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About the National Bank of AnguillaGroup StructureNBA's holdings comprise two wholly owned subsidiaries and two companies in which it has a significant investment (ownership of greater than 20%). The operations of these companies are not currently sufficiently material to produce separate financial information. However, it is considered that they do and may have strategic value for the Bank. The Bank is certain that they will grow to become significant sources of earnings for the Bank. These entities are as follows:
NBA (Private Banking and Trust) Ltd.In November 2002, the Government of Anguilla approved an offshore banking license for the National Bank of Anguilla (Private Banking and Trust) Ltd. The role of this company is to conduct offshore banking and trust business in accordance with the Trust companies and Offshore Banking Act, 2000. NBA Pension Funds Management Co. Ltd. (PFMC)PFMC was incorporated as an ordinary company with limited liability under the Companies Act, 2000 on the 28th day of January 2002. It is a fully owned subsidiary of the National Bank of Anguilla Ltd. The PFMC was established for the sole purpose of providing Anguillians and other Eastern Caribbean nations with a pension vehicle to financially prepare for their retirement. NBA Pension Funds Management Co. Ltd. works with The Morgan McReynolds Group at Smith Barney to ensure proper management of the pension funds under its administration. National Commercial Data Services Limited ("NCDS")NCDS was the first data processing company in Anguilla and the OECS region. It was founded by the Bank in a 50:50 joint venture with the Caribbean Commercial Bank (Anguilla) Ltd. ("CCB"), another Anguillian bank. The company was capitalised in 1998 with an EC$1.5 million total investment. Its primary role is to provide data processing for both NBA and CCB. It is also providing automatic teller machine management for both banks. A value added benefit of the project is that the technology is scaleable and adaptable and can be provided to third parties, turning the provision of internal data processing into a revenue stream for the banks. NCDS is pursuing opportunities to provide its services to the Anguillian private and public sectors. It is also pursuing several joint projects with leading technology companies in order to expand the range of services it offers within Anguilla and throughout the region. Malliouhana-Anico Insurance Company Limited ("MAICO")MAICO is a general and property insurance company operating in Anguilla. The Bank owns 25.65% of MAICO through a total investment of EC$945,000. The strategic value of this investment has and continues to be realised through cross selling opportunities and the ability to provide one-stop mortgage and insurance needs. NBA's representatives on the Board of Directors of MAICO are: Frederick Harrigan and Selwyn Horsford. Ralph Hodge and L. Icilma Hazell have been appointed alternates |