National Bank of Dominica
From Wikipedia, the free encyclopedia
This article refers to the National Bank of the Commonwealth of Dominica and not the Dominican Republic. The Bank is also known locally and regionally as NBD.
| National Bank of Dominica | |
|---|---|
 |
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| Type | private company |
| Founded | Roseau, Dominica, - 1976 |
| Headquarters | 64 Hillsborough Street, Roseau, Dominica |
| Key people | Gregory de Gannes - Managing Director Norman Rolle - Chairman of the Board |
| Industry | Bank |
| Products | Financial services |
| Revenue | 57.8m[1] XCD (2007) |
| Employees | 121 |
| Website | http://www.nbdominica.com/ |
Contents |
[edit] The National Bank of Dominica
Dominica is located in the Eastern Caribbean
NBD Origin: Incorporation and History of the Bank.
The National Commercial Bank of Dominica was created by Act No 27 of 1976 by the Parliament of Dominica (under the name National Commercial and Development Bank of Dominica) The bank officially opened for business on March 15, 1978 with the Agricultural Industrial and Development Bank (AID) bank as a wholly owned subsidiary. In January 1982, the AID Bank was made a separate and independent entity.
The Bank has consistently been innovative, creative and a trend setter. It provided substantial funds to the housing sector and in 1988 a complementary development was the launching of the National Mortgage Finance Company, a wholly owned subsidiary of the bank which enables middle income persons to access funds for home acquisition. NCB also extended banking business hours to the public. It has kept pace with technology providing on-line banking and direct computer link up with Portsmouth branch and was the first bank to computerize its operations in Dominica. The bank became also the first institution in the local industry to install an ATM, which allows for 24 hour banking. Presently there are 7 machines installed - Head Office, Independence Street Location, Whitchurch, AID Bank Building, Ross University Agency, Ross University Campus, and Portsmouth Branch.
In 1994, the bank invested in NCB Grenada, jointly, with two other OECS indigenous banks to own 12.5% of that bank. An investment in the Caribbean Credit Card Corporation for the issuance and processing of local and international credit cards was also made. Additionally, the Bank acquired shares in the newly privatized Liat (1974) Ltd and East Caribbean Home Mortgage Bank.
By letter dated October 10, 2003, National Commercial Bank of Dominica was advised by the Government of Dominica of its decision to divest itself of its majority holding in the National Commercial Bank (NCB).This was part of Government of Dominica's strategy to privatize NCB. This decision meant that the NCB Act Chapter 74:02 was repealed and a new company, the National Bank of Dominica Ltd was incorporated to succeed the NCB.
Bank Description
The National Bank offers a wide portfolio of loan and deposit instruments to its customers and was the second among all OECS Banks in the Caribbean to offer an International Debit Card on a Visa platform. NBD currently operates out of six locations making it the largest bank in Dominica both in terms of total customers and ease of access.
-Excerpt from NBD Annual report 2007-
The Group’s primary business is that of banking which, by its nature, is subject to volatility in interest rates in the domestic, regional and international markets and also global economic and political trends and competition. Through its commercial banking subsidiary the Group manages the largest share of the domestic banking assets serving institutional, government, and private customers. As a result a private and corporate financial centre was opened in October of 2006 and was specifically designed to cater to the needs of our private banking clients. Throughout the year under review continued focus was placed on training and education of staff members as many were sent on overseas assignments. The Group’s financial performance during fiscal year 2006/2007 was underpinned by: strong asset growth, improved market share, diversification of markets, capital accretion, strong control over expenditures and a proactive liquidity management strategy. As a result, the Group’s performance last year surpassed that of previous years. (NBD Annual Report 2007)
[edit] Impact of the CSME
In an effort to anticipate the surge of market changes, the National Bank has sought to position itself to take full advantage of The Caribbean Single Market and Economy (CSME). In conjunction with three other OECS Banks NBD established the Eastern Caribbean Investment Corporation (ECIC). In an apparent effort to bolster resources and secure market share, the Bank purchased majority share-holding (88.1%) in the Caribbean Financial Services Corporation (CFSC). This Barbados based Corporation has been providing loan and equity financing to small and medium-sized enterprises in the Caribbean. The mission of the ECIC is to enhance the operations and share value of the Indigenous Banks of the OECS and promote their competitiveness and sustainability in the CSME. The companies ownership has expanded to ten (10) OECS Banks; this number is expected to rise to fourteen (14). (NBD Annual Report 2006)
These activities allowed for expansion of other existing services such as Merchant Banking, including Loan Syndication and Investment Management Services, through a wholly owned subsidiary the National Mortgage Finance Company Ltd, a licensed broker/dealer on the Eastern Caribbean Securities Exchange. Altogether, these initiatives are geared towards realizing NBD's vision of being the premier financial institution in the region.
Moving Forward
-Excerpt from NBD Annual Report 2007-
The NBD Group emerged from fiscal year 2006/2007 a stronger and more resilient network of companies. In a challenging competitive domestic market typified by minimal growth and spiked expansion by local business entities, members of the Group, not only delivered good financial results, but also, cemented a number of fundamental changes in our growth and income strategies as we embraced the opportunities afforded by the Caribbean Single Market (CSM). In this latter regard, the Group is well prepared for the next phase of this paradigm shift which will be the Caribbean Single Market and Economy (CSME). The Group’s changed financial fundamentals, occasioned by a successful restructuring in fiscal years 2004/2005 and 2005/2006, culminated in the majority of the non-performing assets of its commercial banking arm moving off-balance sheet to be managed by a specialised Recoveries Unit. This was a necessary financial measure as the Group’s performance has moved from a net loss of $8.9 million in fiscal year 2005/2006 to a net profit (after taxes) of $14.7 million in current fiscal year. This amount represents an increase of 270% over fiscal year 2005/2006. (NBD Annual Report 2007)
[edit] Awards
- The National Bank of Dominica (NBD) was presented with the GRAVITAS award for Forward Thinking and Banking Innovation in the Caribbean Region. Mr.P.Norman Rolle, Chairman of the Board, and Mr. Gregory de Gannes, managing director receiving for NBD. GRAVITAS press release
- Eastern Caribbean Central Bank (ECCB) 2007 Good Corporate Citizen Award for environmental awareness. ECCB Press Release
[edit] Bank Logo and Tag Line
We make Banking Easy
[edit] Latest News & Updates
Online Banking
National Bank of Dominica is geared to launch Bank-a-Net: its new online banking service in March 2008. Bank-a-Net
[edit] References
- ^ Annual Report (2006). National Bank of Dominica. Retrieved on 2007-07-09.
