Type Limited company Products Banking Founded 1 April 2004 | Industry Financial services Headquarters Jamestown Number of employees 30 | |
Area served Saint Helena
Ascension Island Key people Carolyn Thomas, Chairman
Rosemary Bargo, Managing Director Owner Government of Saint Helena | ||
The Bank of St Helena is a government-owned bank based on the British overseas territory of Saint Helena, also operating 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 balance sheet of around SHP 33 million. Lending accounts for SHP 5.4 million, and SHP 24.5 million is invested in UK Gilts.(2006/2007 figures)
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Services
The bank offers both current and savings accounts to personal customers, as well as business banking from two offices in Jamestown, Saint Helena, and 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
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
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.
The bank's first Manager was Richard Winch. The full list of Managers is as follows: