By Kenton X. Chance
La Fleur Bancorp Ltd. on Friday attempted to reassure shareholders and depositors at the 80-year-old St. Vincent Co-Operative Bank, commonly called Penny Bank, two days after the unknown entity announced that it was trying to acquire “a controlling stake” in the bank.
“We fully understand that Vincentians care about who is behind the financial institutions that serve them,” Kenrick Quahsie, founder of La Fleur Bancorp Ltd., told iWitness News.
“We welcome this scrutiny, and we are proud to share that many of our principals are Vincentians with strong roots in the community and in the St. Vincent Co-operative Bank itself,” he said.
These principals include former Governor of the Bank of Jamaica, Brian Wynter, grandson of founding shareholder of SVCB, John Jemmot Antrobus; Vincentian businessman and pastor, Martin LaBorde; and, former executive director of Invest SVG, Cleo Huggins, alongside others from Trinidad and Tobago, Canada, and the United States, Quashie said.
La Fleur Bancorp Ltd. announced the acquisition bid in a press release on Wednesday.
That same day, Marcus Ballantyne, who had been chair of the board of directors of Penny Bank since 2023, quit the board on which he had served for 20 years, iWitness News was reliably informed.
The press release said La Fleur Bancorp Ltd. had “entered into agreements with multiple shareholders” to acquire a controlling stake at the Penny Bank.
The announcement was greeted with scepticism as La Fleur Bancorp Ltd. was an unknown entity, and little information was found about it anywhere, including on the internet.
Additionally, the announcement came four months after the bank celebrated its 80th anniversary, with Ballantyne telling iWitness News in March that it was positioning itself for the next 80 years.
On Friday, Quashie told iWitness News that La Fleur Bancorp Ltd. was named for his deceased mother, La fleur Quashie
In its press release on Wednesday, La Fleur Bancorp Ltd. said the proposed acquisition of Penny Bank is under review by the Eastern Caribbean Central Bank (ECCB) in accordance with the Banking Act.
“This represents a key step in our broader commitment to building a stronger, more inclusive financial sector in St. Vincent and the Grenadines and across the Eastern Caribbean,” the release stated.
La Fleur Bancorp Ltd. said it was “building the future of banking and fintech across the Eastern Caribbean with a focus on modern, inclusive, and secure financial solutions”.
Its vision is to create a “digital-first financial ecosystem that empowers individuals, entrepreneurs, and businesses through innovation and technology.
“Backed by a leadership team rooted in trust and regional expertise, La Fleur Bancorp is creating a new banking experience in SVG and the Caribbean — modern, accessible and digitally driven,” La Fleur Bancorp Ltd. said of itself.
La Fleur Bancorp Ltd. said the move to acquire a controlling stake in SVCB is an “exciting time” as the bank celebrates 80 years of operations.
“This investment honours and builds upon the foundation of financial inclusion envisioned by the bank’s founders, reinforcing its legacy and preparing it for the next generation.”
La Fleur Bancorp said the proposed acquisition aligns with its mission “to drive economic growth, financial inclusion, and digital innovation across St. Vincent and the Eastern Caribbean.
“Fully committed to a transparent and collaborative regulatory process, La Fleur Bancorp aims, subject to regulatory approval, to position SVCB as a forward-looking, technology-driven financial institution, one that expands access, empowers entrepreneurs, and enhances regional competitiveness, while honouring SVCB’s proud legacy and ushering in a bold new chapter for banking in St. Vincent,” the release further stated.
Responding to inquiries from iWitness News, Quashie noted that Penny bank is this year celebrating its 80th anniversary under the theme “Transforming for Tomorrow”.
“That is exactly what we want to do — transforming for tomorrow, not by erasing the past, but by building on it. While we are deeply committed to preserving SVCB’s rich legacy as the ‘Penny Bank’ — an institution rooted in community and trust, we aspire to elevate it into a modern financial institution that continues to serve Vincentians with excellence.”
Quashie told iWitness News that La Fleur Bancorp was acquiring 51% of the bank, adding, “importantly, 49% of the shareholding will remain with the original Vincentian shareholders.
“Let me be clear, this ensures that the bank remains not just locally rooted, but majority Vincentian-owned.”
Quashie was one of the founders of Squeeze Cash, which he described as “the region’s only multi-currency payment platform”.
He said that through his experience building Squeeze Cash, he “came to understand a major truth: the Caribbean’s banking landscape has not kept pace with innovation. There are opportunities to support commercial entities and make banking more accessible to the over 40% who are unbanked.
“Most importantly, this is a Vincentian solution to a Caribbean challenge. With a strong team—including many Vincentians and other Caribbean professionals of high calibre — we are proud to say this transformation is both homegrown and regionally relevant.”
