On Wednesday March 8, 2023, Grenada Co-operative Bank Limited held a press event at the Coyaba Beach Resort Conference Room to officially launch the 12th annual Pump it Up! Family Fun Walk.
In her welcome remarks, Mrs. Ericka Hosten, Manager, Marketing & Customer Insights Unit, advised that the return of the Bank’s annual Pump it Up! Family Fun Walk will be held in Carriacou on Sunday March 26, 2023, starting at the Harvey Vale playing field and ending at the Hillsborough playing field. On Sunday April 23, 2023, in mainland Grenada, the Fun Walk will go from the Morne Rouge playing field to the Grenada National Cricket Stadium.
She emphasized the Bank’s continued commitment toward the re-establishment of services at the Carlton Home rehabilitation center for substance abusers and reflected on the contributions of Jonas Browne & Hubbard (G’da) Ltd., Flow Grenada, Guardian General Insurance (OECS) Limited, Antillean Group, Coyaba Beach Resort, Body Image Health Club and Waggy T Rentals & Sounds Co. – the benefactors that have joined with Co-op Bank since 2017 to pool resources toward this initiative.
Mrs. Hosten continued by adding: “Due to the enormity of the substance abuse problem in Grenada and the significant amount of resources required to combat the health challenges arising from it, we invite other local corporate citizens to join the efforts of the Bank, its benefactors, and the Ministry of Health…companies that share similar core values and understand the importance of this challenge to come on board.”
In his feature address, the Bank’s Managing Director, Mr. Larry Lawrence spoke about the status of the fund to re-establish the services of the Carlton Home, which is managed by a Board of Trustees. “When we started in 2017, our goal was to raise $500,000 in five years. To date, we have raised $350,000 and we intend to extend our efforts for two years, 2023 and 2024.”
He also stated that the Bank is “further committed to increasing the amount matched for each participant registered from $1.00 to $1.50 per person per mile. In addition, we are pleased to announce that for 2023, all collections from the sale of packages will be deposited directly to the Re-establishment of the Carlton Home Fund.”
The benefactors gave a show of their commitment by presenting their financial contributions to Mr. Lawrence.
Since 2009, a different health related charity has benefited from the proceeds of the Pump it Up! Family Fun walk, such as the Grenada Heart Foundation, Grenada Diabetes Association, Grenada Kidney Foundation, Sickle Cell Association of Grenada, Grenada Cancer Society, Pink Ribbon Society and Lupus Foundation of Grenada. As the Bank celebrates its 12th Family Fun walk, it remains committed to promoting vibrant and physically active lifestyles, encouraging preventative approaches to health issues and making available information concerning health matters as part of its Healthier Lifestyles Programme to the public.
Photo: (left to right) Kevin Andall, Permanent Secretary wrf Wellness & Religious Affairs; Kennie John, Managing Director Antillean Group Grenada; Nigel Adams, Managing Director, Guardian Group OECS; Larry Lawrence, Managing Director Grenada Co-operative Bank Ltd; Osmond James, General Manager (ag), Jonas Browne & Hubbard G’da Ltd; Lincoln Baptiste, Commercial Director B2C & B2B Flow; Ronald Hughes, Chairman Board of Directors Guardian Group Grenada.
The Grenada Co-operative Bank has posted a subdued first-half performance. Profit after tax (unaudited) for the six (6) months ended March 31, 2022, amounted to $3.2M. This performance reflects less than expected profits compared to the budget of $3.5M, resulting from a growth in operating expenses over the period.
Total Assets now stand at $1.59B, an increase of 11% or $160.5M for the first six (6) months of the financial year. A 4% favourable variance over the budgeted asset growth for the period.
Customer Deposits grew by $150.5M (12%) compared to a 5% budgeted increase for the period, with deposits moving from $1.28B at September 30, 2021 to $1.43B at March 31, 2022.
The Bank’s Capital Adequacy, Solvency, and Non- Performing Loan ratios all remain within regulatory requirements, with the Non-Performing Loans ratio at 0.32%, which has been consistently maintained below the prudential benchmark of <5%.
Our local economy continues to show signs of a positive recovery from the impact of the Covid-19 pandemic. This recovery has been led by construction and agriculture, supporting an expected expansion of real output. Food, fuel, and transport prices are expected to continue pushing up inflation, reflecting the impact of strained global supply chains. The main risk to the outlook (albeit a reducing risk) is a prolonged pandemic, with implications for tourism and students’ return to Saint George’s University (SGU). At Co-op Bank, we are well placed to respond to the foreseen challenges.
