NASSAU, Bahamas – Commenting on media reports of further closures of branches of the Royal Bank of Canada in both New Providence and Eleuthera, Progressive Liberal Party (PLP) Leader Philip “Brave” Davis said the PLP has in the past urged the government to move with alacrity to expand the presence of the Bank of The Bahamas to underserved communities throughout The Bahamas.
In statement released on Wednesday, April 7, Mr. Davis described the reports as “troubling news for consumers and the affected local business communities.”
“More troubling, however, is the government’s inaction, casual and laid back approach to this ongoing restructuring and consolidation of the domestic commercial and retail banking sector,” Mr. Davis declared. “Particularly worrisome is Eleuthera and other Family Island economies. As the economy of North Eleuthera emerges from the economic ravages of COVID-19, lockdowns and these random, capricious and restrictive travel rules, that economy is dealt yet another economic setback with this latest announcement.”
Mr. Davis added; “To date, the cries and complaints from the general public on the precipitous decline in and the unsatisfactory level of banking services have fallen on deaf ears. The PLP has in the past urged the government to move with alacrity to expand the presence of the Bank of The Bahamas to underserved communities throughout The Bahamas and we make this clarion call again today.
“The government is also called on to seriously consider the expansion of Bahamian ownership in the retail banking sector to fill the void left by this consolidation exercise by international banks. The PLP supports expanded Bahamian ownership of the domestic retail banking sector. Inaction, however, is not an option in the current circumstances.”
