The proposed establishment of a locally-owned cooperative bank for Barbados may be off the table.
President of the Barbados Cooperative & Credit Union League (BCCUL) Hally Haynes has said that certain developments in the financial services sectors in recent years are pointing the movement towards a digital operation instead of a physical structure.
“The bank is something we will have to revisit given that a lot of things have changed in the last three years,” Haynes told
Barbados TODAY.
“Correspondent banking relationships, that is one of the critical components. If we are going to establish a bank, you have to ensure that you have correspondent banking relations…then you have to look at how the industry is moving. So there are a lot of factors to consider when we revisit the bank…whether we move to a digital bank or we look at brick and mortar,” he stated.