International

PLP Promises to Grant More Commercial Bank Licenses to Bahamians

Opposition Progressive Liberal Party (PLP) Deputy Leader Chester Cooper said a PLP government would encourage the Central Bank of The Bahamas (CBOB) to grant at least three commercial bank licenses to Bahamians or groups of Bahamians, The Nassau Guardian reported.

Cooper made the remarks during the PLP’s recent economic summit, explaining that the PLP hopes to bring more Bahamian ownership to the commercial banking sector.

The move would also be used as an impetus to stimulate the country’s economy.

“We are committed to Bahamianizing the sector with a view to empowerment,” said Cooper. “We are also committed to finding solutions for the unbanked Family Islands.”

Most of the large commercial banks in The Bahamas have their roots in Canada, and many have pulled out of the Family Islands in the past two years, contending that it did not make business sense to have branches in certain communities.

Led by prominent Bahamian lawyer Philip “Brave” Davis, Q.C., the PLP is conducting a vigorous campaign leading up to the Sept. 16 general election in The  Bahamas. Many political observers in The Bahamas are predicting that the party will win the majority of the seats in the 38-member House of Assembly and replace the governing Free National Movement (FNM) as the new government of The Bahamas.

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