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Article appearing in The Anguillian, Friday 4th of May, 2001
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A New 750,000 US Dollar Expansion
Anquilla's first formal indigenous banking institution the Caribbean
Commercial Bank (CCB), which has shown steady growth over the years, is off to a building expansion after breaking ground for its present imposing edifice in 1994. The bank is being expanded by an additional 3,000-square feet of office space to be built over the car park in two floors. The new structure will be linked by a covered bridge to the existing, building and will have the same appearance and constructed from similar materials. Managing Director of the Bank; Mr Preston Bryan, said the cost of the new building was in the region of 750,000 US dollars not including furnishings and other expenses.
A ground-breaking ceremony was held on Wednesday afternoon May 2. The act of turning the soil was performed by Mrs Ruby Fleming, wife of Chief Minister the Hon.Osbourne Fleming who in his private capacity is Chairman of the Bank, having duly declared his assets and was allowed to remain at the helm of the institution. Mrs Fleming was escorted to the site by Mr Bryan.
In bringing greetings from the closely-associated National Bank of Anguilla which itself is expanding, General Manager (Banking) Mr Valentine Banks, commended the CCB for its performance over the years and present expansion plans. He described the new undertaking as "another sign of success, and achievement by the people of Anguilla. He added: "These premises stand as another symbol of what is possible regardless of size when people decide work together with goals and with a vision."
Director of Financial Services,Mr. John Lawrence also brought greetings on behalf of his department. He congratulated the Bank on "what is and what will be an important development in its progress as one of the bed rocks of the four domestic banks which operate In Anguilla." He spoke of the importance of a modern bank looking after its corporate activities with care and foresight and keeping in line with the Government's banking regulations. He stressed the need for vigilance in order to identify and combat money laundering; for the banking community and other financial service providers "to know their customers, keep proper records; maintain effective internal procedures for the reporting of any suspicious transactions; and to train all staff in the procedures and vigilance required:"
In his remarks, Chairman of the Bank, Mr.Osbourne Fleming said it was not just that the CCB was simply expanding, but that it had resulted from the growth, of the Bank over the years. As an example of that growth, he stated that when he became Chairman in 1994, the Bank had assets of 68 million dollars. Today,those assets have climbed to 216 million dollars.
The feature address was delivered by Mr. Marcel Fahie, Permanent Secretary in the Ministry of Finance and Economic Development on behalf of the Minister Mr. Victor Banks who is in the United Kingdom on Government business. Speaking on the theme "The role of indigenous banks within the financial context of modern Anguilla, he said that in general terms, the combined assets of the CCB and the National Bank of Anguilla account for more than fifty percent of the total assets within the economy. In similar fashion, they account for more than fifty percent of deposits and loans within the banking system. Speaking in relation to the CCB, he noted that just a few years ago the Bank had embarked on constructing its present buildings. Now it was celebrating the
ground-breaking of what should turn out to be even more modern offices for the Caribbean Commercial Bank. "Who would have thought that in such a short time, CCB would outgrow its new offices and would find it necessary to expand its facilities to better cater to the increasing needs of its ever-expanding clientele?" he asked."The fact is," he continued, "that despite the setbacks of hurricanes on the growth and development of the economy, the CCB has grown from strength to strength. While playing a critical role as an indigenous bank, it has helped to further the deeply-held aspirations of the people of Anguilla, to be economic masters in their own country; to remain essentially in control of their economic fortunes; and at the same time promoting the social and cultural development of the Anguillian community."
The ground-breaking ceremony was chaired by Mr. John Benjamin. Pastor Ambrose Richardson, a CCB Director gave the invocation and vote of thanks.
The architects for the CCB building are Architects Plus Limited, headed by Mr.Ian Smith. The general contractors are Orchard Romney and Beck & Associates Inc. The project should be completed within one year as from June 1, 2001.
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