The Tribune

By RASHAD ROLLE

Tribune Staff Reporter

rrolle@tribunemedia.net

PRIME Minister Perry Christie hinted at the imminent possibility of layoffs at a local “major” bank during a speech to College of the Bahamas journalism students yesterday.

Mr Christie, who addressed a wide range of issues during his two-hour presentation to COB’s School of Journalism, said the matter raises the question of how the government can work to ensure that the rights of Bahamians are always protected.

“A meeting I had also with a bank, a major bank today (Thursday), the bank came…to tell me that they will shortly be talking about laying off some people because banks are going through consolidation.” And I will leave (the rest) to them. That’s another experience that I sat through today. How do you work in a meaningful way to protect the rights of Bahamians and what happens when Bahamians are laid off and their families and so forth?”

Mr Christie’s statements follow reports from Tribune Business that Scotiabank, which is currently undergoing a restructuring process, may layoff some employees.

Tribune Business sources have suggested that the bank is assessing the future of up to eight branches throughout the Bahamas, including three in New Providence.

This follows significant layoffs by other Canadian owned-banks, including the Royal Bank of Canada and CIBC FirstCaribbean.

“Obviously, it’s a further concern for us in terms of the domestic banking industry and what all this contraction will mean in the end,” Free National Movement Deputy Leader Peter Turnquest told Tribune Business recently.

Mr Christie also revealed that he is exploring ways to dramatically increase ties between the Bank of the Bahamas and a major Caribbean bank, which he did not identify.

“I came here from a meeting that I invited the deputy prime minister, a couple of my ministers to join me in the meeting with a major bank from the Caribbean because I want to explore as the representative of the Bahamian people, as prime minister and owner of 65 per cent of the BOB, I want to explore whether or not I should strengthen the Bank of the Bahamas through a connection with another major bank that is Caribbean driven,” he said, without providing further details.