News that PSB Bank would be taken over by the APC Bank of Curaçao’s General Pension Fund (see Friday paper) caused a bit of a “run on the bank” there, but it was short-lived and totally unnecessary. The recent Girobank debacle no doubt played a role, while opposition member Amparo dos Santos of “Kòrsou di Nos Tur” (KdNT) during the related debate in Parliament telling people to “go get your money” probably did not help.
But this is a completely different situation, with the involvement of a stable, well-funded institution that has reportedly invested 50 million Netherlands Antilles. Obtaining a general banking licence will permit offering more products such as chequing accounts, online banking, foreign exchange transactions, credit and debit plus automated teller machine (ATM) services.
No sign of real concern was noted in St. Maarten, considering PSB Bank’s solid local reputation. There is also no reason to have any doubt in the bank’s future because this move should allow it to grow and prosper more.
It will mean a little added competition for established Dutch Caribbean banks as well, which usually benefits the consumer. That is how a free market economy works.
