Job of The week- Banking Assistant

The Central Bank Of the Bahamas


Category: Permanent Employment
Job Description:
Core Functions:
• Co-ordinate and supervise teller operations.
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Education and Experience:
• Associate’s degree in accounting/banking/finance or equivalent qualification from a recognized tertiary institution.
• Working knowledge of spreadsheet and word-processing applications.
• Good time management and organizational skills.
• Sound human relations skills.
• No experience required.

Download the Permanent Position application form here

New Year, New Cheque Requirements

On January 1, The Bahamas will be ushering in more than the New Year. The country will be welcoming a new era in financial services with the introduction of standard cheques for all customers. Announcement of the change was made today by the Clearing Banks Association, which urged businesses and individuals who maintain chequing accounts at any of the domestic banks to contact their bank to exchange any cheques issued prior to 2010 or replace any cheques that may have been printed on in-house chequing machines.

“The transition to standardized bank-printed cheques for Bahamian dollar accounts is being made for two reasons,” explained Barry Malcolm, Clearing Banks Association Chairman. “The first and most obvious reason is because of security. Cheques that are printed in-house are not printed on what is considered safety paper nor do they contain any of the hidden features that protect against fraud. The new cheques will help safeguard against potential fraud. The second reason for the transition is to ensure good imaging.”

Electronic imaging, or cheque scanning, is now used in cheque clearing, replacing the older means of exchanging the cheques themselves between banks and The Central Bank for clearance. The new system took effect earlier this year when the long-awaited Bahamas Automated Clearing House came on stream, dramatically speeding up cheque clearing time, shaving several days off the time it takes for a cheque to clear an account. Through imaging, most cheques clear within one business day.

“The success of electronic clearance is dependent upon a clear image of the cheque on both sides as it passes through the processing system,” said Malcolm, who is also Managing Director of Scotiabank, one of the seven members of the Clearing Banks Association.

Other member banks include Bank of The Bahamas, Citibank, Commonwealth Bank, Fidelity, First Caribbean and Royal Bank of Canada. “If you bank with any of these banks, consult your bank. We urge you to order cheques now so you do not enter the new year without means of paying bills, making payroll or in any other way being inconvenienced.”

Each bank is setting its specific policy, but there is no extra charge for the new standardized cheques with security features and enhanced imaging capture capabilities. Customers will still be able to choose the design of their cheques based on each bank’s offerings.

Source: Diane Philips and Associates

Net income in banks rise 10 percent in 1Q

By JAMMAL SMITH

Guardian Business Reporter
The net income of banks operating in The Bahamas grew by 10 percent to$64.4 million in the first quarter compared to the same period last year, but a pair of financial experts say the increase shouldn't be interpreted as a breakthrough for financial institutions.
The figures were revealed in the Quarterly Economic Review recently released by the Central Bank of The Bahamas.
Former Minister of State for Finance James Smith toldGuardian Businessthe growth in net income shouldn't be viewed as a massive improvement because progress made in previous years should be taken into consideration.


"The 10 percent net income increase could represent growth from a historically low level."Smith said, who is also a former Central Bank governor."It means that it has turned around but it hasn't returned to pre-recession levels. If there is two successive quarters of positive growth then basically you can say that[banks]have turned the corner."

Smith's statements are backed by the previous Quarterly Economic Review released in July, which indicated a sharp decline in net income after a strong performance in the first quarter of 2008.

The report said:"Since achieving a level of$80 million in the first three months of 2008, banks'net income fell sharply, by an annualized average of 18.0%($14.7 million)during the subsequent quarters to end-2009, and contracted by a further 9.2%($5.3 million)to$51.8 million over the review quarter."

While Smith said it's too early to tell what direction net income is heading, another financial analyst said the approach taken by local banks led to the improvement.

President and CEO of Providence Advisors Ken Kerr told Guardian Business that financial institutions have taken the proper steps that resulted in an increase in net income compared to last year.

"What[banks]have done is tighten up like all other businesses, contained cost significantly and stepped up on collections and that has allowed them to remain[profitable]and increase profitability,"Kerr said."Notwithstanding the fact that times are uncertain and challenging, people still need money and those who qualify have gone to access the banks for cash."Compared to the same period last year, operating costs for banks rose by 1.6 percent to$70.2 million and net interest income grew by 4.4 percent to$125.6 million. Provisions for bad debts decreased by$2.3 million, and earnings from non-core activities turned a profit for the first time in over a year at$3.6 million.

Kerr said banks have stepped it up, which is the reason why they have experienced a productive first quarter.

"Stepping up on collections and better underwriting of loans has led to the improved profitability,"he said."So it's not necessarily that the economy is turning around although it might be very slowly, the banks have done a better job of management." Original Article HERE

FirstCaribbean gains honour

FirstCaribbean International Bank (Bahamas) has been awarded the Best Bank in the Bahamas honour at the Euromoney Awards for Excellence 2010.

