The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Government has approached three leading Swiss banks about using the Bahamas as a “hub” for their Latin American region booking centre activities, a Cabinet minister yesterday saying he was confident the financial services industry was “poised for significant growth”.

Ryan Pinder, minister of financial services, told Tribune Business that while nothing was finalised, his meetings in Switzerland with UBS, Credit Suisse and Julius Baer had given him a “significant sense of optimism”.

He had also discussed with the leading private banks bringing 
“new business units” to Nassau, and met with another three bankers interested in using the Bahamas as a base for financial services activities in Latin America and the Middle East.

And, acknowledging that the Government had to work with the private sector to craft strategies tailored to its needs, Mr Pinder said the Bahamas could no longer afford to “sit back and wait for business to come to you”.

Reporting on his trip to Europe last week, Mr Pinder said of his Swiss visit: “The context of the meetings and negotiations are not finalised, but I can certainly report the meetings went very well.”

He added that senior officials at the three Swiss-headquartered private banks were “very receptive to the context of bringing new business lines and new geographical markets to Nassau as a hub”.

On the latter point, Mr Pinder said Nassau - and the Bahamian international financial services centre generally - was used as a “booking centre”.

Noting that this country might be the ‘booking centre’ for the activities of one bank in another nation, Mr Pinder said he was essentially encouraging bank head offices to expand this concept to the point where the Bahamas became their multi-jurisdictional - or regional - hub for such activities.

“We spoke about branching that out to Latin America, becoming a Latin American hub for that activity,” he told Tribune Business.

“Certainly, the expertise of the Bahamas is well regarded. That, and its independence, makes it an attractive jurisdiction if that concept is to take effect.”

Mr Pinder said the trio of Swiss banks also responded positively to his encouragement to bring new business lines and units to the Bahamas.

“I left with a significant sense of optimism that the financial services industry of the Bahamas is poised for growth, and very significant growth,” Mr Pinder told Tribune Business.

“I also met with no fewer than three professional bankers who are currently, or prospectively, interested in banking facilities in the Bahamas for undertaking activities in Latin America, as well as branching out into the Middle East market.”

Mr Pinder added that the highly competitive financial services environment required the Government to work proactively with the financial services industry and private sector, exploring global opportunities and tailoring strategies to meet client and sector needs.

“We have to go out into the international business environment and seek out business, seek out opportunities,” he explained.

“We have to be able to listen to the strategies of senior international officials in the private sector, see where the Bahamas fits in, and see how we can develop strategies to meet their needs.

“Gone are the days where you can sit back and wait for business to come you.”

Mr Pinder said he was confident the strategy would “pay dividends”, with the Government acting as a facilitator in bringing new business to the Bahamas.

He added that he would later this week make “a very significant” announcement which would boost the Bahamas’ standing in the Caribbean region and internationally.