Amendments to the legislation governing Dominica's state-owned National Commercial Bank (NCB) have been approved by parliament, allowing the institution to engage in the offshore financial services sector.
Finance Minister Ambrose George said the amendments to the National Commercial Bank Act sought to broaden the scope of its banking activities to allow the bank to become more competitive by offering a wider range of services to the general public.
Mr George commented: 'The definition of banking business will be broadened considerably, to embrace or embody the sale of bonds, certificates, notes and other securities among other financial instruments. Provision of other services will include merchant banking, trust banking and offshore banking'.
He continued: 'The broadening of this definition and the provision of new services are expected to provide new opportunities for the National Commercial Bank of Dominica, given the competitiveness of the new financial architecture and the changing landscape of the financial services sector in our region, our indigenous banks in particular must look to reposition themselves to take advantage of new opportunities.'
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