CO-OP BANK OFFICIALLY LAUNCHES BROKERAGE & INVESTMENT SERVICES
Written by George Grant on November 25, 2017
On Wednesday, the Grenada Co-operative Bank Limited (Co-op Bank) officially launched its Brokerage & Investment Service as a full-service broker-dealer licensed by the Eastern Caribbean Securities Regulatory Commission (ECSRC). The launch was done at a business luncheon held at the Crown Ballroom of the Radisson Grenada Grand Beach Resort before a group which included the Bank’s Directors, Executive Managers, Mr. Trevor Blake, Managing Director of the Eastern Caribbean Securities Exchange (ECSE), business leaders, managers and young professionals.
The Brokerage and Investment service includes a team of licensed and knowledgeable staff under the guidance and leadership of the Bank’s Managing Director, Richard Duncan and will benefit clients through the provision of investment solutions and advisory investment services for individuals, governments, companies and State-owned Enterprises by assisting clients with the purchase and sale of securities on the Eastern Caribbean Securities Exchange (ECSE) and Regional Government Securities Market (RGSM). It will assist companies in need of raising financing in the form of equity and/or debt, and will provide a range of administrative services to clients.
Upon attaining its license from the ECSRC, Co-op Bank became the sixth member of the ECSE’s intermediary network to offer broker-dealer services within the securities market in the Eastern Caribbean Currency Union (ECCU), and the only member offering this service in Grenada.
To obtain a license of broker-dealer, our Bank had to prove to the Licensing Authority – the Eastern Caribbean Securities Regulatory Commission – that it had, at the appropriate level and quality, the financial capital, technology, the governance structure, risk management practices, internal controls and the required human capital.