After 50 years of valuable service to The Bahamas, the Lloyds TSB Bank & Trust (Bahamas) Limited will be closing its doors next year.
Acknowledging the vital contributions of the bank in promoting the country as a prominent financial center, the Government of The Bahamas regrets the closure of its local office.
In a statement released to The Guardian, the Government said that it understands that the current challenging world economic climate has produced similar responses in the global financial sphere.
This comes in response to an announcement by Lloyds TSB Bank that following a review of its overseas private banking operations, it will be closing its office in The Bahamas. Furthermore, the bank announcement revealed that in order for them to remain competitive in current economic conditions, they plan to consolidate a number of small accounts into other parts of the Group that offer similar services on a larger scale.
Lloyds TSB Bank has provided assistance to the Government of The Bahamas in all of its major initiatives and is commended for its commitment to the country. The Government also gives thanks to bank customers remaining in The Bahamas as a part of its wind-down strategy.
Expressing his concerns on the bank’s upcoming closure, Director and Principal Manager at Lloyds TSB Bank & Trust, Graham Johns said it is a sad time for all those involved.
“My primary concern over the coming months will be to do everything we can to support the loyal staff who have worked so diligently for us over the years,” he said. “We have given careful consideration as to how best we can mitigate the impact on our staff, and will be offering professional counselling and outplacement services.”
Bank customers, who wish to do so, will have the opportunity to see their businesses transferred to larger Lloyds TSB operational centres overseas.
“We would like to hold on to as many of our customers as possible within the Lloyds TSB Group, but we recognise that some have specifically chosen The Bahamas in which to do business,” Johns said. “To provide them with the option to stay will be an important part of our wind-down strategy. We aim to maintain service levels throughout this period of change and to effect a smooth transition.”
The bank director said that it was a real privilege to be in The Bahamas and hoped for the continued success of all Bahamians affected by the rapid change of world economic environments.
By Lisa King, The Nassau Guardian
