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St Kitts & Nevis Bank Deposits Surpass EC$2 Billion

by Amanda Banks, Tax-News.com, London

24 December 2003


Prime Minster and Minister of Finance of St Kitts and Nevis Dr Denzil Douglas has revealed that commercial banking assets in the jurisdiction exceeded the EC$2 billion (US$750 million) mark in the first eight months of 2003.

According to the Prime Minster, commercial bank assets held in the country grew by EC$181.5 million (10.2%) in the year to the end of 2002 and increased an additional EC$180.2 million to the end of August this year.

Meanwhile, Dr Douglas announced that the assets of St Kitts Nevis Anguilla National Bank, the largest in the Eastern Caribbean Dollar area, now stood at more than EC$1 billion.

"This is no mean achievement for an indigenous bank built from the brain and brawn of our people. Indeed, the progress of the St. Kitts-Nevis-Anguilla National Bank from a penny-bank to a billion-dollar bank in just three decades is indicative of the great social and economic strides that our people have made," observed the Prime Minister according to a Caribbean Net News report.


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