As we advance into the second half of the financial year, we are determined to leverage opportunities to maintain the Bank’s profitability and serve our stakeholders.
Richard W. Duncan Awarded the Most Excellent Order of the British Empire (O.B.E.)
Mr. Richard W. Duncan, O.B.E., the immediate past Managing Director of Grenada Co-operative Bank Limited has been conferred the honour of Officer of the Most Excellent Order of the British Empire (O.B.E.) in the Queen's 2022 Birthday Honour's List in recognition of his meritorious service to the banking sector.
Mr. Duncan's journey at Co-op Bank started in 1996 as Manager, Finance and Corporate Affairs. Recruited to help restructure and modernise the Bank's operations and bring it in line with Eastern Caribbean Central Bank (ECCB) regulations and international banking standards, Mr. Duncan was instrumental in championing the radical structural and cultural changes necessary for the growth and development of the institution. In addition, Mr. Duncan instituted in-house staff training programmes and access to professional qualifications financed by the Bank.
In 2008, Mr. Duncan took up the mantle of Managing Director. For the next 13 years, he was committed to continuing the expansion of the Bank's long tradition of service to the Grenadian people. He capitalised on technology to deliver innovative financial solutions, services, and initiatives that propelled the Bank forward.
Among the initiatives introduced under Mr. Duncan's stewardship were the launch of the Super Starter Education Investment Plan and the accompanying scholarships, and Super Starter Higher Education Loan Plan in 2009. These plans have significantly contributed to Grenada’s long-term sustainable development by creating avenues to help Grenadian students fund the increasingly high costs of education. As an advocate for the development of sports and local athletes, Mr. Duncan thought it necessary to capitalize on the opportunity to become a proud sponsor of Olympic and World Champion Kirani James, Primary Schools’ Games and other sporting events to pave the way for future champions. The highly anticipated Pump it Up Family Fun Walk was also introduced under his leadership, to foster healthier lifestyles and contribute to health related charitable causes.
Co-op Bank became the first institution in Grenada to facilitate securities trading on the Eastern Caribbean Securities Exchange (ECSE) in 2017 through its Brokerage and Investment Services Unit. As a result, Co-op Bank listed its shares on the ECSE, providing shareholders with an efficient mechanism to buy and sell shares of the company.
During his 25 years at Co-op Bank, Richard W. Duncan spearheaded the transformation of the Bank, which saw it moving from the fifth largest among five banks to the largest, and the first to reach $1 billion in assets. Co-op Bank was surpassed only because of the merger between two other banks. At the end of his tenure, Co-op Bank had assets of over $1.4 billion, over 200 highly trained staff, five (5) Retail Banking Units, Broker-Dealer operations, and modern electronic banking solutions. Richard W. Duncan was an exceptional leader and model banker; his legacy will be forever entrenched in Co-op Bank’s story and banking history. Mr. Duncan is the second Managing Director of Co-op Bank to receive this prestigious award; Mr. Gordon V. Steele, O.B.E. was awarded in 2007.
The Most Excellent Order of the British Empire (O.B.E.) is a British Order of chivalry established on June 4, 1917, by King George V., who wished to honour the many thousands of people who served in numerous none combat capacities during the First World War; as opposed to the other Orders such as the Most Honourable Order of the Bath, The Most Honorable Order of St. Michael and St. George, and the Royal Victorian Order; all of which honoured senior military officers, civil servants, diplomates and those who served the Royal Family respectively.
Recommendations to the Queen for the Honours Lists occur twice yearly, at New Year, and for the Queen's official birthday in June. The British Monarch is the Sovereign of the Order and appoints all members of the Order by Convention, on the respective Governments’ advice.
The British Honours System is one of the oldest in the world, which has evolved over 650 years recognising merit, gallantry, and service.
The Board of Directors, Management, Staff, and Customers of Grenada Co-operative Bank Limited proudly salute Mr. Richard W. Duncan, O.B.E. on this outstanding honour of excellence for his contribution to Co-op Bank and the banking industry of Grenada, Carriacou & Petite Martinique and the OECS.
