Bank of Montserrat

The Bank of Montserrat Limited is the only community bank operating in the island of Montserrat.[2] It was incorporated on February 22, 1988 by Hensey Fenton, and officially offered its banking services to the public on May 3, 1988.

Bank of Montserrat Limited
Unlisted public company
IndustryCommercial Banking
GenreFinancial Services
Founded1988 
FounderHensey Fenton
HeadquartersBrades, Montserrat
Key people
Dalton Lee, Chairman of the Board
Michael Joseph, General Manager
US$4,171,584 (as at September 30, 2018)[1]
US$1,611,071 (as at September 30, 2018)
Total assets US$92,751,494 (as at September 30, 2018)
Total equity US$12,279,797 (as at September 30, 2018)
Websitewww.bankofmontserrat.ms

Ownership

The bank, which operates as an unlisted public company, is jointly owned by local investors and the Government of Montserrat. As of March 2018, the island's government owned approximately 63% of the bank's total outstanding stock.[3] However, the government, under the Reuben Meade administration had expressed its intentions to fully divest their ownership stake in the bank.[4]

Bruce Farara, a local businessman, is currently the largest individual shareholder in the Bank of Montserrat Limited. As of March 2018, he owns a 3.10% stake in the bank. The heirs of John Osborne, the island's 3rd Chief Minister, also collectively own a 2.44% stake in the bank.

Corporate affairs

Board of directors

Bank of Montserrat's board of directors consists of the following members[5]:

  • Dalton Lee, Chairman
  • John E. Ryan, Director
  • Bruce Farara, Director
  • Philip Chambers, Director
  • Beverly Mendes, Director
  • Venita Cabey, Director
  • John E. Wyke, Director
  • Fitzroy Buffonge, Director
  • John P. Osborne, Director
  • Florence Griffith-Joseph, Director

Largest Competitors

Royal Bank of Canada

References
  1. "Bank of Montserrat 2018 Rights Issue and Additional Public Offering" (PDF).
  2. "Bank of Montserrat Ltd: Company Profile". Bloomberg. Retrieved February 18, 2017.
  3. http://www.bankofmontserrat.ms/wp-content/uploads/2009/10/Bank-of-Montserrat-2018-APO-Prospectus.pdf
  4. "Bank of Montserrat Prospectus 2013" (PDF). Bank of Montserrat Limited. Retrieved February 18, 2017.
  5. http://www.bankofmontserrat.ms/about-us/board-of-directors/
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