Categorized | National News

Financial Analyst Suggests Need For More Local Banks

Financial Expert and former member of parliament Lester Turnquest is calling for the creation of more local banks to help stimulate the country’s economy.

This on the heels of the foreign owned banking institution Royal Bank of Canada announcing several branch closures last week.

His comments came while appearing as a guest on the Love 97 Program “On Point”

“What is happening and the unease that the consumers feel go to the root of a much larger problem the fact that as a people we have for far too long relied on foreign interests to solve our problems.

“Whether if it’s in an election or to provide an essential service like banking, for the past 15 years a number of laudable and competent Bahamians have sought to form a bank . The disposition of several government pasts and their view was that they wanted any future licensees to be affiliated with a major international bank.

“I recall an official telling me that it was his wish that Commonwealth Bank have an international bank take a stake in it. I didn’t see the sense in what he was saying and it comes down to the point that we need to build our own institutions. There is nothing wrong with foreign interest coming in it helps bring a certain vibrancy to the economy, but we ought to seek as much as we can to rely on our own people,” Mr. Turnquest said.

Double-digit job losses are likely at Royal Bank of Canada (RBC) after it announced the closure of four branches, including a pull-out from Andros and Long Island.
The move, which comes as the Canadian-owned bank pushes its clients to online and mobile banking, will result in the closure of its Andros Town and Gray’s locations on March 30 and April 13, respectively.

Two Nassau locations – Robinson Road and John F Kennedy drive – will be merged and consolidated with RBC’s existing Carmichael Road locations on March 16 and March 23, respectively.

RBC, in a statement, did not specify the resulting number of job losses, although a spokesperson confirmed that lay-offs will occur.

Nathaniel Beneby, RBC’s managing director for the northern Caribbean, including the Bahamas, said: “We are providing strong support to assist affected employees through this transition. We will work with all impacted employees to find ways in which we can support their careers going forward, whether within RBC or elsewhere.

Written by Jones Bahamas

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