CORAL GABLES – The Bank of The Bahamas International knows it must push forward, providing services and products that meet the demands of its clientele wherever they find themselves, Minister of State for Finance the Hon. Zhivargo Laing said at the opening of BOB Financial Services, a wholly owned subsidiary of the BOB in Coral Gables, Florida on Friday, March 14.
Mr. Laing said the BOB International has come a long way from the early days of 1988 when it first opened with assets valued at $90 million and a single presence in Nassau.
He explained that today the Bank’s assets are valued at $900 million, and it has a physical presence in a number of Family Islands.
“That the Bank has made this leap to establish a physical presence in Florida, the first for any Bahamian retail bank, should not surprise us however,” Minister Laing pointed out.
“The Bank of The Bahamas today is led by a visionary and forward-looking Managing Director who is supported by a team of Bahamian professionals at both the Board and management level that understands the dynamic nature of the global marketplace.”
Mr. Laing noted that the United States is The Bahamas’ largest trading partner and the State of Florida is the principal hub of that trade.
“Annually, some five million souls enter the Bahamian shores spending almost $2 billion. Some 80 per cent of those persons come from the USA and at least 70 per cent from the State of Florida itself.
“Their patronage of our homeland has made us one of the most prosperous countries among those of the developing world.”
Mr. Laing also explained that Bahamians spend more than $2.5 billion in Florida alone on shopping, education, medication and recreation.
Senior Manager of the Bank, Paul J. I McWeeney said the BOB International has received several awards including being the first Bahamian bank to win the prestigious Bracken Award from the Financial Times of London and the Country Bank of the Year from Euromoney Magazine.
Mr. McWeeney the Bank ranked among all other businesses in every industry in The Bahamas last year and was selected as the Business of the Year by The Bahamas Chamber of Commerce.
He also noted that in 2007 it was selected by its peers in the financial services industry as the Bahamas Financial Services Board honouree; the Financial Institution that had done the most to promote and develop financial services in the country.
Mr. McWeeney said although goods, services and people move back and forth between The Bahamas in a steady, ever-flowing stream, the process of doing business has been impeded by the lack of facilitation of trade.
“While adhering to all Central Bank guidelines, the physical presence of BOB Financial Services enhances and facilitates trade, allows parents to more easily and readily provide funds for children in high school or college abroad, permits Bahamians to make purchases for both business and personal use with less frustration and stress and in an important role, eases the burden of those who need to access funds for medical treatment.”
Mr. McWeeney explained that these products and services are only the beginning of what promises to be a period of transformation in the delivery of financial services and products to the Bank’s customers.
“With the anticipated dismantling of the exchange control regime, functionality of services and new delivery methods will be introduced such as a suite of retail trade finance products that will surely assist in lowering the cost to Bahamians of landed goods without negatively impacting the collection of important government revenue, while positively influencing the movement of external reserves – the fuel of The Bahamas’ economic engine.”
The Bank opening was attended by distinguished guests such as the Senior Manager, International Operations, BOB, Sam Haven; Financial Secretary in the Ministry of Finance, Ruth Millar; Governor of the Central Bank of The Bahamas, Wendy Craigg; CEO and Executive Director of the Bahamas Financial Services Board, Wendy Warren; the Consular General Designate in Florida, Gladys Sands; Executive Director of The Bahamas Chamber of Commerce, Phillip Simon and Vice President, Outreach of The College of The Bahamas; Dr. Pandora Johnson.
Minister of State in the Ministry of Finance the Hon. Zhivargo Laing speaks at the official opening ceremony of the Bank of The Bahamas Miami branch Friday, March 14, 2008 in Coral Gables, Florida.
(BIS Photo/Tim Aylen)
Zsa Zsa Laing, wife of Minister of State in the Ministry of Finance the Hon. Zhivargo Laing cuts the ribbon to officially open the Bank of The Bahamas Miami branch Friday, March 14, 2008 in Coral Gables, Florida. Shown from left are Mrs. McWeeney, Paul McWeeny, managing director; Sam Haven, senior manager International Operations; Mrs. Laing and Minister of State Laing.
(BIS Photo/Tim Aylen)
