The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

LONG Islanders were yesterday said to be losing hope over regaining a full-service bank any time soon with Royal Bank of Canada (RBC) set to pull-out in the coming weeks.

Businessman Mario Cartwright, a director of the island's Chamber of Commerce, told Tribune Business there may not be an immediate solution, adding that the absence of a full-service bank sends the "wrong economic message" and is "not good for commerce".

Back in January, RBC announced the closure of its Andros Town and Long Island branches with effect from March 30 and April 13, respectively.

Long Island's MP, Adrian Gibson, last mont said discussions were underway to establish at least one Bank of the Bahamas branch on the island in the coming months.

"I know that Mr Gibson was trying to encourage BOB to come here. We really need a bank. We don't see anything happening in that regard, and if they start that process today they probably would not be in place for another three months," Mr Cartwright said

"We haven't heard anything since. We don't have very much hope seeing as they just pulled out of Exuma, and they have far more economic activity. Some folks are circulating a petition to try and convince Commonwealth Bank to come here."

Mr Cartwright said Scotiabank has a branch on Long Island, but it is only open two days a week with limited services.

"They will accept deposits but don't dispense cash. You can't do wire transfers," he added.

"There does not appear to be an immediate solution to our concerns. Many people have closed their RBC accounts and have gone to Scotia in the hope that that will encourage them to offer full banking service."

Mr Cartwright described the situation as "sad", arguing that it will further hinder the island's economy. "The community is not happy. This will turn away business. We seem to be moving backwards. This could cause the the island to become even more economically depressed," he added.