Ministry of Finance receives updates on Republic Bank?s corporate responsibility plan

August 15, 2022 5:30 pm

Republic Bank pledges a more proactive approach in the future.

The Ministry of Finance was recently the recipient of a courtesy visit from the General Managing Director of Republic Bank Sint Maarten, Sterl Lyons and the Republic Bank (EC) Limited Managing Director Mrs. Michelle Palmer-Keizer.

The Directors sat with Minister of Finance, Ardwell Irion to discuss the recently launched, ?Power to Make A Difference? (PMAD), Republic Bank?s approach to corporate social responsibility designed to transform communities and enable sustainable futures. Republic Financial Holdings Limited (RFHL) is signed to the United Nations Principles for Responsible Banking ? a single framework for a sustainable banking industry developed through a partnership with banks worldwide and the United Nations Environment Programme Finance Initiative (UNEPFI).

In joining UNEPFI, RFHL committed to improving their positive impact and contribution to society by incorporating sustainable practices and strategies across all business areas. The Principles of the UN?s Sustainable Development Goals (SDGs) require banks to be transparent and accountable. Banks are required to set impact targets in line with the UN SDGs and report on their progress toward those targets.

Given the recent questions in the media regarding the glitches prompted the bank to elaborate on the recent challenges and growing pains experienced during the previous months. There was also an outline of the new and innovate solutions set to be launched by January 2023; this includes e-commerce solutions.

In response to questions by the public, the Directors provided answers to the length of time taken to open accounts on the island. They also shared the positive and growing state of retail and corporate banking on St. Maarten.

?While we did have a lot of questions for Republic Bank, especially regarding recent issues, the management team is stepping up to improve acknowledge and improve on the situation. It is very important for our financial institutions to be transparent and hold themselves to a higher standard of accountability. I appreciate the updates and look forward to future implementations of the corporate responsibility strategies.? said Minister of Finance Ardwell Irion.

CU: (left) General Managing Director of Republic Bank Sint Maarten, Sterl Lyons; (center) Minister of Finance Ardwell Irion; and (right) Republic Bank (EC) Limited Managing Director Mrs. Michelle Palmer-Keizer.