The Government of St. Vincent and the Grenadines after a Sale/Purchase Agreement is now the top shareholder in the Bank Of SVG.
Friday’s Sale/ Purchase agreement saw the Government buying back 31 per cent of the shares of (BOSVG) which it had sold to the Eastern Caribbean Financial Holdings Limited (ECFH).
It now means that the Government’s total shareholding in the bank has moved from 12 per cent to 43 per, it reduces ECFH’s shares from 51 per cent to 20 per cent.
The information was made known by way of a statement from the Minister of Finance Dr Ralph Gonsalves.
In November 2010, the GOSVG sold 51 percent of its shares to the St. Lucia-based Financial Services Group, the Eastern Caribbean Financial Holdings Limited (ECFH) at a price of EC $42 million.
June 30, 2017, the day of the Sale/Purchase saw the shareholdings as follows, ECFH, 51 percent; private shareholders, 18 percent; NIS of St. Vincent and the Grenadines, 20 percent and the Government of SVG, 12 percent.
The Sale/Purchase agreed to was EC $32.3 Million.