The Grenada Co-operative Bank Limited (GBCL), regarded as the island’s only indigenous bank has listed on the Eastern Caribbean Securities Commission (ECSE) and shareholders stand to benefit.
The bank is the fourth Grenadian company to list on ECSE.
GCBL invited the local media to a press briefing last week Thursday at the St. Andrew’s Room at Spice Island Beach Resort in Morne Rouge to witness the unveiling of the Bank’s symbol on the trading board.
This move by the GBCL provides for trading of shares for the bank’s customers.
The listing comes as the Bank celebrates its 85th anniversary of serving the Grenadian public.
Speaking at the ceremony, Managing Director of GBCL, Richard Duncan shed some light on benefits in line for shareholders.
“As a publicly held company, it is in my view a necessity that shareholders are able to benefit from their holdings beyond the increase in net book-value and the receipt of dividends. Shareholders must be able to discover the value of their shares in an open market, and therefore be in a position to leverage its value in such ways as using shares as collateral to secure loans; and easily liquidating them at a fair price if they so desire,” he said.
Duncan attributed success of the Bank’s listing to that of its dedicated employees.
“Indeed, were it not for the hard work and dedication to duty of our staff, we would not have arrived at this significant juncture. I therefore place on record my appreciation for their contribution to our continued successes”, he said.
“…The listing of the Bank’s shares will contribute in no small way to the growth and expansion of the Money and Capital Market of the Eastern Caribbean Currency Union. Though it comes sixteen years after the launch of the ECSE, let the records show that GCBL is the first Pure Grenadian Company to list on the ECSE. Our shareholders have spoken,” he remarked.
Managing Director of ESCE, Trevor Blakes congratulated GBCL on the decision to list with the Eastern Caribbean body.
“…The continued pursuit of this mission…it can augur well for the continued development and success of Co-op Bank in the long run. I was also particularly struck by the customer service trend we see now as your commitment to excellence in service delivery”, he said.
“We at the ECSE take enormous pride in listing growth-oriented and visionary companies across the Eastern Caribbean Currency Union (ECCU) and beyond. Today GCB joins these companies and we freely expect that it will quickly be recognised…”, he added.
Blake went on: “…If the track record is any indicator that you remain true to the causes which has shaped your development thus far, I am more than confident that Co-op Bank will become a much sought after company on the ECSC”.
According to Blakes, Co-op Bank’s listing brings the total number of listing equity on the ECSC to 14.
As a result of the move by the local bank, the Eastern Caribbean Central Securities Registry Ltd (ECCSR), which is a subsidiary of ECSE, will keep a record of shareholdings and shareholders will be assigned and identified by a Unique Investor ID and Unique Account Number.
There will also be a change to proof of ownership as shareholders paper Share Certificate will no longer be one’s proof of ownership of shares in the Bank but will receive periodic statements from the ECCSR.
Additionally, dividends declared by Co-op Bank will be paid by ECSE through a provided Bank Account or by cheque mailed to the shareholder.
The purchase and sale of shares must now be conducted through a licensed Broker Dealer that is a member of the ECSE.