National Bank of Dominica

The National Bank of Dominica Ltd. is a financial services firm in headquartered in Roseau, Dominica.[1] It is the largest financial institution in the Commonwealth of Dominica.[2] The bank was set up in 1978 as a state owned bank and was privatized in 2003. It was named 2022 Bank of the Year by the Eastern Caribbean Central Bank (ECCB).[3][4]

National Bank of Dominica
TypePrivate Company
IndustryFinance
Founded1976 (1976)
Headquarters
Roseau
,
Dominica
Key people
ProductsBanking and other Financial services
  • Decrease US$7.40 million (2021)
Total assets
  • Increase US$581.3 million (2021)
Number of employees
138 (2021)
SubsidiariesNational Investment corporation
Websitewww.nbdominica.com

History

The bank was created by Act No 27 of 1976 by the Parliament of Dominica (under the name National Commercial and Development Bank of Dominica). It officially opened for business on March 15, 1978 with the Agricultural Industrial and Development Bank (AID) bank as a wholly owned subsidiary.

In January 1982, the AID development bank was made a separate and independent entity.

In 1994, the bank invested in National Commercial Bank of Grenada, jointly, with two other Organization of Eastern Caribbean States (OECS) indigenous banks to own 12.5% of that bank. An investment in the Caribbean Credit Card Corporation for the issuance and processing of local and international credit cards was also made. Additionally, the Bank acquired shares in the newly privatized LIAT (1974) Ltd and East Caribbean Home Mortgage Bank.

By letter dated October 10, 2003, National Commercial Bank of Dominica was advised by the Government of Dominica of its decision to divest itself of its majority holding in the National Commercial Bank (NCB). This was part of Government of Dominica's strategy to privatize NCB. This decision meant that the NCB Act Chapter 74:02 was repealed and a new company, the National Bank of Dominica Ltd was incorporated to succeed the NCB.

References
  1. "National Bank of Dominica Ltd - Company Profile and News". Bloomberg.com. Retrieved 2023-06-28.
  2. "ECPCGC Partners - National Bank of Dominica". ECPCGC. Retrieved 2023-06-28.
  3. Admin (2022-12-19). "NBD receives ECCB Bank of the Year award for 2022". Dominica News Online. Retrieved 2023-06-28.
  4. "National Bank of Dominica Ltd Sweeps 2022 ECCU Bank of the Year Awards | Eastern Caribbean Central Bank". www.eccb-centralbank.org. Retrieved 2023-06-28.
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