The Board of Directors, Management and Staff of Grenada Co-operative Bank Ltd (GCBL) are delighted to congratulate Kirani on his appointment to the Most Excellent Order of the British Empire (Civil Division) in this year’s Queen’s New Year’s Honour’s List. James was recognized for his outstanding contribution to sport over the last decade, during which he became the only man in Olympic history to win Gold, Silver and Bronze in the 400 M. The Co-op Bank Ambassador overcame illness to win Bronze at the Tokyo Olympics to add to Silver in Rio 2016 and Gold in London 2012. This illustrious feat made him the most decorated Olympian over the distance. The Queen’s New Year’s Honour’s list was released on January 1, 2022, and recognizes people in the Commonwealth for exemplary service and achievements in various disciplines.
Following the announcement of his award, Kirani said, “It has been a privilege and honour to represent my country at the highest level. We all have a role to play in nation-building and I am enormously proud to use my talent to showcase my country. I hope my success will inspire young people in Grenada to work hard to accomplish their dreams in whatever field they desire to pursue. This honour is a fitting tribute to all those who supported me in my professional and social development from primary school to the Olympics.”
GCBL Managing Director, Larry Lawrence commented, “We at the Co-op Bank are thrilled to see Kirani receive this honour in recognition of his extraordinary commitment to the sport. His dedication and devotion to athletics are most admirable and he deserves this honour bestowed upon him. Kirani’s achievement is a symbol that no matter where you are from with the correct attitude you can make it to the top. He has been an outstanding citizen, role model, and exceptional representation of the Co-op Bank brand and his country. Congratulations our Hero and Ambassador.”
Mr. Richard W. Duncan, current Managing Director, will retire from Grenada Co-operative Bank Limited on December 5, 2021 after a distinguished 25-year career with Grenada’s sole indigenous bank.
Mr. Duncan’s journey to transform the “Penny Bank” into Grenada’s leading commercial bank in market share, assets and customer satisfaction started in 1996 as Manager of Finance and Corporate Affairs. Recruited to help re-structure and modernize the Bank’s operations and bring it in line with Eastern Caribbean Central Bank (ECCB) regulations and international banking standards, Mr. Duncan was instrumental in championing the radical structural and cultural changes necessary for the growth and development of the institution. Building on strategic planning policies, professionals from other banks were recruited. In-house staff training programmes along with access to professional qualifications financed by the Bank were instituted. Operations were departmentalized and streamlined with documented procedures and policies that resulted in, among many others, the establishment of the Loans Recovery Unit in 1998 that successfully reduced delinquency and the implementation of the ECCB anti-money laundering regulations in 2002. Additionally, to augment the Bank’s footprint, two new retail banking units were commissioned: Spiceland Mall Retail Banking Unit in 2000 and Carriacou Retail Banking Unit in 2007.
In 2008, Mr. Duncan took up the mantle of Managing Director, committing to continue the expansion of the Bank’s long tradition of service to the Grenadian people and capitalize on technology to deliver innovative financial solutions, services and initiatives to propel the Bank forward. Despite the downturn the global economy experienced in 2008 and 2009, Duncan pressed ahead with construction of the Tower Hive which, upon completion in 2010, became home to Grenada Co-operative Bank’s premier customer service centre.
With this statement of intent, which demonstrably set the Bank’s trajectory onward and upward, Duncan spent the next decade consolidating advances, relentlessly auditing and refining operations with particular emphasis on customer service and technology.
Following the 2014 launch of Co-op Bank’s eBanking Service which allows customers to manage their funds at any time and from anywhere in the world, Duncan continued to lead the Bank into the ‘Information Age’. In 2017, in addition to being the only institution in Grenada to facilitate securities trading on the Eastern Caribbean Securities Exchange (ECSE) through its Brokerage and Investment Services Unit, Co-op Bank listed its shares on the ECSE, providing shareholders with an efficient mechanism to buy and sell shares of the company.
Under Mr. Duncan’s leadership, Co-op Bank has endeavoured to be a socially responsible corporate citizen by promoting products and programmes that support education, environment, sports, culture, health and wellness. When it comes to culture, heritage and the performing arts, Mr. Duncan is revered for the generous support and encouragement Co-op Bank has given to the development and promotion of theatre, music and dance, and to the authors and historians working to document and preserve Grenada’s history, legacy and heritage.
Since 2009, the Super Starter Education Investment Plan and Super Starter Higher Education Loan Plan have significantly contributed to Grenada’s long term sustainable development by creating avenues to help Grenadian students fund the increasingly high costs of education. The Healthier Lifestyles Programme, from which the much-anticipated Pump it Up Family Fun Walk was born, continues to encourage the population to live healthy, vibrant and physically active lives. And, as an advocate for the development of sports and local athletes, Co-op Bank has been proud to not only sponsor Olympic and World Champion Kirani James, but also the Primary Schools’ Games and other sporting events to pave the way for future champions.
