International Merchant Bank Is Based in Nigeria
January 29, 2021
A third offshore bank, International Merchant Bank, based in Lagos, Nigeria, is set to open its doors on Nevis soon.
This is according to Nevis Premier, Hon. Mark Brantley, Minister of Finance and Foreign Investment in the Nevis Island Administration (NIA), during his January 28, 2021, press conference.
“As we seek valiantly in Nevis to try and rebuild our economy after the ravages of COVID-19, I’m pleased to announce that the Nevis Island Administration has been successful in attracting another international bank in Nevis, which brings us to three.
“This one I’m advised is called International Merchant Bank, and I’m advised that they are shortly to open their doors and have already started to hire persons,” he revealed.
The Premier said this is excellent news with respect to the additional employment opportunities that will be created in the prevailing constricted job market, as a result of the negative fallout from the COVID-19 pandemic.
He noted that the established international banks, Nevis International Bank & Trust Limited, and Bank of Nevis International Trust Services, have over 50 employees on staff combined, and he anticipates the International Merchant Bank will hire a similar number.
In an interview with the Department of Information on January 29, 2021, Mr. Brantley spoke to the impact of this latest foreign direct investment venture on the Nevis economy.
“In this difficult economic environment globally, it speaks volumes that Nevis is still attractive to foreign investors. These institutions would have undergone a rigorous due diligence and vetting process before being considered.
“Their presence in Nevis adds to the appeal of Nevis as a growing financial services center, which is well regulated and compliant with all international standards,” he said.