Business

BWU Credit Union is now AffinityPlus Credit Union

The BWU Co-operative Credit Union Ltd. (BWUCCUL), one of Barbados’ leading and most respected credit unions, is now AffinityPlus Credit Union (AffinityPlus). News of the change came as the credit union, which was formed in July 1983 to provide financial products and services to members of the Barbados Workers’ Union (BWU), unveiled its fresh, new look and returned to its historic headquarters on Fairchild Street, Bridgetown after approximately 4 years.

Valerie Hope, the Marketing Manager of AffinityPlus, said that while the Credit Union’s core purpose – to improve the quality of life of its members – has remained consistent, in many ways, the Credit Union has evolved how it fulfils its purpose. Over the years, the Credit Union has diversified its range of financial products and services, built a robust digital footprint to make it easier for members to do business with the organization, and made its financial products and services more accessible to a broader cross-section of Barbadians in various stages of their life journeys.

According to Hope, the Credit Union uncovered insights into the brand’s strengths and competitive advantages through extensive research. Moving forward, the organization will be laser-focused on fortifying these strengths and launching initiatives that differentiate the Credit Union as a brand. “This means we will be more strategic and creative in our sales and marketing initiatives, speaking directly to our target members – the individuals, families and businesses that value our brand characteristics. This new approach calls for repositioning our brand in the minds of our members and prospective members, so we become their first choice for the financial solutions they seek. It also influenced us to update our visual and overall brand messages to potential members. Our new name and visual identity are now more distinctive, modern, and better aligned with our purpose.

She further added “We are also happy that our brand launch has coincided with the return of our Bridgetown operations to our upgraded facilities at the Walcott Brooks Building in Fairchild Street. As the former offices of the late National Heroes, Sir Grantley Adams, Sir Hugh Springer and Sir Frank Walcott, and the original home of the Barbados Workers Union, this building holds a lot of history for Barbados and needed to be restored as a national landmark. It will also add to the revitalization of this section of Bridgetown.”

With respect to the name change, Hope said that the Credit Union’s new name reflects its DNA as an organization. She explained that “Affinity” means “a feeling of closeness and understanding someone has for another person or entity because of similar qualities, ideas, or interests. “This part of our name,” she said “, speaks to our focus on service delivery, empathy, responsiveness and community, which are all key characteristics of our DNA as a company and critical to achieving and holding on to our desired brand positioning. It also pays homage to our roots in the Barbados Workers Union and the concept of solidarity. She added that “the inclusion of the word ‘Plus’ in our name is a bold proclamation that when you are a member of AffinityPlus, you will experience a distinct advantage, as our products and services provide additional value to your life.”

Hope also noted, “Even though we have changed our name, we will continue to honour our heritage and roots in the Barbados Workers’ Union, as this organization was instrumental in establishing our Credit Union.

AffinityPlus Credit Union has over 31,500 members and over BDS$200 million in assets under management and growing.

Business

GALA DINNER CELEBRATES 40TH ANNIVERSARY

The Light & Power Employees Co-operative Credit Union Ltd. (LPECCUL) marked an impressive milestone on Saturday night, hosting a memorable 40th Anniversary Gala Dinner at the Accra Hotel. The evening was a celebration of history, resilience, and growth, honouring LPECCUL’s four decades of commitment to financial empowerment and community service in Barbados.

Guests arriving at the gala were greeted with the warm sounds of steelpan music by Ms. Allana Goodridge, a graduate and former junior member of the credit union, who set an elegant tone for the evening. The festivities were expertly guided by Master of Ceremonies Paula Palmer, who delighted the crowd with a mix of exciting prizes and giveaways sponsored by Stade’s Distillery Visitor Centre.

A highlight of the evening was the special achievement award presentation by Mr. Anton Lovell, CEO of Co-Operators General Insurance Company Limited. Mr. Lovell recognised LPECCUL for its outstanding success and commended the longstanding partnership between the two institutions, underscoring the strength of their collaboration.

The evening’s keynote speaker, Lt. Col. Trevor Browne, a founding member of LPECCUL, delivered a compelling speech on the origins of the credit union. He shared insights into its formation, early challenges, and eventual growth, citing the various business ventures and investments made over the years. Lt. Col. Browne emphasized the importance of credit unions in Barbados expanding their focus to attract and support younger members, highlighting the value of investing in youth-led businesses as a way forward.

