The Tribune

PRIME Minister Perry Christie urged the leadership of BOB (Bank of The Bahamas Limited) to consider further expansion into the Family Islands in the very near future.

His request came at the bank’s 25th Anniversary reception at the Balmoral Club on Friday.

The Prime Minister said the original vision of the bank was to ensure that Bahamians were participants in the economy, therefore, BOB’s major shareholder the government sold 49% of its shares to the Bahamian public in a series of offerings soon after its creation.

Over the years, he said the bank has made itself relevant by moving into five other islands besides New Providence and Grand Bahama, however, he understands that BOB is not in Abaco or Bimini.

“Bimini is a very dynamic and growing economy and I have indicated to leadership that BOB must be there and be there as soon as possible. By the end of the year 800 new jobs would have been created in Bimini for Bahamians.

“The developers have bought a cruise ship to bring 400,000 visitors to Bimini a year… the developers have also decided to lengthen the runway. BOB should not wait to see if other banks go in. Go as quickly as you can,” said Mr Christie.

The Prime Minister said he found it interesting that BOB was not in Abaco, the third largest economy of The Bahamas.

He said the government is putting millions of dollars into infrastructure in Abaco and is keeping commitments made to that island by the former government.

“There is no reason why the Bank should not go into Abaco and let me say that is a polite request,” Mr Christie said.

He said BOB should prepare for increased economic activity in two islands where the bank already has a presence, on Grand Bahama and San Salvador.

In Grand Bahama he said it was expected that 1000 new jobs will be created when the Reef Hotel re-opens in January.

He said he will soon travel to San Salvador to announce a major development that will reposition that island.

It will require investment in infrastructure by the government and the private sector including refuelling facilities and a control tower to accommodate direct flights from Paris, he said.

Also speaking at BOB’s 25th Anniversary reception the bank’s Chairman Richard Demeritte said BOB’s Silver Jubilee is a great achievement for The Bahamas nationally in its economic development and in the process of nation building.

“Since its creation BOB has grown from $90 million in assets to more than $890 million as of June 30, 2013; from three locations to 13 branches, from serving two islands to a presence on seven, from providing the most basic of retail banking services to the most comprehensive of financial products in personal, corporate and private banking” Mr Demeritte said.

The Chairman said BOB has reaped substantial profits for its 4000 shareholders and especially for its major shareholder, the government, resulting in indirect benefits for all Bahamians and for the entire country.

“In just over a decade shareholder equity has mushroomed from $19 million in 2000 to $142 million by June 2013. In fact since going public the bank has amassed profits in the region of $100 million, earning its major shareholder almost $75 million in the form of dividends, sale of shares and share appreciation and other shareholders almost $50 million in dividends and share appreciation,” he said.

According to Mr Demeritte BOB was the first bank to provide trust services for Bahamians and the first to offer full, comprehensive online banking complete with cheque imaging; It was also first to comply with Check 21 Procedures using electronic images to clear US dollar deposits in a timely fashion, first to offer Visa pre-paid and gift cards, first to host a major mortgage fair attracting thousands; and just recently became the first to offer non-envelope cash deposits at its BOB Express ATMs giving customers immediate cash value to their accounts.

BOB was also the first and only bank to win Euromoney’s Best Bank award four times and the Banker’s Bracken Award for Excellence three times.