Dalton Lee has announced his resignation as Chairman and Director of the Bank of Montserrat Limited, effective at the close of the Annual General Meeting scheduled for July 10, 2025.
Lee joined the Board of Directors in 2015 and was appointed Chairman in 2018. Over the last decade, he has helped steer the institution through a period of sustained financial growth and operational transformation.
During his chairmanship, the Bank delivered its best financial performance in over 15 years, closing 2023 with net profits before tax of EC$6.8 million, a $2.2 million or 53.4% increase from the previous year. Other key achievements under his leadership include:
- Interest income ballooned by 79.1% to EC$18 million.
- Total income expanded by 75.9% to EC$24.1 million.
- Operating income rose by 73.5% to EC$19.7 million.
- Book value per share increased from $6.72 to $7.72.
- Dividends paid to shareholders grew from 33 cents in 2018 to 39 cents in 2023.
- The Bank achieved the ECCB’s mandated paid-up capital of EC$20 million in 2020.
- The largest loan in the institution’s history was booked in 2023.
As Chairman, Lee also oversaw critical advancements in the Bank’s digital, customer service, and corporate governance infrastructure. During his tenure, the Bank:
- Launched its mobile banking app, enabling online international wire transfers, electronic funds transfers (EFTs), third-party payments, peer-to-peer transactions, and cell phone top-ups.
- Partnered with local merchants to expand the number of point-of-sale terminals, now with over 30 businesses across Montserrat offering seamless card payment options to customers.
- Introduced a Mastercard cross-border solution to facilitate faster, more efficient, and lower-cost international transactions.
- Began modernising and expanding its ATM network and prepared to enable Visa/Mastercard access at ATMs.
- Upgraded its website to support onboarding of new accounts and online loan applications.
- Introduced minimum certifications for all directors and committee chairs.
“One the highlights of my tenure, was to play an active role when the Bank executed one of the original strategic visions of the founders,” Lee added. “The acquisition of the banking operations of the Royal Bank of Canada in Montserrat in April of 2021 was the realisation of one of their goals. This acquisition has contributed significantly to the Bank’s profitability and has set the Bank on a path for long-term, consistent growth.”
Lee’s departure comes at a time of continued evolution at both the board and management levels, with several directors resigning to hold political office and the hiring of senior managers, including a General Manager, HR Manager, IT Manager and Manager of Credit and Advances. He expressed full confidence that these developments, combined with the strong foundation already in place, position the Bank for continued growth and success.
“Leaving the bank in a better position than I found it has always been my goal. It’s now time for someone else to take the bank to the next level.” said Lee. “It has been my greatest honour to serve the people of Montserrat.”
ENDS
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End of an era—Mr. Lee really served the bank well.
Wonder who taking over next
This was sudden—was it planned or unexpected?
I wonder if this will affect customers or operations at all.
Hopefully the new leadership keep the bank stable and strong.
Looks like he did his part well…. All the best in the future…