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Sterling Global Financial Launches Sterling Bank & Trust

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Nassau, Bahamas – May 26, 2016 – Bahamas-based Sterling Global Financial, an integrated banking and financial services provider with more than US$9 billion in assets under administration and operations in The Bahamas and Cayman Islands, today announced the launch of Sterling Bank & Trust.

News of the latest bank to bolster the Bahamas financial services portfolio was made at a press conference in Nassau by Sterling Global Financial Chairman David Kosoy and welcomed by two prominent members of The Bahamas Cabinet, Minister for Investments Khaalis Rolle and Minister for Financial Services Hope Strachan.

“As the world of financial services continues to evolve, Sterling Global continues to strategically grow our range of services from providing trust and investment vehicles, something the original company did more than 40 years ago, to today adding full private banking capability to meet the needs of a highly sophisticated client base,” said Mr. Kosoy.

Sterling’s clients number over 1,500. They invest through one or more of its several funds, including the award-winning New Providence Income Fund (NPIF). In 2015, NPIF reported an overall return of 13.8% and earned the highest secure fund ranking on the Sharpe Index two years running. Earlier this year NPIF was honoured as Best Fixed Income Mortgage Backed Fund (Since Inception) by AI Barclay Hedge Fund awards.

“The new world of financial services is a far more transparent space than it once was,” Mr. Kosoy said. “High net worth individuals or trusted institutional investors are no longer seeking the secrecy they once did. The rules have changed. They want to know their investment is secure and the companies acting on their behalf are doing so with efficiency, attention to detail, understand the market and are quick to respond. In other words, today’s success story is all about service – speed, savvy, security.”

Sterling Financial Global capitalizes carefully selected real estate projects with debt and equity lending. NPIF funding has supported development of more than $300 million in high-end residential and resort projects in The Bahamas, including luxury villas on Paradise Island, resorts in Abaco and Eleuthera and renovations of a multi-storey hotel opposite Nassau Harbour at Bay and Nassau Streets in downtown Nassau. It is also funding THIRTY/SIX, the first new luxury condo project on Paradise Island in a decade. With ground set to be broken soon, THIRTY/SIX is more than 50% sold.

Earlier this month, Sterling Global Financial unveiled its new website, http://www.sterlinggloballtd.com/, featuring a corporate section focused on information and news about the company’s services as well as background on the firm’s well-appointed board of directors, including Mr. Kosoy, President and COO Stephen Tiller, former president of BMO Nesbitt Burns Real Estate Inc. in Canada; and, Mike Harris, the former Premier of Ontario.

The site features a client portal where investors can manage banking, documents and fiduciary services securely online from any device.

“The new banking capability, like the new website, reflects the high ethical standards and client-centric services inherent to Sterling Global,” Kosoy said. “We constantly strive to create a comfort level for our investors, marrying the best of convenience with the highest level of security. As the world of financial services looks to the future, there will be more client-facing portals that enable presentation of information and financial strategies, including any potential risk, in a clear and relatable way online. Sterling is proud to be at the forefront of this type of information sharing and practical application for our clients who can now manage their financial affairs with greater ease. It’s this kind of service that has helped us grow to a full-fledged banking and financial services provider with a staff of nearly 40 professionals.”

Sterling Bank & Trust, immediately available for current clients of the boutique property-based investment firm, will operate out of the firm’s East Bay Street location across from Nassau Harbor.

 

CAPTION:

Sterling Global Financial, an integrated banking and financial services provider with more than US$9 billion in assets under administration and operations in The Bahamas and Cayman Islands launches Sterling Bank & Trust, the latest bank to bolster the Bahamas financial services portfolio. Pictured l-r: David Kosoy, Chairman Sterling Global Financial; Hon. Hope Strachan, Minister of Financial Services; Hon. Khaalis Rolle, Minister of Investments & Steve Tiller President & COO Sterling Global Financial. (Photo by Cay Focus Photography)

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Bahamas News

FBI and Bahamas looking into woman’s death  

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Dana Malcolm  

Staff Writer  

 

 

#TheBahamas, March 17, 2023 – The FBI is investigating a woman’s ‘suspicious’ death on a Carnival Cruise ship in February.  The unnamed woman and her husband boarded the Carnival Sunshine on February 27th, for a trip to the Bahamas, but she was dead before they arrived in the port in The Bahamas.

