The 2002 Annual Report of the Bank of the Bahamas International reflects total assets in excess of $300 million. With an announced strategy of broadening its financial services base, the Bank is establishing alliances with local and international players within dependent business sectors — all part of its aim to define solutions to evolving business challenges. In the meantime, it continues to expand its Executive Management Team to include the levels of competency and expertise necessary to fulfill its business objectives.
The Bank’s strategic plan adopts a “customer centric” business approach, with intelligent growth. Managing Director Paul McWeeney says Bank of the Bahamas International has met the various challenges facing the industry head on by creating new products, developing new revenue streams, expanding its services and monitoring expenses. He said, *”We have upgraded skills in critical departments and are in the most solid shape of our history.”* The increase in retained earnings has been attributed to market and product diversification, accompanied by a continued emphasis on staff development.
The Bank of the Bahamas International has announced plans to provide direct services to Bahamians in the United States through a Miami branch (projected for a mid-2004 launch), and also plans to pursue Caribbean and Latin American opportunities.