The lead negotiator for the Bahamian venture capital group partnering with US-based Alamerica Bank to establish the latter’s $15 million Bahamas branch is Dr. Gilbert Morris, chairman of the Landfall Centre for Finance, Trade and International Affairs, The Tribune has learned.
Dr. Morris declined to comment on his involvement with the initiative when contacted by The Tribune, but said he had met on several occasions with Donald Watkins, founder of Alamerica’s parent company, Alamerica Bancorp, and reportedly one of the wealthiest African-Americans. He had also met other senior Alamerica executives to give them an assessment of this nation’s financial services landscape.
Dr. Morris said he had long voiced a belief that the Bahamian commercial banking sector was not particularly interested in financing small businesses, commercial developments and entrepreneurial activity, leaving the small investor with few outlets to raise capital for pursuing viable projects.
To change this cycle, Dr. Morris said the Bahamas needed to improve its capital markets, establish a viable stock market and create a banking institution that supported the small business sector and was willing totake educated risks to bolster the sector.
He added that he believed the opening of the Alamerica branch in The Bahamas, particularly with its willingness to support viable start-up ventures, would be beneficial to Bahamians and The Bahamas as a whole
Source: The Tribune
