through with minimal manual interven-tions. Banks using Alchemy have won prestigious internationalawards for the excellence of their operations. The newest prod-uct this year is the Alchemy World Transfer system for integrat-ing and automating inbound and outbound remittances fromthe branch and online banking. Our friendly and knowledge-

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able team of banking experts is ready to help you solveyour most difficult challenges on any core banking sys-tem.

SAINT LUCIA

Grant ThorntonManaging Partner: Mr. Anthony D. AtkinsonPO Box 195, Castries, SAINT LUCIATel: (758) 456 2600, Fax: (758) 452 1061E-Mail: gt@lc.comWebsite: www.grantthornton.lc

Grant Thornton is a long established brand with a strongglobal presence. Grant Thornton has a strong presenceacross the Americas, the British Virgin Islands and theEastern Caribbean territories of St. Lucia, Antigua, St.Kitts & Nevis. Grant Thornton global network of account-ing firms is an award-winning accounting network of morethan 35,000 people in over 120 countries. Grant Thorntonwas named International Accounting Bulletin’s 2013 Net-work of the Year, largely based on the firm’s ability todemonstrate their strength in a number of key areasincluding: evidence of top-level network-wide audit quali-ty; strong industry leadership; and network revenuegrowth, the highest among the seven leading globalaccounting organisations. As a Grant Thornton firm, ourgoal is to continue to be recognized as the leading busi-ness advisers to dynamic organisations, helping them tounlock their potential for growth through high quality serv-ices. The firm provides industry financial assurance, tax,advisory and corporate services for public and privatesector clients.

SURINAME

Banking Network Suriname N.V (BNETS)Managing Director: Mr. Kenneth HendrisonHofstreet 1, 3rd FloorParamaribo SURINAMETel: (597) 475994/Fax: (597) 475576E-Mail: info@bnets.srWebsite: www.bnets.sr

Banking Network Suriname N.V (BNETS) is a Limited Lia-bility Company incorporated February 11, 2005. Theobjectives of the company are to: advance electronicmoney transfers; integrate money transfers between thefinancial institutions operating in Suriname as well as inte-grate money transfers between Surinamese and foreignfinancial institutions; participate in, including financingand managing of, other companies with an equal or simi-lar objective, insofar as is legally permitted. BNETS is thelocal switch company for banks in Suriname. BNETScommenced operations in 2005 providing services toonly four of nine banks in Suriname. In 2010 four addition-

al banks became members. The company operates witha staff compliment of six.

UNITED STATES OF AMERICA

Misys International Banking Systems Inc.President/Chief Executive Officer: Mr. Mike Lawrie1180 Avenue of the Americas5th Floor, N.YNew York 10036 Tel: (212) 898 9500/ Fax: (212) 898 9510E-Mail: enquiries@misys.comWebsite: www.misys.com

Misys plc (FTSE: MSY.L) has been providing integrated,comprehensive solutions delivering value to financialservices organisations for over 30 years. Value is maxi-mized by combining our deep knowledge of their busi-ness with commitment to our customers’ success. Misysis a market leader in Banking and Treasury & Capital Mar-kets, with over 1,300 customers worldwide. Customersinclude regional/local banks and niche one-branchbanks. Customers use our solutions to increase revenue,decrease costs and drive straight-through processing inretail, corporate, wholesale and universal banking. Misysserves customers in over 120 countries with over (4,000)employees. We have been a technology partner andtrusted advisor to our clients in the Caribbean for morethan 15 years. Misys’ offerings include core, internet andmobile banking solutions built on SOA-compliant Javaarchitecture. We support a variety of environments,including Windows, UNIX, MS SQL and Oracle. Misys hasleveraged its experience to develop Bank Fusion as anew standard for building innovative, flexible and scala-ble applications for the banking industry. This flexibilityallows us to meet the needs of a wide variety of cus-tomers, from one-branch banks to banks with hundredsof branches and international operations. We support tra-ditional Western banking and Islamic Banking. We aspireto be the world’s best application software and ServicesCompany, delivering success to our customers through-out the world. Our success is driven by the values thatbind us: client focus; leadership; excellence; aspirationand results. It starts with our clients and ends in results!