Commonwealth Bank Limited announced Wednesday that its Oakes Field branch is on schedule to re-open in late January following a $2.1 million renovation, repair and expansion that is adding nearly 50 per cent square footage to the bank’s busiest branch.

Bank executives credit CGT Construction with “keeping the job on track” following the contract signing in early August when the contractor pledged to aim for a 26-week construction timeline, noting that the job would create 30-40 additional temporary jobs.

The construction will expand the bank from 5,752 to 7,986 square feet and provide additional parking.

At the bank’s annual general meeting in May 2013, officials announced that their sole capital expenditure on physical plant in 2013 would be the renovation and expansion of its Oakes Field branch, intending to keep the branch open during the work.

Those plans were altered after fire swept through the branch during an historic rain and lightning event later in that same month, causing extensive damage to roof and structure, forcing the bank to relocate during the repair, renovation and construction.

No one was injured in the fire.

At that time, bank President Ian Jennings said the request for bids had one out one week before the fire that forced it to relocate to temporary space.

“There is no such thing as a good time for a bad event,” Mr. Jennings said, noting that the bank was able to amend the bid request to include additional repair work.

When the contract was signed, Mr. Jennings said work would be carried out on a very aggressive schedule, just as the move to its temporary location was with staff and operations set up and ready for business on JFK Boulevard one week after the fire.
“When staff returns to the Oakes Field Branch in January, 2014, they will be met with a 5,752 square feet freshly renovated original section and a 2,233 square foot extension,” said Mr. Jennings.

“What customers and staff will see is a transformation represented by a larger and more inviting reception and seating area, additional offices and a teller counter designed to provide quicker and more efficient service. While they might be aware that two buildings have come together, what will be apparent is that the structure that consists of a single, attractive building comprising 7,896 square feet.”

Commonwealth Bank is a publicly-held Bahamian company with more than 6,000 shareholders, some 550 members of staff and branches in New Providence, Abaco and Grand Bahama.