History of Republic Bank

Republic Bank (Grenada) Limited, formerly the National Commercial Bank of Grenada Limited (NCB), has evolved in pace with the isle of Grenada for over 25 years. Founded on the principals of service and reliability, the bank continues to expand and improve to be the bank of choice for all its stakeholders.

April 2006 represented a high-point in the Bank’s evolution, as parent company, Republic Bank Limited (RBL) with a 51% shareholding since 1992, renamed NCB, Republic Bank (Grenada) Limited, in a move designed to unite the two banks and greater capitalise on the competitive advantages from systems and processes alignment.

The rebranding has marked the culmination of a 13–year mutually beneficial relationship between RBL and NCB. In uniting under one common name, Republic Bank (Grenada) Limited has become an even stronger institution; testament to an institution that has not only has grown but prospered as its people have; but to one that has endured and survived as they have.

Origins

The National Commercial Bank of Grenada Limited (NCB) was established in October 1979 with the first branch opening in Grenville; a year later the Head Office would be relocated to St. George’s. 

In the ensuing decade, NCB would expand its branch network to include  St. George's in March 1980; fishing capital Gouyave in April 1980; Carriacou in June 1981; St. David’s in December 1981; and Grand Anse in May 1990.

In July 1992, the Trinidad and Tobago based, Republic Bank Limited bought 51% of shares in the Bank from the Government of Grenada, effectively providing the perfect platform upon which Republic Bank Limited could afford its cutting-edge products and services to Grenada.

The Petite Martinique branch was opened in March 1995. In that same year, in September, NCB House was opened.  The building quickly became a landmark in the south of the island and now houses the Bank's Head Office, as well as the Private Banking and Foreign Business Centres and the Corporate Credit Department.  Customers are also afforded the convenience of a drive-thru ATM service, the only one on the island.

Opened in February 1998, the Sauteurs branch became the most recent addition to the burgeoning NCB network. Situated in the heart of one of the smallest towns in Grenada, Sauteurs had been hailed as a welcome addition to the town and its surrounding environs' social, economic and business landscape. 

In 2003, NCB following in the tradition of Republic Bank Limited, honed its focus on community improvement by launching the ground-breaking Power to Make A Difference Programme – a social investment initiative geared toward empowerment through Education; Culture; Sport; and Community Outreach.

Under Power to Make A Difference, NCB has developed and sponsored several social programmes including the refurbishment of the Hill View Home for the Aged; extension of the St. Andrew’s School for Special Education; refurbishment and installation of new computers for the Labs of the Presentation Brothers College and Westmorland School; and the Republic Bank Scholarship – an annual scholarship for study at the University of the West Indies.

NCB’s contribution to the Grenadian community is renowned and has earned the Bank regional and international recognition as the “Best Corporate Citizen” among Commercial Banks in the Eastern Caribbean Currency Union in 2003 and 2004. In 2005, NCB received three Good Corporate Citizen Awards for Cultural Development, Customer Service and Community Outreach.

Adversity struck the island in September 2004, when Hurricane Ivan wreaked havoc, decimating close to 90% of the island. The St. David’s Branch was adversely affected and was subsequently closed. Although NCB subsequently wrote off an EC$11.7 million Government debt, the Bank and the people surmounted the difficulties and had begun to rebuild homes, communities, businesses and lives with the viable aim of restoring the island’s former beauty and strength.

Now

Republic Bank (Grenada) Limited, led by Managing Director, Naomi E. De Allie employs over 200 persons from around the tri-island state of Grenada, Petite Martinique and Carriacou.

In 2005, the Bank had grown from an asset base of just EC$1 million in 1979 to an asset base of over EC$ 639million.  After tax profit, at the end of the September 2005 financial year, was EC $ 1, 755, 444.  The figure represents an increase of 1,137.6 % over 2004’s profits of EC$ .14 million, taking into account the negative economic effects of the hurricanes in September 2004 (Ivan) and July 2005 (Emily).

In addition, Republic Bank (Grenada) Limited has improved systems and processes, with the overarching aim of enhancing productivity. 

With a dynamic network of six (6) branches, Republic Bank (Grenada) Limited, in fulfilling the needs of its customers, has also updated its ATM network with the addition of one new machine - at the Republic House Branch. This expands the ATM network to twelve (12) machines, the most on the island. 

The Future

As Republic Bank (Grenada) Limited moves forward into the twenty-first century, continued growth and development is anticipated as it stands ready to serve the people of Grenada, all the while, maintaining the finest traditions of both Grenada and Brand Republic. The Bank stands poised to seize the opportunities that the Caribbean Single Market will afford; it stands equally poised to face the competition with several innovative products and top-tier service.