Acknowledged as one of the most prestigious in the banking industry, The Awards of Excellence were unveiled at a gala dinner in London, attended by more than 400 bankers from across the globe.

FirstCaribbean's Chief Executive, John D. Orr, said the award acknowledges the bank's solid performance in a challenging economic environment.

"Enhancing shareholder and client value by providing innovative products and services is our key business priority. This supports our strategic focus of building long-lasting client relationships," he added.

Since 1992, Euromoney, the world's leading financial markets magazine, has singled out outstanding institutions in finance. The Awards for Excellence now incorporate 25 global awards for banking and capital markets; and awards for the best banks and securities houses in almost 100 countries around the world.

Job of The Week!

Santander Bank & Trust Ltd. has an immediate vacancy for three(3) Premier Banking Bankers.

Company: Advantage Business Consultants
Job Headline: BANKERS
Island: Nassau / Paradise Island, Bahamas
Start date: 06/30/2010
Industry: Banking / Finance
Job type: Full-time
Career level: 3 years expierence
Educational level: Graduate Degree


Applicants must hold a Bachelor\'s Degree in Administration, Finance, Economics or related degree, and a minimum of three (3) years experience in private banking.


Applicants should also be capable of the following:

* Totally fluent in English and Spanish.
* Develop and manage a portfolio of private banking clients by analyzing the banking and investment needs of corporate and high-net worth individuals and offering financial and investment alternatives.
* Maintain existing client relationships by monitoring the financial condition of assigned accounts, executing client instructions, and keeping clients updated as to the changing conditions of financial markets.
* Travel to assigned countries to enhance current relationships and develop new business by meeting with representatives and clients.
* Supervise a Private Banking Assistant.
* Ensure that all private banking activities are in compliance with internal policies and procedures and external regulatory requirements.

Applications should be in writing with details of education and experience addressed to :
The Human Resources Manager
P.O. Box N-1682,
Nassau, Bahamas

Police certificate required

References required

National insurance number required

Central Bank Warning!

The Bahama Journal – The Central Bank of The Bahamas is warning investors to steer clear of a fictitious offshore bank that is operating in The Bahamas without a licence.
The Bank recently issued a public warning about the fake bank, which is reportedly based in New Providence.

Sabadell Atlántico Private Offshore Bank Bahamas, whose address is listed as 18 East Bay Street, is the most recent addition to the list of unlicenced companies operating in The Bahamas.

Sixty-three fictitious companies are now listed on the Bank’s Cumulative Warning List.

“The entity . . . is not licenced under the Banks and Trust Companies Regulation Act, 2000 to conduct banking and/or trust business in or from within The Bahamas,” the Bank said in its warning notice.

“Members of the public who transact business with this entity do so at their own risk.”

The Central Bank also said Sabadell Atlántico Private Offshore Bank Bahamas has no relationship, whatsoever, to Banco Atlantico (Bahamas) Bank & Trust Ltd., which is licenced to operate in The Bahamas.

The latter is currently in voluntary liquidation.

Calls placed to Central Bank Governor Wendy Craigg for comment were not returned up to press time. However, in previous interviews Mrs. Craigg noted that Bank officials were made aware of the illegal banks after spotting a number of fake promotions over the Internet.

Last November the Bank issued a warning about Banco de Bahamas, which was operating illegally.

The Bank first published the warning list in 2005. However, several illegal operations have been going on since September 2002.

The Securities Commission recently shut down loan scheme operation, Lamont Pays the Bills.

The company had been advertising no interest personal loans ranging from $1,000 to $5,000.

The Commission issued the company a cease and desist order and ordered company officials to return their clients’ money. According to the Financial and Corporate Service Providers Act (FCSPA), 2000, money lending without a licence is a criminal offence.

The illegal banks listed on the Cumulative Warning List include: Alliance Central Bank, Allied Chartered Banks, Alpha Credit Union; Alpha Trust Group; Agro Capital Trust, Banco de Bahamas; Banco de Paribas; Banque de Bogota; Brent Bank Bahamas; Brent Bank & Trust Company; Caribbean International Bank; Central Credit Unions (CCU); Century Bank & Trust Ltd.; Century Financial Trust Services; Colina Financial Trust Services; Continental Credit Union Bank (CCUB); Continental Trust Bank.

Crown Choice Financial, Crubank Corporation, Deltec Financial & Trust Services; Equitorial Capital Trust; First Atlantic Offshore Banking Corporation; First Capital Financial & Trust; First Atlantic Offshore Banking Corporation; First Capital Financial & Trust; First Citizen Trust Bank; First Pacific Financial Corp; First Standard Finance; Globenet Finance & Trust; Gonet Trust Company; Greenefield International Bank Ltd.; Greenefield International Private Bank; Guyana Finance and Trust; Highland Bank; Icon Trust Bank; Imperial Finance & Credit Nominees; Imperial StrongHold; International Investment Banking Corp; International Investments Bank (Group) and International Investments Clearing S.A. are also on the list.

