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New local bank opens in Turks and Caicos

Tuesday, December 6, 2005

PROVIDENCIALES, Turks & Caicos Islands: The opening of the first indigenous commercial bank in the Turks and Caicos Islands, TCI Bank Limited, was celebrated on Thursday, December 1, 2005 in Providenciales.

The event, which to many signals a new era in the system of banking in the islands, drew support from a number of local as well as foreign dignitaries who came in a show of support as the nation makes another historical achievement. Most notable among the foreign dignitaries was the Chief Minister of Anguilla, Osborne Fleming and Sir Eustace Francis, Deputy Governor General of Antigua and Barbuda and Chairman, ABI Financial Group.

Chairman, TCI Bank Limited, Mr. Charles Washington Misick in his remarks said, “The establishment of an indigenous bank here in the Turks and Caicos has been a dream of mine for many years.” He went on to say, “I see the establishment of this bank as a means of empowering the people of the Turks and Caicos Islands and strengthening the domestic economy. It is an essential institution for the development of national pride and the building of confidence”.

In his Feature Address, Minister of Finance, Health and National Insurance, Floyd Hall made note of the fact that two multinational banks dominate the Turks and Caicos Islands’ domestic banking sector. “Given the largely duopolistic nature of the banking sector, competition is limited”, stated the Minister. He noted that this in turn has managed to affect the quality of service and range of products offered to the general public. “We expect that our bank will better understand our needs and will be better able to serve those needs”, he stressed.

The Minister pointed out that the bank is structured to serve the people of the Turks and Caicos Islands and to provide them with investment opportunities. According to Hall, approximately 50% of the senior management staff of the bank will be nationals while 70 % of the shares in the bank are to be reserved for local institutions, companies and individual investors. He went on to point out that a public offering of shares is slated to take place early next year.

The Minister also found it fitting in his remarks to stress that, “while the Government actively promoted the formation of TCI Bank Limited- the Government would not control it. The bank will have its own independent Board of Directors, who will have a fiduciary responsibility to the bank’s shareholders- who would include the men and women, boys and girls and institutions of this country.”

Speaking on the heels of the Minister of Finance, Chief Minister Michael Misick, in his remarks encouraged the general public to invest in TCI Bank and once shares go public to buy shares in the bank. He made reference to one of the indigenous banks in Anguilla of which Chief Minister Fleming is Chairman, pointing out that ten years ago that bank started out with $2 million in assets and today has over $500 million in assets.

Established to serve the people in the length and breadth of the Turks and Caicos Islands, TCI Bank Limited according to the Chief Minister is already gearing up to establish satellite branches in the other islands.

Invited to bring brief remarks by his colleague Chief Minister Michael Misick, Osborne Fleming, Chief Minister of Anguilla expressed his delight at being in the Turks and Caicos and celebrating with the people on the occasion of the opening of the islands first indigenous bank.

In reference to the Bank Chief Minister Fleming said, “This bank will be successful because the Turks and Caicos Islands are successful”. He commended the present government on their labour for the country and for their drive in pushing to see the formation of an indigenous bank become a reality.

He stated passionately, “It is too long the people of the TCI have been putting their money in institutions that make significant profits and take every cent out of the Turks and Caicos. It is time that the people of the Turks and Caicos can pass by on the road and point and say, I own piece of that!”

He went on to urge the government to adopt the system presently in place in Anguilla and ensure that all government accounts are in the indigenous bank. In closing he reminded the public that “The success of the bank lies with the people of the Turks and Caicos Islands.”

The Bank’s slogan, “Your Bank, Our Bank, The Nation’s Bank” was coined by Jessica Joseph, a student of the Enid Capron Primary School.

The Bank opened its doors to serve the general public Monday, December, 5, 2005.

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