The hassle of trying to get U.S. currency when travelling to Miami will soon be over for Bahamians.
The Board of Directors of the Bank of The Bahamas, now known as “Bank of The Bahamas International,” plans to establish a direct presence in Miami, Florida.
According to the bank’s Managing Director, Paul McWeeney, senior bank officials saw the need “to provide innovative financial services to the bank’s growing customer base so that commerce can be conducted in a more convenient, efficient and friendly manner.”
Mr. McWeeney said that the idea was fostered by the Central Bank’s recent decision to relax exchange controls.
The bank will also establish a direct relationship with an unnamed multinational bank that has a major presence in the Caribbean and Latin America.
“Through this strategic alliance, customers of the bank may look forward to receiving swift attention to their financial needs when considering business expansion into the Caribbean and Latin America,” said Mr. McWeeney, who made the announcement at the launching of a new corporate logo at the British Colonial Hilton Hotel.
Prime Minister Perry Christie unveiled the new style logo which consists of a single black band, a golden twenty-five cent piece and a blue globe arranged in the shape of a “B.”
Mr. Christie said that Bank of The Bahamas “is an example of a very efficiently led Bahamian bank. It serves as a beacon of the future and what can happen.”
The Prime Minister commended the bank’s chairman, Mr. Hugh Sands, and his board members, Mr. Paul McWeeney the current Managing Director and his predecessor Mrs. Pauline Allen-Dean for their accomplishments. He also said that it was a “testimony to the level of efficiency we need in The Bahamas.”
The Bahamas Government is the major shareholder of the Bank of The Bahamas and from its initial $10 million investment, it has received a total benefit of $61.1 million.
This may change as the Prime Minister indicated that the government will dispose of some of its shares to enable more Bahamians to be involved in the ownership of the bank.
The other shareholders, the general public, have benefited from $9.4 million and have seen stock appreciation of 225 percent since the initial public offering in 1994.
Over the past 10 years, the bank’s total assets have risen by 260 percent translating into $336 million.
Governor of the Central Bank Julian Francis congratulated the Bank of The Bahamas on its achievements during its 14 years of existence. He reminded the bank’s leaders, however, “that with the assumption of a larger and broader place in our system, there is added obligation to ensure that your growth and development is sound and prudently operated.”
Minister of State for Finance James Smith said that he was particularly proud of the role that Bank of The Bahamas has played in the economic development of The Bahamas.
He reflected on the time when he was Central Bank Governor and the former Prime Minister, the late Sir Lynden Pindling was Minister of Finance. He said that Sir Lynden informed him that the Bank of Montreal, the embryo from which Bank of The Bahamas was born, was making an offer for the sale of the bank. He said that Sir Lynden told him that the Company’s Directors would give the government the first option and placed him as a negotiator for the purchase of the bank and to develop a plan of action for its future.
Mr. Smith also remarked that in light of the move toward cross-border trade in goods and services as prescribed by the Free Trade Area of the Americas (FTAA) and other trade agreements, “the bank’s plans for a Florida presence and a link-up with a Caribbean partner are not only visionary, but may prove to be an essential strategic move to ensure its viability in the years ahead.”