The FBI said Carnival’s team had administered life saving measures when the woman was reported unresponsive, but they were unsuccessful.  The body and the woman’s husband were released to the Bahamian authorities when the cruise arrived in the country.  

In a statement shared with US media houses, Carnival Cruises claimed the death has been a natural one.  The Nassau Guardian said a source told them the police findings had concurred with that assessment saying it was a “normal sudden death of a tourist who wasn’t feeling well.” 

The FBI was waiting for the cruise and when it got back to South Carolina on March 4th, they immediately boarded and began to investigate the room based on ‘evidence of a crime.’  The FBI also searched the couple’s car.   

No updates have been shared to contradict the currently established cause of death.   

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Why Sargassum Matters

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Dana Malcolm

Staff Writer 

 

 

#TheBahamas, March 17, 2023 – “If you don’t like it, go to another beach!” Is what Aaron John, an Education Officer from The Bahamas National Trust jokingly tells our news team about sargassum blooms; his quip, motivated by the necessity of nature when pit against the notion that there is a real threat when the stinky seaweed makes its annual appearance. 

John can admit, he says, that Sargassum isn’t very pretty but life isn’t all about aesthetics and in this instance that ugly patch serves a purpose. 

“We love our sandy beaches, but in order to keep them we need Sargassum. When storms come, they wash away all the sand off the beach but sargassum acts as a mulch to protect the sand from water erosion. It doesn’t look good, it doesn’t feel good but we need it.”

He said it also provides a habitat for small crustaceans, crabs, and insects that are all necessary to our ecosystem and islanders have  found use for the weed.

“Historically, (in The Bahamas) we have been using sargassum as fertilizer, especially in the family Islands as far back as I know,” he said. “Birds don’t go on the beach unless there is Sargassum and what do they do? they feed – it’s beautiful.” 

He encouraged residents to just leave it be if they came across it.

Sargassum isn’t harmful to humans, except for people with respiratory issues who may find the rotten egg smell triggers asthma. Despite this, it’s not advisable to walk through the weeds which may hide sharp rocks and bottles or vulnerable animals.

Experts say Sargassum blooms began to increase in size around 2011 and have continued to get bigger and bigger since. This year‘s bloom is around 5000 miles long and 300 miles wide and visible from space.

“I know it’s not a general outlook, but I would like to change the perspective on sargassum,” John said, pointing out The Bahamas National Trust is actively working to decrease alarm over the less worrisome events like sargassum as it raises the profile on the environmentally devastating. 

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Bahamas News

Lease agreement approved for diaspora office     

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Dana Malcolm  

Staff Writer 

 

 

#TurksandCaicos, March 17, 2023 – The Turks and Caicos’ Bahamas Diaspora Office is moving closer and closer to opening day, following the Cabinet’s approval for the signing of a lease agreement.  

The lease will be signed with FINCEN ltd in the Bahamas.  Several weeks ago, Arlington Musgrove, Minister of Immigration confirmed to our news team that the location had been found and was being finalized; now a lease is approved at the Cabinet level.  

The interest in the TCI from TC Bahamians was evident in the diaspora meetings held in early February.  The two meetings held in Nassau and Grand Bahama were completely full and over-subscribed by hundreds.  

It’s interest which the Government hopes will translate to real life population growth, bolstering the local population before the native population ‘goes extinct’.  

The Opposition PDM is on the record with what it feels is a far more viable solution to a dwindling native population; seek out the country’s own citizens and bring them back home. 

Cabinet did not state when the office will open. 

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