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Bahamas targets Latin America

Minister for Financial Services Ryan Pinder said this week that his Ministry is developing a marketing plan to target potential areas of growth in Latin America. 

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TheBahamasInvestor.com
Friday, September 14, 2012
Friday, September 14, 2012

The Ministry of Financial Services is currently developing a marketing plan to target potential areas of growth in Latin America–focusing in particular on Brazil, Mexico and Panama.

“Latin America offers significant untapped opportunities for The Bahamas’ financial services economy,” said Minister for Financial Services Ryan Pinder addressing members of the Bahamas Association of Compliance Officers (BACO) this week. “Many countries in Latin America have experienced growth at a time when other countries have receded. We are positioned to be the gateway to the Americas. It is important that The Bahamas positions itself to be a mover in this market.”


The Minister also spoke of the need for The Bahamas to adapt to changing world markets.

“The international arena in financial services is in evolution and seems to be changing day in and day out,” he said. “Every day it seems we hear about a new policy, a new piece of legislation. We are experiencing shifts in the financial services industry. Every time I see something shift, I see opportunity.”

“This changing landscape is nothing new. It is how we respond that will dictate our success and dictate whether we lead or whether we follow. Markets will change and we as an industry must change with them. We need to position ourselves in such a way that we can thrive, not just survive.”

Against this backdrop of uncertainty, Pinder added, the Ministry of Financial Services has set its sights on the Latin American market and is aggressively pursuing business in that region.

The Minister, who is set to travel to Panama next week, also warned that the financial community would have to make some changes to attract that market saying: “[The Latin American client] will have different concerns from what we have traditionally seen from our European clients. Be nimble, be willing to shift your operations.”

He said, however, he remained optimistic about the future of the sector and confident of The Bahamas’ reputation as a global hub, saying that the country has a long history of integrity and a well-regulated industry.

“I believe The Bahamas has never before been so well placed to not only sustain itself in financial services, but also to grow and be dominant throughout the world.”

cmorris@dupuch.com

Speaking at the Bahamas Association of Compliance Officers conference in Nassau yesterday, Financial Services Minister Ryan Pinder urged sector professionals to learn a second language, such as Portuguese or Spanish, to help the jurisdiction tap new and emerging markets. Watch an interview with Pinder here.

PPX International group chairman Gregg McNair has taken a substantial equity position in Internet.bs Corp. (IBS) and has also been appointed chairman of the Bahamas-based registrar.

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