A new bank manager has arrived, ready to help the seeds of the new bank grow. The new bank will open in the Post Office Building on Monday 26 May in the same place where the Philatelic Bureau was located.

Richard Winch, Bank Manager, arrived on Monday 5 May along with Paul Brattle, Banking Consultant.

Richard said that members of the public will see changes in comparison to the old bank. He said: "The difference is miles apart," and added: "the new building is going to be far more user friendly, it’s going to look better than some banks in the UK." Customers will be able to use one of the five teller counters and everything will be computerised, using a modern banking system programme that is used for operating small banks in other countries.

Richard feels that the new system will be a lot quicker, and easier to use both for staff and for the customers. As an example of the conveniences of the new bank, he said that if someone wanted to pay someone, they could fill in a form instructing the bank to take the money from their account to be placed in to the account of the person to be paid and there would be no need to queue up as the form can be left in a box at the bank.

A link will be formed with Ascension Island so that persons there will be able to instruct the branch there to place money into a St Helena account, an operation which will be completed in a matter of minutes. "You just have to pick up the phone and say, ‘mum, I’ve put £200 in the bank for you" said Richard.

Paul Brattle, Banking Consultant will work with Richard to prepare for the opening of St Helena’s bank. He will then depart for Ascension Island on 9 June to prepare the bank there. This should be complete in mid June.

Later in the year, it is hoped that people in the UK will be able to transfer money to the bank in St Helena and vice versa through Lloyds Bank and Richard feels that this will be "quicker and cheaper" than current arrangements.

The Cash Office will continue to operate from the Castle although some of its functions will eventually be performed by the new bank.

Richard has plans for the future of the bank although he said that legislation will have to come into place first.

He said that eventually people will be able to pay for goods by local debit card which will allow them to go shopping without cash. Personal loans will also be given for things from a washing machine to a house or a car, and the bank will also provide loans to businesses. Everyone may also be given the option of having their salaries placed directly into their bank account.

Via the Internet, it is hoped that people will be able to see their bank details from any computer with an Internet connection, saving a visit to the bank, and particularly useful for persons on holiday overseas, or living permanently abroad.

Automatic 24 hour banking may be possible for St Helena, although Richard feels that this will take some time and some planning before it comes into being as he said that it is expensive to operate. He said that the issuance of internationally recognised credit cards would also take a lot of planning and could be difficult to operate on St Helena due to the Island’s isolation.

Since this is a new bank, Richard said that things will be slow for a while as everyone gets accustomed with the new set up, but he is confident that after the bank has been up and running for a while, people will start to notice the improvements.

Richard considers his role as bank manager to be "the opportunity of a lifetime, interesting, different and exciting." He will remain in post for two years.