Fidelity Boosts Banking Presence In The Bahamas

by Amanda Banks, Tax-News.com, London

02 March 2005

Regional banking and investment group, Fidelity has announced that it is looking to increase its presence and product offering in the Bahamas through a re-branding of its Bahamas based retail banking subsidiary, the British American Bank.

According to a report from the Nassau Guardian, the re-naming will be accompanied by a revamp of the services offered by the bank across its six branches, to include a ‘one-stop-shop’ facility encompassing investment, estate planning, savings and loan products, in addition to plain banking services.

Sir William Allen, British American Bank's chairman stated that the re-branding would be a positive move for the company.

“I am also excited about the thrust into additional business opportunities this heralds for the bank," he added.

"Fidelity's excellent family of financial lifestyle packages such as retirement and college plans, estate planning, brokerage services and mutual funds etc., will be available across the board all in one place, saving our customers time and money," Sir William noted.

Anwer J. Sunderji, chairman and CEO of Fidelity agreed that the move will go beyond mere re-branding, and will result in a considerable restructuring of the bank’s services.

"This is more than a name change. I expect that the bank will substantially re-engineer its customer related processes to significantly increase the quality of its customer offerings and care," he suggested.

British American Bank has been a member of the Fidelity group since 1995, and was the first company in The Bahamas to focus on offering private banking, trust and financial advisory services to residents of the jurisdiction.

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