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Growth Plan for Bank of The Bahamas

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NASSAU, 31 Oct 2014 –

Statement by
The Right Honourable Perry G. Christie MP
Prime Minister and Minister of Finance

For 25 years, successive governments have worked hard to transform Bank of The Bahamas from a foreign owned entity into a fully Bahamian owned clearing bank with a unique mix of public and private sector ownership, offering to the public a wide range of banking services in New Providence, Grand Bahama and various Family Islands where other clearing banks have historically shown little interest in going.

Today:

• BOB is 100% Bahamian-owned : 65% by the Government of The Bahamas, with the remaining 35% being widely held by some 3,500 Bahamian shareholders.

• BOB now has total assets of $771 million dollars, compared with only $93 million when the Government acquired ownership of the bank from the Bank of Montreal 25 years ago in 1988.

• BOB has approximately 40,000 depositors today with deposits totalling $679 million dollars.

• BOB has total loan assets of approximately $650 million dollars

• BOB operates through 14 branches in The Bahamas

• BOB employs more than 350 Bahamians.

With all that successive governments have done over the years as majority shareholders of the bank, the guiding resolve has remained the same:

• to maintain the safety and security of customer deposits at all times;

• to ensure that the bank is operated in accordance with regulatory norms imposed by the Central Bank of The Bahamas and industry “best practices” ;

• to ensure that the bank delivers its services to its customers at a world-class standard and in a way that is relevant and responsive to the needs of Bahamians and their national economy ;and

• to ensure that at all times the bank is backed by what is colloquially referred to as the “full, faith and credit” of the government as the majority shareholder, while at the same time preserving the integrity of the bank through a policy on non-interference by the government in day-to-day management and credit decision-making.

Although between 1993 and 2012, BOB enjoyed an unbroken record of profitability, it has, in common with nearly all other clearing banks in The Bahamas, experienced reversals either resulting from or exacerbated by the recent global recession and, in particular, the last U.S. recession.

In the case of the Bank of The Bahamas, the Central Bank, under the leadership of Governor Wendy Craigg, has carefully monitored BOB with particular reference to the risks posed by BOB’s portfolio of non-performing commercial loans. As part of this regulatory oversight, the Central Bank has engaged the Ministry of Finance in constructive dialogue on remediation strategies. Out of this has developed a specific plan of action.

I am therefore pleased to announce this plan today. Here is how it will work:

The Ministry of Finance has established a new Bahamian company, Bahamas Resolve Ltd (“Resolve”) which is wholly-owned and wholly controlled by the Government of The Bahamas. Resolve has taken over B$100M in troubled commercial loans from Bank of The Bahamas, thereby removing this risk from BOB’s books. In so doing, the Bank’s revenue prospects will be immediately and significantly improved. At the same time, shareholder value and the Bank’s overall financial condition will be enhanced as well. It will also allow Bank of The Bahamas to return to profitability in the near future and will restore full compliance with Central Bank and international regulatory standards for capital adequacy.

I should like to emphasize, firstly, that no public treasury or National Insurance funds have been disbursed in connection with the assignment of these loans from BOB to Resolve. However, liability for these debts has been transferred to Resolve along with the benefit of the loans and the underlying security. And as the new owner of the transferred loans, Resolve will be putting special mechanisms in place to assist in the collection of the overdue loans.

Secondly, I should also like to emphasize that this transaction, under which $100 million in commercial loan debt has been transferred from BOB to Resolve, was developed in close consultation with BOB’s legal advisors in this matter, Higgs & Johnson, and BOB’s external auditors, Ernst & Young, both of whom have provided affirmative opinions on the transaction.

And thirdly, I should also like to emphasize that this kind of transaction is not fundamentally dissimilar to state-led re-structurings that were done or accommodated for a number of banks in the more developed economies of the world, including the U.S., in the wake of the 2008 recession.

In addition to what I have just outlined, I wish to make it known that the Bahamas Government, consistently with its 65% stake in BOB, will be pursuing new initiatives designed to steer more public sector business and public employee credit demand towards the Bank of The Bahamas. In doing so, however, the Government will, of course, be mindful of its obligation to maintain a fair and competitive commercial environment for all banks in The Bahamas. I have therefore instructed the Ministry of Finance to determine the best course of action for achieving these objectives on a correctly balanced basis.

In conjunction with the elements of the plan that I have just outlined, the Bank of The Bahamas will also undertake re-structuring action of its own to re-align and re-balance the bank’s business model towards more retail banking, consumer lending and e-banking products.

