Find Banking and Financial Services expertise in St Vincent and The Grenadines
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Banks
St Vincent and the Grenadines has a small but relatively developed banking sector. In 2012 there were four commercial banks operating in St Vincent and the Grenadines, there were: the Bank of Nova Scotia, First Caribbean International Bank (Barbados) Ltd, National Commercial Bank (SVG) Ltd, RBTT Bank Caribbean Ltd. In addition there are four clearing banks, two non-bank financial institutions, nine credit unions, 22 insurance companies or agencies, one national development foundation, one building and loan association and five international financial services sector banks.
Regulation of Financial Services
St Vincent and the Grenadines is a member of the Eastern Caribbean Currency Union (ECCU). The ECCU is a monetary union, comparable to the eurozone, made of up eight English-speaking countries and territories of the Caribbean (Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St Kitts And Nevis, St Lucia, St Vincent and The Grenadines). As a member of the Eastern Caribbean Currency Union (ECCU), banking and financial services in St Vincent and the Grenadines are regulated by the Eastern Caribbean Central Bank (EECB). Regulatory jurisdiction is shared by the EECB and the national authorities, in St Vincent and the Grenadines the national regulatory body is the International Finance Service Authority. The EECB itself is governed by a Monetary Council made up of the Ministers of Finance from each of member states. In order to strengthen information exchange, regulation, supervision and cooperation between offshore financial centres within the EECU the EECB established Single Regulatory Units (SRU) for the supervision of the financial sector. The unit’s remit covers the international sector, domestic banks and non-bank financial institutions including credit unions.
Development of Financial Services
The World Bank Ease of Doing Business Index (2011) ranks St Vincent and the Grenadines 12th out of 32 Caribbean and Latin American countries in overall ease of doing business. In terms of getting credit the country ranks 26th in the group. With regards to protecting investors however St Vincent and the Grenadines ranks highly in 5th position with Antigua and Barbuda.
| Banking and Financial Services organisations in St Vincent and The Grenadines | |
|---|---|
| FirstCaribbean International Bank |
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