National Bank New Share Holder
The BVI Social Security Board (SSB) today, December 19, signed an agreement which makes it a shareholder of the publicly-owned National Bank of the Virgin Islands (NBVI).
The Social Security Board invested $15 million and now holds 33 percent of the bank’s shares.
The agreement also makes the Board the first statutory body to have shares in NBVI.
Chairman, Ian Smith said the Social Security Board started negotiations two years ago, but had to wait for the law to be changed to purchase shares in NBVI.
The law he spoke of is the Development Bank of the Virgin Islands Transfer of Assets and Liabilities (Amendment) Act 2017, which was passed in May this year. It allows statutory bodies such as the BVI Social Security Board and companies incorporated locally to become shareholders in NBVI.
Addressing the media at the signing of the agreement, Smith said the move to become a shareholder in a locally-owned bank is a wise investment of the Board’s funds, which are contributed by members of the public.
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