BOB’s Board of Directors has also been directed to assess its management and cost structure, and to submit recommendations to the Government, as the majority shareholder, for management and administrative re-organization, before the end of 2014.

Together, the plan and measures that I have outlined will help ensure the sustained stability and future growth and profitability of BOB. The Bank of The Bahamas bank has a great and prosperous future ahead of it.

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Beaches Turks & Caicos wrapped up another successful Provo Men’s Premier League season  

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PROVIDENCIALES, Turks & Caicos Islands: — Beaches Turks and Caicos continued its strong commitment to sports development in the Turks and Caicos Islands with its sponsorship of the 2025/2026 Provo Men’s Premier League, a partnership that has significantly elevated the competition for a second consecutive year.

The season, which saw an increase in participating teams and heightened competitiveness across the league, has been widely regarded as one of the most successful in recent years. The top honours were shared between two of the league’s most dominant sides, SWA Sharks FC and Academy Eagles FC, both delivering consistent and high-level performances throughout the campaign.

Turks and Caicos Islands Football Association (TCIFA) Technical Director Dane Ritchie highlighted the critical role Beaches Turks and Caicos played in strengthening the league’s structure and overall quality.

“The sponsorship from Beaches Turks and Caicos for the second year helped tremendously in making the competition a success,” Ritchie said. “This season we were able to have a more structured programme with the inclusion of youth talents coming to the fore, as well as the improvement of the coaching staff for the different teams being certified by Concacaf.”

Ritchie noted that the enhanced organisation of the league created more opportunities for emerging players, while also raising the standard of coaching and match preparation. The integration of youth talent into senior teams was particularly impactful, signaling a positive shift toward long-term player development within the territory.

Provo Men’s Premier League President Patrick Baptiste echoed these sentiments, describing the season as a milestone for both football and youth advancement in the Turks and Caicos Islands.

“This was a very good year for football and youth development,” Baptiste said. “We were able to overcome a few challenging moments, but the overall grade for this season is an A.”

Baptiste emphasised that the continued support from Beaches Turks and Caicos has been instrumental in driving the league forward, providing much-needed financial backing and stability.

“With a title sponsor like Beaches Turks and Caicos providing the financial support again for this season, we are grateful,” he added. “We have come a far way and we still have a way to go, but the TCIFA team has been charged to continue to be creative in our marketing and being more inclusive in how we seek to showcase the talents of the TCI.”

Beaches Turks and Caicos Resort General Manager Deryk Meany also expressed satisfaction with the partnership and the overall progress of the league.

“Our commitment to youth development and the growth of sports and community throughout the TCI is of paramount importance to us as an organisation,” Meany said. “We are satisfied with this partnership and being the main sponsor is a major accomplishment for the resort. We are happy to have fielded a team this season that was placed fourth in the knockout round of the competition. We are seeking to continue to provide growth for our team members as well as the development of talent throughout the TCI.”

The 2025/2026 season also reflected broader efforts to professionalize football operations locally, including improved scheduling, officiating standards and fan engagement initiatives. Matches drew increased attendance, while community interest in the sport continued to grow, particularly among young athletes aspiring to compete at higher levels.

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Platinum Sponsor Beaches Turks & Caicos celebrates top Corporate Engagement title at DG’s 5K 2026  

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PROVIDENCIALES, Turks & Caicos Islands: — Beaches Turks and Caicos has been recognised with the corporate engagement award after fielding the largest number of participants in the second staging of the Turks and Caicos Islands Deputy Governor’s 5K Run/Walk, held recently.

The resort, which also served as a platinum sponsor for the event, mobilized an impressive team of 100 participants, demonstrating its strong commitment to community engagement, health, and philanthropy. Proceeds from the initiative will benefit three key organisations: the Turks and Caicos Islands Cancer Society, the United Way of the Turks and Caicos Islands and the Ashley Learning Centre.

General Manager Deryk Meany praised the collective effort of the Beaches team, highlighting the significance of the initiative both for employee wellness and community impact.

“This was a team effort that saw the resort mobilising a strong team to participate in this event,” Meany said. “It provided a healthy activity for participation as well as giving back to a worthy cause. Congratulations to the Deputy Governor and her organising team for staging such a successful event.”

Participants from across various departments joined the early morning run/walk, showcasing camaraderie, determination and a shared commitment to making a difference.

Hotel Manager Ghislain Boutoulle described the event as both physically rewarding and meaningful.

