Opposition Leader strong admonition to New RBC Manager

Garfield Ekon

Staff Writer

#TurksandCaicos, May 29, 2024 – The Opposition has proposed to the new Managing Director of the Royal Bank of Canada (RBC), that the institution open new branches in the Turks & Caicos Islands (TCI), with services that can lead to financial inclusion.

Leader of the Opposition, Hon. Edwin Astwood says while the Managing Director has his welcome to the TCI, he said a meeting she had with significant Government officials, has been keenly noted, especially for RBC’s involvement in funding key Government projects, and for “talks to progress further than this, I believe the discussion on Financial Inclusion must take place.

“Providing much-needed access to banking services to individuals and businesses in our underserved communities. This can help improve financial literacy and access to financial products for the family islands population outside of Providenciales,” the Opposition Leader said in a statement.

He added that a discussion on Supporting Economic Development, must also be on the table, as a “caring Government” would have been soliciting the respective bank for more access to capital for the people on TCI-owned businesses, stressing that the Opposition is cognizant of the fact that by offering small to medium-sized business loans, banks can support entrepreneurship and economic development in communities throughout the TCI.

Further, he said access to capital is crucial for small businesses to start and grow, and by providing loans, banks can help stimulate local economic activity and job creation, underscoring that when banks invest in rural districts through branches and business loans, they contribute to the overall growth and prosperity of the community.

“Small businesses are often the backbone of rural economies, and by supporting them, banks can help these communities thrive. I believe that banks doing business should be concerned about Building Customer Relationships. Opening branches in our family islands and underserved communities of Providenciales and providing business loans can help banks build long-term relationships with customers,” he said

He argued that by being present in the community and supporting local businesses, banks can establish trust and loyalty among residents, which can lead to increased customer retention and satisfaction.

Mr. Astwood in his strident statement, said citizens deserve better from banking institutions, and the people of Providenciales where the banks are located deserve better, and “our people in the family islands deserve better, therefore the TCI deserves better, and that is a PDM Government who will work to foster a healthy and inclusive financial system that includes serving the interests of all our people in all our islands,” he said.