According to reports the Bank of St. Lucia is floundering under a massive bad debt burden topping the scales around EC$300 million. Minister in the Ministry of Finance, Senator the Honourable, Doctor Ubaldus Raymond said the situation calls for urgent action at a press conference and indicating that some twenty five percent of loans at the bank are now bad. That information suggests the bank’s loan portfolio is approximately EC$1.2 Billion.
Notwithstanding the dire situation in which the bank now finds itself, the Minister denied there was any truth the rumours which have been circulating that the BOSL was up for sale. There have been fears of a run-on-the bank in light of the news, however officials have tried to quell fears of the public in recent days by indicating their interest in keeping the bank afloat.
Bank of Saint Lucia is a subsidiary of Eastern Caribbean Financial Holding Company and was formed in July 2001 by merger between National Commercial Bank and the Saint Lucia Development Bank. National Commercial Bank of St. Lucia Limited opened its doors to the public in 1981 satisfying the personal banking needs of customers, and the Saint Lucia Development Bank Limited soon followed providing funding in the areas of manufacturing, agriculture, tourism and fisheries. Currently the Bank offers Personal and Commercial banking solutions, as well as Wealth & Asset Management.
Bank of Saint Lucia is the largest bank in Saint Lucia with the biggest ATM network on the island. It has branches in Gros Islet, Vieux Fort, Soufrière, and Castries (Bridge Street and the Waterfront, as well as a Bureau de Change at Hewanorra International Airport.