The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Royal Bank of Canada’s (RBC) decision to leave Bimini and Spanish Wells without banking services by closing its branch locations was yesterday blasted by MPs, who warned the impact could be “devastating”.

Fred Mitchell, minister of foreign affairs, said the impact of RBC’s decision to close four branches, three of which are in the Family Islandss, reflected how service  was “deteriorating at every bank across the country”.

Addressing Parliament yesterday, Mr Mitchell said: “I don’t want overstate the case but I can tell you that given the responses of the people in these  communities, the impact of the closure of these banks is devastating.”

    He added that Family Island residents have a need for fully-fledged banking services. “People are now using the web shops as a method of transferring cash across the country because there are no other services available,” Mr Mitchell said. “Those operations do not want anything to do with that; that is not there business.

“At the same time as they are taking away the human face in these communities, the service is deteriorating across the board at every bank in this country.”     

Mr Mitchell said there was a need for non-governmental organisations (NGOs) to advocate against ‘big business’ on behalf of consumers.

The Opposition’s House of Assembly leader, Loretta Butler-Turner, added: “When we heard last week that the Royal Bank of Canada is proposing to close down four branches in the Bahamas it was shocking, especially when you consider a place like Bimini which is supposed to be booming.”

    Tribune Business reported last week that Family Island communities were in an “uproar” over RBC’s decision.

The Canadian-owned institution, which acts as the Government’s banker, unveiled plans to close four branches,  its Bimini and Spanish Wells  sites, with the  other two being its locations at Lynden Pindling International Airport (LPIA) in Nassau and Treasure Cay.

RBC told Tribune Business that all four branches will be consolidated with remaining locations, starting with the Treasure Cay branch, which will be merged with Marsh Harbour on April 7, 2017.

That will be followed by the LPIA branch’s consolidation with RBC’s Cable Beach operation on May 19, with the Bimini and Spanish Wells locations to be merged with Freeport and Harbour Island, respectively, on May 26 and June 23.