Consistent with the government’s plans to “reposition” The Bahamas as an attractive place for investment, a Bahamas Financial Services Board team will travel to Europe to follow through on the initiative.
This weekend, a BFSB team will leave for a two- week promotional tour to Vienna, Zurich, London, Geneva and Lugano, it was announced Thursday.
The European trip is one of a series of Briefing Visits planned by BFSB during 2003.
Members of the team include the Board’s Chairman Michael Paton, Vice Chairman Bruno Roberts, Executive Director Wendy Warren, and Andrew Law.
Mr Paton said the briefing visit is an opportunity to maintain and build relationships in the European marketplace, as well as provide government and business representatives with up to date information on the financial services sector in The Bahamas and to better understand the evolving needs of the market place.
The meetings will be augmented by special Bahamian presentations in Geneva, Zurich and London. In London, Withers Worldwide, a premier international legal firm, is co-sponsoring one of the presentations.
The BFSB team will also be participating in the 17th Annual Transcontinental Trusts Conference in London of which BFSB is a sponsor.
Ms Warren said BFSB member firms provided guidance and the contacts for these meetings and events.
“The success of the Board in both jurisdiction development and external communications continues to reflect the ongoing commitment of Bahamas financial services firms to invest beyond their own businesses for the long-term success of the sector,” she said.
The main thrust of the financial tour, Ms Warren reiterated, is to build and maintain contacts in key market places beneficial to the country’s financial services sector.
Without mentioning any specifics, she told The Guardian that there are many items on the agenda that would impact the way business is done in The Bahamas.
Another purpose of the visits, she said, is to receive feedback from the European markets as to what their needs are in terms of investment in The Bahamas.
The Bahamas Financial Services Board was launched in April, 1998. At that time it was considered an innovative partnership and commitment by the financial services industry and the Government of The Bahamas to promote a greater awareness of The Bahamas’ strengths as an international finance centre.
BFSB represents and promotes the development of all sectors of the industry, including: banking and trust services, mutual funds, capital markets, investment advisory services, accounting and legal services, insurance and corporate and shipping registry. Associate memberships include the real estate and Information Technology sectors. Membership count currently stands at about 150.
In addition to its coordinated programmes to increase confidence and expand knowledge of The Bahamas among international businesses and investors, the private sector-led BFSB consults with the government to develop new initiatives to meet the rapidly changing demands of international financial markets.
Government and the private sector (through membership fees) share the board’s costs, including those of a full-time executive director and support staff.
Board members are elected to a two-year term and, additionally, the Chairmen of all financial services “professional industry associations” are appointed as official representatives on BFSB’s board.
By Lindsay Thompson, The Nassau Guardian
