January 2011 Bahamas Investor focuses on local talent pool

The new issue of The Bahamas Investor, now in its fifth year, published January 1, 2011, highlights the local, home-grown talent that is having an impact on the financial services industry in The Bahamas.

Paul McWeeney, managing director of The Bank of The Bahamas International, takes centre stage in this issue’s Executive Focus feature. During his ten-year tenure as chief of one of the country’s premier commercial banks, he has expanded the bank’s capital reserves from $18 million to $120 million.

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Brian Moree senior partner with Mckinney, Bancroft & Hughes, has said that the financial services sector needs to consolidate the jurisdiction’s regulatory bodies in to one umbrella organization and also called for the government to establish a ministry of financial services.

“We are going to have to address regulatory reform and I would hope that within five years we would have a single regulator within the financial services industry. We need to complete the consolidation.”

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Two months after its $210-million sale to global communications firm Cable & Wireless Communications (CWC) Plc, the Bahamas Telecommunications Co (BTC) has laid out its plans to take the company forward–promising faster broadband services, a cutting-edge mobile network, reduced rates and improved customer service.

BTC has invested $43 million in a new 4G mobile network service, which will allow customers to access the internet from their cell phones or laptops anywhere there is a cell signal. This new service will be available in New Providence and Grand Bahama by the end of this year with the rest of The Bahamas receiving it within 18 months.

Chief executive officer Geoff Houston, who took the helm of BTC two months ago, believes that the new technology will “catapult The Bahamas into the number one spot, enjoying the fastest mobile network in the region.”

Internet speeds will also increase over the coming year thanks to BTC’s Next Generation Network, which is currently being tested in Coral Harbour. “We are getting high speed broadband to market as fast as we can,” says Houston.

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Around 200 representatives of the Bahamas’ financial services industry attended the one-day Nassau Conference held at the Colonial Hilton Hotel yesterday.

The conference addressed topics important to the sector under the theme Navigating our Future.

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Leaders in the Caribbean tourism industry are expected to converge on Atlantis Paradise Island in November for the inaugural HVS Caribbean Hotel Investment Conference and Operations Summit (HVS CHICOS), which will examine opportunities for growth within the market.

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US travel firm IBC Travel has launched a new service offering flights three times a week from Palm Beach International Airport to Abaco–providing a boost to the Family Island’s economy.

The service, which began on June 2, flies direct to Marsh Harbour on Tuesdays, Thursdays and Sundays. The new flights are welcome news for the Bahamas Ministry of Tourism and Aviation (MOTA), which is keen to promote the Family Islands as destinations in themselves, encouraging more visitors to travel widely within The Bahamas and expanding the focus outside of Nassau and Paradise Island.

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The Association of International Banks and Trust Companies in The Bahamas (AIBT) is set to host The Nassau Conference on June 15.

This year, the banking organization has partnered with other industry associations such as The Society of Trust and Estate Practitioners (STEP), Bahamas Association of Compliance Officers (BACO) and The Bahamas Institute of Chartered Accounts (BICA).

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The Association of International Banks and Trust Companies in The Bahamas (AIBT) is set to host The Nassau Conference on June 15.

Presenting an information-packed agenda, this year’s Nassau Conference will take place at the Colonial Hilton Hotel and will address topics pertinent to the financial services industry.

“The conference is aimed at local professionals in financial services,” says David Thain, AIBT chairman. “The idea is to provide a low-cost, top-quality conference right here in Nassau. You get a day’s intensive immersion in the issues that are the most pressing for the industry in The Bahamas.”

This year, the banking organization has partnered with other industry associations such as The Society of Trust and Estate Practitioners (STEP), Bahamas Association of Compliance Officers (BACO) and The Bahamas Institute of Chartered Accounts (BICA).

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View or download the Monthly Economic and Financial Developments report for May.

For the past three years Barry Malcolm has been responsible for the strategic direction of Scotiabank’s operation within The Bahamas, providing oversight to the financial institution’s 700-plus employees, 22 branches, 57 ATMs and a full-range of retail, corporate and commercial banking services.

Today, his last in office, the managing director leaves the institution backed by a solid team of professionals capable of competing locally and abroad.

“I came into the bank at a very crucial time in its development,” he recalls. “It had gone through several years of very rapid and explosive sales growth, which was followed by a major economic downturn.”

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