The Tribune

The Prime Minister has urged Bank of the Bahamas International (BOB) to consider further expansion into the Family Islands in the near future. He made this request while speaking at the bank’s 25th anniversary reception at the Balmoral Club on Friday evening.

Mr Christie urged the BISX-listed bank, which is 51 per cent majority-owned by the Government, to especially consider expansion to Abaco or Bimini.

“Bimini is a very dynamic and growing economy, and I have indicated to leadership that BOB must be there and be there as soon as possible,” Mr Christie said.

“By the end of the year 800 new jobs would have been created in Bimini for Bahamians. The developers have bought a cruise ship to bring 400,000 visitors to Bimini a year. The developers have also decided to lengthen the runway. BOB should not wait to see if other banks go in. Go as quickly as you can,”

The Prime Minister said he also found it interesting that BOB is not in Abaco, the third largest economy of the Bahamas. He added that the Government is putting millions of dollars into infrastructure in Abaco and is keeping commitments made to that island by the former government.

“There is no reason why the bank should not go into Abaco, and let me say that is a polite request,” Mr Christie said.

The Prime Minister added that BOB should prepare for increased economic activity in two islands where the bank already has a presence, on Grand Bahama and San Salvador. In Grand Bahama, he said it was expected that 1,000 new jobs will be created when the Reef Hotel re-opens in January.

Mr Christie also said he will soon travel to San Salvador to announce a major development that will reposition that island. He noted that the development will require investment in infrastructure by the Government and the private sector, including refueling facilities and a control tower to accommodate direct flights from Paris.

Bank of the Bahamas International’s chairman, Richard Demeritte, said: “Since its creation, BOB has grown from $90 million in assets to more than $890 million as of June 30, 2013; from three locations to 13 branches, from serving two islands to a presence on seven, from providing the most basic of retail banking services to the most comprehensive of financial products in personal, corporate and private banking.

“In just over a decade shareholder equity has mushroomed from $19 million in 2000 to $142 million by June 2013. In fact, since going public the bank has amassed profits in the region of $100 million, earning its major shareholder almost $75 million in the form of dividends, sale of shares and share appreciation, and other shareholders almost $50 million in dividends and share appreciation.”

Mr Demeritte added that Bank of the Bahamas International employs almost 400 persons.