As this chapter of Mr. Duncan’s banking career comes to an end, he leaves an institution that, through his stewardship over the last 25 years, stands tall as a vibrant symbol of indigenous success. With assets of over $1.4B, two hundred (200) highly trained staff, five (5) Retail Banking Units, Broker-Dealer operations, and a network of thirty (30) Automatic Teller Machines, Co-op Bank is poised to continue achieving its mission with Grenadian pride.
Mr. Richard W. Duncan is leaving as the leader of this iconic Grenadian financial institution; however, his legacy will be forever entrenched in the Co-op Bank story.
The Board of Directors, management and staff of Co-op Bank thank Mr. Duncan for his tremendous service and wish him well as he embarks upon this chapter of retirement.
On September 28th, 2021, Mr. Benedict Brathwaite was appointed to serve on the Board of Directors of Grenada Co-operative Bank Limited. Established in 1932, Grenada Co-operative Bank Limited is Grenada’s largest indigenous commercial bank with assets of over $1.4B, two hundred (200) highly trained staff, five (5) Retail Banking Units, Broker-Dealer operations, and a network of thirty (30) Automatic Teller Machines.
Mr. Brathwaite is a chartered accountant with a wealth of experience from a long career in accounting, auditing, finance management and corporate governance. Mr. Brathwaite is an accredited director who has held senior level positions at several institutions in Grenada, including Grenada Electricity Services Ltd. and the National Insurance Board. Additionally, Mr. Brathwaite has served as director at the National Insurance Board and the Grenada Development Bank.
The Directors of Grenada Co-operative Bank Limited welcome Mr. Brathwaite to the Bank’s governance and oversight team and look forward to his sterling contribution in fulfilment of the Board’s mandate to provide strategic guidance and oversight within the company’s corporate governance framework.
Consortium of Banks to acquire the banking operations of CIBC FirstCaribbean in Dominica, Grenada, St. Kitts and Nevis, and St. Vincent and the Grenadines
Kingstown, St. Vincent and the Grenadines (12 October 2021): Today, a Consortium of leading Banks in the Eastern Caribbean Currency Union announced that it has entered into a definitive agreement to acquire the branches and banking operations of CIBC FirstCaribbean in Dominica, Grenada, St. Kitts and Nevis, and St. Vincent and the Grenadines.
The agreement executed on 12 October 2021 is subject to regulatory approval and customary closing conditions.
Commenting on the transaction, Consortium Lead, and Managing Director of The Bank of St. Vincent and the Grenadines Limited, Derry Williams asserted, "This acquisition by the Consortium represents a significant development in the evolution of the Banking System of the ECCU. Once approved by the regulators, we are very confident that it will lay the basis for further enhanced value creation in these economies and greater prosperity for our society. "
The four members of the Consortium are:
- The National Bank of Dominica Limited;
- Grenada Co-operative Bank Limited;
- Kitts-Nevis-Anguilla National Bank Limited; and,
- The Bank of St. Vincent and the Grenadines Limited (Agent of the Consortium)
“The four indigenous banks are an excellent fit for the bank’s St. Vincent, Grenada, Dominica, and St. Kitts business, given their knowledge of the local markets match with our product offerings and client base and a strong market positioning. They bring a depth of local knowledge to the market and the needs of our clients there…"
-- CIBC FirstCaribbean’s Chief Executive Officer, Colette Delaney
This acquisition expands the Consortium's loan base by more than XCD 600 million, net, the deposit portfolio by XCD1.5b; and provides the additional scale to better service the Consortium's respective communities and contribute to the region's economic and social advancement.
The Consortium looks forward to working with CIBC FirstCaribbean to finalize the transaction over the coming months with both working diligently to ensure the transition is seamless for all stakeholders.
Until regulatory approvals are obtained and the transaction closes, operations at all institutions will continue as they currently do.
The Consortium members are committed to recruiting staff of CIBCFirstCaribbean, as required, to maintain and even improve the level and quality of service that CIBCFirstCaribbean customers are accustomed to.
The Consortium is being advised by Deloitte & Touche in Barbados (Lead Advisor) led by Mr. Raymond Haynes, Director, Financial Advisory; and Lex Caribbean (Lead Legal Advisor) led by Mrs. Mary Mahabir, Senior Partner.