He emphasised that La Fleur Bancorp Ltd. is a locally registered company that is majority Vincentian-owned.
“Its bold vision is to transform the financial landscape of St. Vincent and the Grenadines and the wider Eastern Caribbean. Our work is grounded in accelerating financial inclusion, embracing innovation, and expanding access to modern, secure financial services — especially for underserved and unbanked communities,” Quashie told iWitness News.
In March, Ballantyne told iWitness News that Penny Bank had over EC$200 million in assets, catering not only to the working-class population but to all levels of society, giving them opportunities to be involved in the financial space.
He said that the bank was endeavouring to become commercial, adding that besides the fact that it was not a full commercial bank, it was differentiated by its exceptional service in an efficient, effective and responsive manner.
The then-chairman has said that the bank acknowledged the increasing demand of customers for various financial services offered by commercial banks.
“We considered and contemplated pursuing commercialisation and we are at the point of doing a study to look at the rewards, benefits, costs and risks of adopting that strategy.”
In the meantime, the bank was putting in place elements that commercial banks in SVG offer, such as automated clearing house, which allows customers to move money from one financial institution to another, both domestically and within the Organisation of Eastern Caribbean States.
The bank was also looking into transacting in foreign exchange, for which it would need a full commercial bank license
Quashie offered the following details on the principals of La Fleur Bancorp Ltd.:
Brian Wynter, O.J. — St. Vincent and the Grenadines/Jamaica
- Former Governor of the Bank of Jamaica
- Grandson of founding shareholder of SVCB, John Jemmot Antrobus, whose offsprings still holds considerable shares. (for ease of reference, he is the first cousin of Erica Mc Intosh)
- Awarded the Order of Jamaica in 2020 for distinguished service to central banking and the financial sector
- Most recently, appointed a commissioner of the Jamaica Integrity Commission in 2025
Martin LaBorde — St. Vincent and the Grenadines
- Vincentian businessman and owner of Harmony Investments
- Account holder at the bank for over 40 years
- Shareholder and active participant in shareholder meetings for 20+ years
- Former Marketing Manager at the Eastern Caribbean Group of Companies (ECGC)
- Serves as a pastor
Cleo Huggins — St. Vincent and the Grenadines
- Former Executive Director of Invest SVG
- Over 11 years of banking experience with Barclays and RBTT Caribbean
- Roles included Business Development Officer and Management Trainee
- Deep knowledge of investment promotion and small business support in St. Vincent
Kenrick Quashie — St. Vincent and the Grenadines
- Vincentian entrepreneur & founder
- Founder of La Fleur Bancorp. The name La fleur is from deceased mom; La fleur Quashie
- Previously co-founded the only multicurrency digital wallet in the Caribbean
- Background in teaching, commercial farming (86 acres), and youth entrepreneurship
- Founder of Youth Business SVG
- Deeply committed to innovation, financial empowerment, and national development
Dr. Sterling Frost, O.R.T.T. — Trinidad and Tobago
- Former Deputy CEO of First Citizens Group
- Professor of Practice in Management Studies at UWI/Arthur Lok Jack Global School of Business
- First recipient of a Fellowship Award from the Institute of Banking of Trinidad and Tobago for advancing banking theory
- Recipient of Trinidad and Tobago’s highest national honour, the Order of the Republic of Trinidad and Tobago (ORTT) in 2022
- Renowned academic and practitioner in human resource management, strategy, and leadership
Anjen Mc Lean – Canada/Trinidad & Tobago
- Former Group Chief Risk Officer at Massy Group
- 25+ years’ experience in risk management across sectors: financial services (JP Morgan), FMCG (Nestlé), and energy (Shell Trading)
- Currently an Executive Instructor and Change Advisor with Prosci International
- Serves on multiple nonprofit boards in Canada
Sanjib Kalita – United States
- Chair of Fintech Meetup, one of the fastest-growing fintech conferences in North America
- Former Chief Marketing Officer at Money20/20
- Built and launched over 20 products and businesses, including work at Google and Intel
- Former SVP at Citi, managing a $30B credit card portfolio and key regulatory projects
- Advisor and investor in fintech startups with over $2B in exits and investments
“This is a team of seasoned professionals from across the Caribbean and the diaspora, deeply committed to SVG and the wider region,” Quashie said.
Good luck Kenrick. All the best!
This article has made me scared of Banking in SVG. This sounds like a scheme to rip off people. A black face upfront to mislead people is while the real massa is behind the scenes.
ECCB can hardly manage a conventional bank, much less a digital one. I looked at a fintech meetup presentation and saw Sanjib bumbling his way through a presentation to what appears to be a mostly empty hall. I don’t trust it, and there are at least one other principal I definitely do not trust. When you have managed such large portfolios, why are you coming to such a small change bank? Account holders should be worried. I moving my coppers.