Bank of Saint Lucia International Limited Sets Sights on South America
The banking sector, regionally and internationally, is experiencing a challenging time in the wake of the current global financial crisis. Financial institutions with a solid reputation have managed to stand out without being adversely affected by the resulting loss of confidence and trust in the industry. Therefore, it is quite an achievement for the indigenous Bank of Saint Lucia International Limited (BOSLIL), the offshore banking subsidiary of East Caribbean Financial Holding Company Limited (ECFH), to be in a position to expand its operations into South America. In April, BOSLIL launched a new subsidiary, BOSLIL Sudamérica S.A., a marketing and business development company in Uruguay. This development marks the first time that the ECFH Group has created a company outside of Saint Lucia.
BOSLIL Sudamérica S.A. sponsored two major events in Uruguay, the first of which was a seminar in Montevideo for leading industry professionals on the topic ‘A Global Perspective on The International Financial Crisis’. At this seminar, Saint Lucia was featured as a jurisdiction of choice for undertaking international business. The seminar was such a success that BOSLIL Sudamérica S.A. intends to hold further events in both Montevideo and other South American cities.
The second event sponsored by BOSLIL Sudamérica S.A. was the Panamericano de Endurance Uruguay 2009 held in Uruguay during the week of April 20. Endurance horse racing consists of horse racing over a 120 km circuit. Participating teams came from 16 countries, including the USA, Malaysia and various Latin American countries. It is expected to be featured at the 2012 Olympics in England.
Both events were well received by participants and stakeholders, and they provided an excellent opportunity to showcase Saint Lucia and BOSLIL Sudamérica S.A’s. products and services.
ECFH’s Chairman, Victor Eudoxie, was among the delegation attending the event at which he outlined BOSLIL’s plans as well as the overall goals of The Group. Mr Eudoxie was presented to the King of Malaysia, HRH the Sultan of Terengganu, one of the riders in the open event and a keen Endurance supporter. The King expressed his gratitude to BOSLIL for providing the main sponsorship to the horse-racing event.
BOSLIL’s Chief Executive Officer, Ryan Devaux, clearly articulated the strategic focus of BOSLIL when he stated, “This is just the start of our initiatives in South America. We have strong expansion plans for our international business which not only covers South America but also the Caribbean, Europe and Asia".
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