Pictured: Bank of The Bahamas managing director Wayde Christie. (Photo courtesy BOB)

After three years of challenges, Bank of The Bahamas said this week that a transformation that has been underway since January is netting positive results in asset recovery, credit risk procedures and strategic plans, including improved capitalization.

The news came in a statement from managing director Wayde Christie who projected that the BOB that will emerge following the transformation and restructuring will be “leaner, faster, better”.

“We continue to examine and assess the policies and procedures of this bank from one end of the spectrum to the other,” said Christie. “We are leaving no stone unturned.”

The assessment, he said, is forming the basis of an active transformation that includes a reduced appetite for risk and an increased focus on enhancing customer service.

Along with streamlining its market focus, BOB said it will shore up capitalization to boost liquid reserves, enact strict new corporate governance policies and procedures. These include a fresh model for credit risk and a new strategic approach to markets it serves, including its expanding role in assisting with government business and payment and benefits processing.

A transformation team is working across every department of the bank, Christie said. Collections have been stepped up with some $3.5 million in recovered assets in hand or under contract. Other loans are being renegotiated. Loan losses from non-performing loans continue to trend down, the bank says. Training and processes refinement are both underway in a move to create speedier customer service and a better customer experience.

Christie said: “We need to alleviate liquidity concerns and continue to offload illiquid assets, increase government and private deposits. That will involve some restructuring and that could include some natural attrition. There will be emphasis on ownership, accountability and profitability. We will continue to bolster our capital position by accelerating the resolution of impaired assets, embarking on a safe growth path and enhancing our organizational health. Ultimately, we will return to our core vision to be the best and most respected Bahamian financial enterprise.”