NASSAU, BAHAMAS The domestic banking industry will be radically different over the next 10 years, a well-known banker said yesterday, while urging the expansion of Bahamian ownership in the sector.<\/p>\n
Gowon Bowe, Royal Fidelity CFO, spoke at the CFA Society of The Bahamas webinar yesterday.<\/p>\n
Our domestic environment is one that I think is going to be radically different over the next 10 years, he said.<\/p>\n
We have seen a banking industry that has been dominated by international ownership. That is not to criticize it but between the UK banks and Canadian banks that have had a strong foothold in Bahamian domestic baking industry, it is one that we have to look at how we expand Bahamian ownership.<\/p>\n
Bowe pointed to the growth and expansion of a number of Caribbean banks and noted that increased Bahamian ownership in the domestic banking sector will become even more crucial as international banks contemplate their continued presence in the region.<\/p>\n
Pointing to the international banking segment, Bowe argued that the Bahamas must start thinking about its tax policy.<\/p>\n
Our tax policy is what we have sort of protected and which has led to our demise, he said.<\/p>\n
We have held that we want to be a jurisdiction with low or no income taxes and in reality it has not served us well. Is it one that we we need to hold?<\/p>\n
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Domestic banking will be 'radically different' EyeWitness News - EyeWitness News<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" NASSAU, BAHAMAS The domestic banking industry will be radically different over the next 10 years, a well-known banker said yesterday, while urging the expansion of Bahamian ownership in the sector. Continue reading