The Tribune

By RICARDO WELLS

Tribune Staff Reporter

rwells@tribunemedia.net

LONG Island MP Adrian Gibson confirmed yesterday discussions are underway to establish at least one Bank of the Bahamas branch on that island in the coming months.

Royal Bank of Canada last month notified residents on Long Island that effective April 13, it will consolidate its Grey's, Long Island branch with RBC's main Bay Street branch in Nassau.

Mr Gibson, a native of Long Island, yesterday moved to reassure his constituents in a social media post, telling the frustrated residents he was doing all he could to get another banking institution to establish local branches on the island ahead of RBC's withdrawal date.

Productive

Mr Gibson's post read: "I had a productive discussion with DPM and Minister of Finance Peter Turnquest today about the withdrawal of the Royal Bank of Canada and the plight of Long Islanders, particularly pensioners, government agencies and business persons.

"Coming out of those talks, I can inform you that there will be a meeting with Bank of the Bahamas officials next week in an effort to support and encourage the establishment of a branch of the Bank of the Bahamas in Long Island.

"This is a priority. I am assured that our government will seek to address this matter in the soonest possible time and with consideration for all avenues," the post continued.

When contacted by The Tribune for further comment yesterday, Mr Gibson said he viewed Long Island's current plight as a mission where failure is not an option.

Mr Gibson also suggested he would personally contact representatives of Commonwealth Bank to ascertain the possibility of that bank establishing a branch in Long Island.

He said financial implications left by RBC's planned departure could mark the end for an island already "fighting for its survival."

"My concern with the pullout is, when it all boiled down, what it means for our business community," said Mr Gibson. "When you take the banks away, you take away the opportunity for business to exist and for an island like Long Island, no business could mean the end.

"We are already dealing with a slow down in population growth and the population we have now, they're struggling to keep things together economically."

Moreover, Mr Gibson again urged the government to regulate the proliferation of web shops in Long Island, adding he believed the use of these businesses to carry out certain banking type procedures contributed to legitimate banks leaving Long Island.