Closing the event, LPECCUL President Sheena Edwards delivered a heartfelt Vote of Thanks. She expressed deep appreciation to the evening’s special guests, including representatives from credit unions across Barbados, eight of LPECCUL’s original 40 founding members: Anthony Seale, Charles Holder, Donald Hoyte, Oliver Jones, Ian Bridgeman, Julie Alleyne, Keith Burnett and Lt. Col. Trevor Browne, and former company manager Curtis Smith. She also extended her gratitude to the dedicated LPECCUL staff, The Light & Power Employees Co-operative Credit Union Ltd.whose hard work and commitment have been instrumental to the credit union’s enduringsuccess.

The 40th Anniversary Gala Dinner was a celebration not only of LPECCUL’s history but also of its ongoing mission to inspire financial independence and support the community. As LPECCUL continues to innovate and expand its services, the credit union remains committed to fostering financial success for all members.(PR)

Business

Barbados To Host Regional Economic Conference

Local, regional, and international economics, finance, and development experts will gather in Barbados from November 6 to 8, 2024, for the 55th Annual Monetary Studies Conference (AMSC).

The event, which the Central Bank of Barbados is co-hosting with the Caribbean Economic Research Team (CERT), will be held under the theme: “Macroeconomic Management in an Era of Polycrises.”

“We are living at a time when our islands face multiple issues, ranging from high debt levels to climate change, to an aging population to geo-political tensions such as the ongoing Ukraine-Russia war and the Israel-Hamas conflict,” Director of Communications, Information, and Outreach at the Central Bank, Novaline Brewster, said.

“Each of these on its own would represent a challenge. Combined, they could threaten the stability of our economies and the livelihoods of our citizens. The AMSC gives us an opportunity to bring together some of the leading minds to share their insights and offer research-based approaches to addressing these various crises.”

Ms. Brewster revealed that to complement the more technical sessions, on the second day of the conference, November 7, at 4:00 p.m., American economist Professor Jeffrey Sachs will deliver the 37th Adlith Brown Memorial Lecture, the topic for which will be the same as the conference’s theme.

“In addition to the Adlith Brown lecture, we will be hosting a panel discussion entitled: “The Role of Central Banks in Facilitating the Mobilisation of Regional Investment for Development Support” on the final day, November 8, at 10:15 a.m. The panel for that event will comprise several of our regional central bank governors,” she revealed.

Both the panel discussion and the lecture will be livestreamed on the Central Bank of Barbados’ Facebook page and YouTube channel.

Central Bank of Barbados will host the 63rd gathering of this group as Barbados’ Governor, Dr. Kevin Greenidge, is the current Chair of the committee. (PR/GIS)

Business

Barbados to Host Regional Economic Conference

Local, regional, and international economics, finance, and development experts will gather in Barbados from November 6 to 8, 2024 for the 55th Annual Monetary Studies Conference (AMSC). The event, which the Central Bank of Barbados is co-hosting with the Caribbean Economic Research Team (CERT), will be held under the theme “Macroeconomic Management in an Era of Polycrises.” “We are living at a time when our islands face multiple issues, ranging from high debt levels to climate change to an aging population to geo-political tensions such as the ongoing Ukraine-Russia war and the Israel-Hamas conflict,” said Novaline Brewster, Director of Communications, Information, and Outreach at the Central Bank. “Each of these on its own would represent a challenge. Combined, they could threaten the stability of our economies and the livelihoods of our citizens. The AMSC gives us an opportunity to bring together some of the leading minds to share their insights and offer research-based approaches to addressing these various crises.”

The three-day conference will feature sessions related to financial development and financial stability, adjusting to climate change, digital innovations and transformation, regional integration and governance, and regional economic development. Brewster revealed that to complement the more technical sessions, on the second day of the conference, November 7, at 4:00 p.m., American economist Professor Jeffrey Sachs will deliver the 37th Adlith Brown Memorial Lecture, the topic for which will be the same as the conference theme. “In addition to the Adlith Brown lecture, we will be hosting a panel discussion entitled “The Role of Central Banks in Facilitating the Mobilisation of Regional Investment for Development Support” on the final day, November 8, at 10:15 a.m. The panel for that event will comprise several of our regional central bank governors.” Both the panel discussion and the lecture will be livestreamed on the Central Bank of Barbados’ Facebook page and YouTube channel.

The Annual Monetary Studies Conference, the oldest academic conference of economists in the Caribbean, is held in a different territory each year to coincide with the second of the Bi-Annual Meetings of the CARICOM Committee of Central Bank Governors. Central Bank of Barbados will host the 63rd gathering of this group as Barbados Governor Dr. Kevin Greenidge is the current Chair of the committee.