HEADLINES

Former Bank of Commerce to make over 18 million dollars payout to former depositors; National Bank pays 6.5 million to shareholders

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 BANK OF COMMERCE PAYOUT

Basseterre, St. Kitts, December 22, 2015 (SKNIS)—

Former depositors of the defunct Bank of Commerce that folded in bankruptcy in 1985 leaving thousands of them with nothing from their deposits will soon recover their money with an additional increase of 25 percent on their balances onDecember 28, 2015, made through the St. Kitts-Nevis-Anguilla National Bank in the Pelican Mall, Basseterre.

In wrapping up the 2016 Budget debate in the National Assembly on December 21, Prime Minister Dr. the Honourable Timothy Harris, said that the Bank of Commerce is expected to pay out 18 million, 185 thousand, 7 hundred and 83 dollars ($ 18,783,700,83.00) to former clients. Between five and six thousand persons are expected to benefit from the payout. Beneficiaries must walk along with a government photo I.D., preferably a passport in order to receive their money.

Prime Minister Harris said that after three long decades, he’s happy that the resolution to the problem could come under a Team Unity Government.

“This would see a significant contribution in the economy between December and January as more people have money to spend for the Christmas season and the New Year,” Prime Minister Harris said.

The Bank of Commerce has been in liquidation for the last 30 years.

Meanwhile, the St. Kitts-Nevis-Anguilla National Bank has paid 6.5 million dollars in an interim dividend to shareholders.

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