Friday, February 7, 2020

Bank Contraction Threatens 'Way Of Life' For Bahamas

Exuma & Ragged Island MP Chester Cooper.

Tribune Business Reporter

The opposition's shadow finance minister yesterday warned the "way of life for many Bahamians is under threat" to the continual loss of institutions and jobs in the financial services industry.

Chester Cooper, the Progressive Liberal Party's (PLP) deputy leader, told the House of Assembly that "we need to act now" after Julius Baer became the latest major brand to announce it was exiting the jurisdiction with the loss of 30 jobs.

Pointing to the high-salary positions being lost, he added that the financial services sector's impact was felt far beyond the industry itself as spin-off impacts helped Bahamians purchase homes, and insurance, stimulated construction, and helped pay for school fees, cars, taxes and the creation of other businesses and jobs.

As a result, Mr Cooper charged: "The way of life for many Bahamians is under direct threat as the industry shifts and The Bahamas is left without answers in the face of this. We need to now ask ourselves, seriously, what the future holds for the offshore financial services industry in The Bahamas, and we need to act now."  Read more >>