Published On: Tue, Aug 18th, 2015

Girobank is under curatorship, it can’t be the government’s personal banker

Girbank scored 1,112 and MCB 961 in the public tender.

Giro BankWILLEMSTAD – Girobank has the highest score to become the government’s personal banker. A public tender was held, according to the law, and Girobank scored 1,112 points, which is the highest of all local banks.

But the government was forced to choose for the second highest scorer, the Maduro & Curiel’s Bank, because according to the information from the Central Bank of Curaçao and Sint Maarten (CBCS), the Girobank does not have its permit to operate as a bank.

Girobank has been the government’s personal banker since 2010 and its contract expires in 2016. According to the Ministry of Finance it was time to hold the public tender to for a personal banker. Bancodi Caribe scored 835, PSB Bank 624, MCB 961 and Girobank 1,112. The government also has its criteria and presents a long list of conditions for the banks to become their personal banker. Requirements such as E-banking, location of branches, secure online banking, quality internal procedures, daily statements, solid financial position, experience in investment and quality of other services. The bank cannot have any debt to the government (taxes). If this is the case, then the bank will be automatically excluded.

There is also a letter from the CBCS that indicates that of all the participating banks, the Girobank is the only one that doesn’t have a permit to operate. The bank operates now under the supervision of the Central Bank.

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