Bank of St. Helena

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search
Bank of St. Helena Ltd
Limited company
IndustryFinancial services
Founded1 April 2004
HeadquartersMarket Street, ,
Area served
Saint Helena
Ascension Island
Key people
Carolyn Thomas, Chairman
Rosemary Bargo, Managing Director
ProductsBanking
OwnerGovernment of Saint Helena
Number of employees
47
Websitewww.sainthelenabank.com

The Bank of St Helena is a government-owned bank based on the British overseas territory of Saint Helena. It also operates a branch in the dependent territory of Ascension Island. The Government of St. Helena owns 100% of the bank and operates it as a parastatal. The Governor appoints the board of Directors. The bank has a deposits of around SHP 72.7 million. Lending accounts for SHP 13.5 million, and SHP 56.8.5 million is invested.([1] 2016-17 Annual Report.)

Services[edit]

The bank offers both current and savings accounts to personal customers, as well as business banking from its two offices, one in Jamestown, Saint Helena, and the other in Georgetown, Ascension Island.

The bank also offers services to tourists and others visiting Saint Helena and Ascension Island. These include currency exchange, encashment of traveller's cheques and providing cash advances on selected credit/debit cards.

The bank maintains a relationship with Lloyds Bank, allowing its customers to use their banking network for United Kingdom and international money transmission.

Current details of the bank's services are available on its website.

Money and banking on Saint Helena[edit]

The Currency Commissioners, part of the government of Saint Helena, issue the island's banknotes and coins. Bank of St Helena is the island's only bank and the island does not have a central bank. The bank sets its own deposit and lending rates. As at May 2011 the ordinary savings rate is 2% and the normal personal lending rate is 7%.

History[edit]

The bank was formed on 1 April 2004, by the Banking Ordinance 2003 and the Bank of St Helena Ordinance 2003. The bank inherited the assets and liabilities of the Government Savings Bank (in Saint Helena) and the Ascension Island Savings Bank.

The Government Savings Bank in St Helena had been established in 1865.[1]

The bank's first Manager was Richard Winch. The full list of Managers is as follows:

Richard Winch 1 April 2004 to 31 March 2005
John Turner 1 April 2005 to 31 March 2008
Rosemary Bargo 1 April 2008 to date

References[edit]

  1. ^ Trendell, Arthur James Richens (1890-92) The Colonial year book, 1890-92. (London: S. Low, Marston, Searle, & Rivington [etc.]).

External links[edit]