ABOUT THE CONSORTIUM
The Consortium members are market leaders in their respective territories, which offer the full spectrum of commercial banking services and electronic channels. As at June 30, 2021, the Consortium members held an aggregate deposit base of $6.4b representing a 53% market share in the their combined markets. Collectively, they have been serving the peoples of the ECCU for a combined period of over 200 years. The Consortium’s customer base includes consumers, small and middle-market businesses, large corporations, statutory bodies and Central Governments; and remain committed in helping their customer succeed.
On June 7th, 2021 Mr. Larry Lawrence took up the position of Managing Director, Designate at Grenada Co-operative Bank Limited. Established in 1932, Grenada Co-operative Bank Limited is Grenada’s largest indigenous commercial bank with assets of over $1.4B, two hundred (200) highly trained staff, five (5) Retail Banking Units, Broker-Dealer operations, and a network of thirty (30) Automatic Teller Machines.
Mr. Lawrence holds a Master of Business Administration (MBA) in Finance from University of Leicester and a Banking Certificate from the Institute of Financial Services.
In addition to his educational credentials, Mr. Lawrence brings with him twenty-seven (27) years of commendable banking experience in local and regional markets having served an international bank in the capacity of Country Head, Turks & Caicos Islands (TCI) and head of Corporate Banking in Grenada.
During his banking tenure, he has amassed considerable capabilities and expertise in maintaining robust control frameworks, as well as executing focused and disciplined change management.
The Directors, Management and Staff of Grenada Co-operative Bank Limited welcome Mr. Lawrence to the Bank’s Leadership Team and look forward to his sterling contribution in fulfillment of the Board’s mandate to provide strategic leadership, guidance and oversight of the Bank’s further growth and development.
Mr. Larry Lawrence replaces Mr. Richard W. Duncan who, after twenty-five (25) years of dedicated service, including thirteen (13) years as Managing Director, retires from the Bank on December 5th, 2021.
The Board of Directors, management, staff and customers mourn the passing of Mr. Gordon V. Steele, O.B.E – banker, visionary, leader, director, mentor and manager extraordinaire.
Mr. Steele devoted his entire working life to the building of Grenada’s prestigious, and sole, indigenous commercial bank, unselfishly contributing his passion for Caribbean excellence, drive for the financial independence of his nation’s people, and keen banking knowledge to the outstanding growth and development of Grenada Co-operative Bank Ltd. Mr. Steele served as the Bank’s General Manager between 1967 and 2008, and successfully steered the institution through five distinct decades.
In recognition of his sterling contribution to the growth and advancement of the Caribbean indigenous banking sector, Mr. Gordon V. Steele was presented with the Caribbean Association of Indigenous Banks’ (CAIB) Excellence Award by Guyana’s President Bharrat Jagdeo at the 2007 annual conference in Georgetown, Guyana. In that same year, Mr. Steele was conferred the honour of Officer of the Most Excellent Order of the British Empire (O.B.E.) for his meritorious service to the banking industry in the state of Grenada.
The Board of Directors, management, staff and customers of the Bank extend our deepest and sincerest condolences to his wife, Valerie, and children, Lorraine and Gregory.
May his soul rest in peace.
The Board of Directors, management, staff and customers mourn the passing of Mr. Gordon V. Steele, O.B.E – banker, visionary, leader, director, mentor and manager extraordinaire.
Mr. Steele devoted his entire working life to the building of Grenada’s prestigious, and sole, indigenous commercial bank, unselfishly contributing his passion for Caribbean excellence, drive for the financial independence of his nation’s people, and keen banking knowledge to the outstanding growth and development of Grenada Co-operative Bank Ltd. Mr. Steele served as the Bank’s General Manager between 1967 and 2008, and successfully steered the institution through five distinct decades.
In recognition of his sterling contribution to the growth and advancement of the Caribbean indigenous banking sector, Mr. Gordon V. Steele was presented with the Caribbean Association of Indigenous Banks’ (CAIB) Excellence Award by Guyana’s President Bharrat Jagdeo at the 2007 annual conference in Georgetown, Guyana. In that same year, Mr. Steele was conferred the honour of Officer of the Most Excellent Order of the British Empire (O.B.E.) for his meritorious service to the banking industry in the state of Grenada.
The Board of Directors, management, staff and customers of the Bank extend our deepest and sincerest condolences to his wife, Valerie, and children, Lorraine and Gregory.
May his soul rest in peace.