“The route was very good. It was challenging at first but once I got the pace of the run, it was a good morning workout that was done for a worthy cause,” Boutoulle shared. “The Beaches team were well organised and showed the grit and determination to complete the run.”

For many team members, the experience extended beyond fitness, offering opportunities for personal connection and memorable moments. Soraha Jolly from the resort’s entertainment department highlighted the event’s emotional significance.

“This was good. I got the chance to participate with my mother and we ended the run feeling healthy,” Jolly said. “The event was a combination of partnership, healthy lifestyle and camaraderie. I am looking forward to the next staging to be the first to register for the Beaches team. It was a great experience for the entire team, but a very special one for me and my mom.”

Deputy Governor Her Excellency Anya Williams commended all participants and sponsors, with special recognition given to Beaches Turks and Caicos for its outstanding contribution.

“The three beneficiaries for this year’s staging were carefully selected to benefit from this event,” the Deputy Governor noted. “Giving back to the community, providing support for health through the Cancer Society and building a strong platform for education with the Ashley Learning Centre allowed the team to give back to a great cause.”

She continued, “We are grateful for all our sponsors but a special commendation to our platinum sponsor, the Beaches Turks and Caicos team, for not only donating but having the largest contingent of participants for this event. This is what true partnership looks like as we continue to build a strong relationship to make our community and the Turks and Caicos Islands better.”

The Deputy Governor’s 5K Run/Walk continues to grow as a signature community event, promoting wellness while raising critical funds for organisations that support health, education and social development across the islands.

Beaches Turks and Caicos’ strong showing this year underscores the resort’s ongoing commitment to corporate social responsibility and community partnership. With its record participation and enthusiastic team spirit, the resort has set a high benchmark for future events, reinforcing its role as a leader in both hospitality and community engagement in the Turks and Caicos Islands.

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Experience Turks and Caicos and Statistics Authority Publish Latest Visitor Exit Survey Report    

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Providenciales, Turks and Caicos Islands (June 16th, 2026) — Experience Turks and Caicos, in collaboration with the Statistics Authority, has announced the completion and publication of the latest Visitor Exit Survey Report, providing enhanced insights into visitor behaviour, spending patterns and overall travel experiences in the Turks and Caicos Islands.

The Visitor Exit Survey is a joint initiative designed to better understand the characteristics of visitors to the destination, including their travel motivations, length of stay, expenditure, satisfaction levels and perceptions of the Turks and Caicos Islands as a tourism destination.

While exit surveys have been conducted in previous years, this latest publication marks a significant enhancement in the way tourism data is collected and shared. It introduces a new quarterly reporting framework, with surveys conducted at the end of each quarter and findings published on a more frequent basis throughout the year.

This improved reporting cycle is intended to provide more timely and actionable insights to support tourism planning, policy development, marketing strategy formulation and broader industry decision-making.

“The Statistics Authority is pleased to partner with Experience Turks and Caicos on the Visitor Exit Survey program,” said Mr. Shirlen Forbes, Director. “As tourism remains the cornerstone of our economy, reliable and timely data is essential for understanding visitor behaviour, measuring tourism’s economic impact and supporting informed decision-making. We value our ongoing collaboration with Experience Turks and Caicos and believe these quarterly reports will provide stakeholders with valuable insights to help guide the future growth and development of the industry.”

Miss Sharissa Lightbourne, Marketing Intelligence Manager of Experience Turks and Caicos, noted that the expanded approach will allow government and industry stakeholders to better track trends in visitor behaviour and assess the economic contribution of tourism beyond traditional arrival statistics.

“Data is the foundation of informed decision-making and plays a critical role in shaping the future of our tourism industry. The insights contained in this report provide a deeper understanding of who our visitors are, how they experience the destination, and how they engage with our tourism product. This information is invaluable to our hotel partners, service providers, investors and other stakeholders as they refine their business strategies, enhance the visitor experience and identify new opportunities for growth. I would like to thank the Statistics Authority for its continued collaboration and commitment to strengthening tourism intelligence in the Turks and Caicos Islands. I encourage everyone in the industry to download the report and explore the valuable insights it contains,” she said.

The findings will also support more targeted destination marketing efforts, improved visitor experience initiatives and more informed investment decisions across the tourism sector.

Experience Turks and Caicos and the Statistics Authority reaffirm their commitment to strengthening tourism intelligence and ensuring that stakeholders across the industry have access to reliable, timely and relevant data.

Download the report here: https://issuu.com/myexperiencetci/docs/tci_departing_visitor_survey_report_q1_2026

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