The Bank of the Bahamas (BOB) has launched a private banking division, becoming the first Bahamian bank to offer such services to Bahamians on a public scale. Managing Director Paul McWeeney says, *”The time is now for private banking to serve the needs of an increasingly sophisticated Bahamian population, and we at Bank of The Bahamas International are proud to recognise that need, to perform in a manner that exceeds expectations, and to do all we can to earn our clients’ trust.”*
Mr. McWeeney describes the move as the latest in a series of innovations designed specifically to improve the financial well-being of BOB’s customers, the commerce it supports, and the nation it help to build. He adds, *”Ironically, as we embark on this new path, we are reminded that we are, in both a symbolic and a real sense, returning to banking’s roots, for it was private banking that gave birth to banking as we know it today.”*
Bank of the Bahamas International has some $600 million in assets and more than 4,000 shareholders. In 2007 the bank is expected to open a branch in Coral Gables, Florida, a first for any Bahamian-owned bank.