Jyske Bank Bahamas; Meridian Trust Banking Corp; Nassau Finances; Nassau Trust Ltd; National Trust Bank; Noble Finance Company; Noble Trust Services Co (Promoter James A. DiLullo); Pacific Union Trust and Finance Ltd.; Pinnacle Investment Bankers; Progressive Investment Bank; Prudence Trust and Finance; Reddington Capital Trust; Royal Bank Mutual; Royal Pacific Trust; Sabadell Atlantico Private Offshore Bank Bahamas; Sherbourne Financial Ltd.; Sky Private Bank & Trust (Bahamas) Ltd.; Standard Financial Trust; Standard National Bank & Trust; Trinity Savings Bank, Ltd.; Uniglobe Investment Banking; Union Center National Bank (UCNB); United Alliance Trust; United Bank of Bahamas; Universal Alliance Company and Universal Credit Union Bank also make the list.

Most of the banks purport to operate from the downtown area.

One of the banks claims to operate out of Freeport.

Trust still missing on cheque posting

By CHESTER ROBARDS

Tribune Business Reporter
BAHAMIANS are still seeing their deposited cheques take several days to clear despite the launch of the Bahamas Automated Clearing House (ACH), but its general manager told Tribune Business yesterday that the system was running fine.

Brian Smith said the ACH was not to blame for the length of time some cheques take to clear. He added that some commercial banks simply impose their own rules on their cheque clearing system. And while depositors should see money credited to their accounts by the end of the second business day after making the cheque deposit, some banks still have longer holds on cheques. One banking official, who spoke on condition of anonymity, said banks still can't trust their account holders to not overdraw their accounts or write a bad cheque, so longer holds are still necessary despite the ACH.

Mr Smith said the commercial banks are often extremely competitive and therefore advancements, such as the advent of the ACH, are staggered in their use. "People need to ask their banks," he said. "It has nothing to do with ACH." He added that the ACH's next big move is to facilitate bulk direct credit.

According to him, they are awaiting on the commercial banks to complete their final customer agreements in order to bring online a direct deposit system that can be used by employers to electronically pay their employees, greatly reducing the need for paper cheques.

While it is not know how long it will take for the direct deposit system to become functional, the ACH is also focused on developing a comprehensive network Internet banking portal that will allow the transfer of funds through the Internet from one bank to another. "Internet banking is not ready yet, but all the banks are looking into getting that ready," said Mr Smith. "The next thing to come online will be bulk payments. If we can do bulk payments that's a huge step forward."

Bahamas Exploring Opportunities In Brazil

BFSB CEO & Executive Director, Wendy Warren (Journal file photo)

By NIKIA DEVEAUX
The Bahamas Financial Services Board (BFSB) continues to take an interest in the growing economy of Brazil and is actively exploring business opportunities in that country.

Several members of the country’s financial services sector are participating in the four-day Brazil Investment Summit (BIS) along with More than 400 global investors.

BIS, which has become the region’s leading investment conference, begins today in Sao Paolo and will continue until Thursday.

After confirming that the Board would participate, BFSB CEO & Executive Director, Wendy Warren explained that the BFSB is interested in opportunities in Brazil because the country’s economy is of growing international significance and influence.

"Brazil is an important and growing market for The Bahamas," she said.

"This is the third year in a row that we have participated in and made a presentation at the conference. Each year attendance by BFSB member firms grows stronger as does The Bahamas’ recognition at the Summit."

BFSB is a gold sponsor of the Summit and has also secured a panel discussion titled "Asset Managers Interview," which includes the exclusive involvement of Bahamian financial professionals.
Ms. Warren will interview BFSB’s Deputy Chairman and President of CFAL Anthony Ferguson; Chairman & CEO, Green Cay Asset Management Jane Siebels; and Head of Private Banking & Investment Management, SG Private Banking (Bahamas) Renaud Vielfaure.

Some of the topics the panel will discuss include: investing in the wake of the global financial crisis; Key investment themes for the next twelve months; reacting to changes in taxation and regulation; and how have investor demands for increased transparency impacted back office operations.

Other Key BIS themes include: Brazilian economic success; crisis impact: portfolios; transparency in regulation; Brazil’s infrastructure; quantitative trading; funds of the future; pension asset allocation; and alternatives.
READ ORIGINAL ARTICLE HERE

Electronic payments system set to launch

The long-anticipated Bahamas Automated Clearing House (BACH) is set to go live on January 22.

"The advent of the Bahamas Automated Clearing House will affect every single person who deposits money to a chequing account, writes a cheque or wishes to pay a bill online," said Brian Smith, BACH's business manager.

"By speeding up the time it takes for deposits to clear, it will provide a boost to businesses, particularly those that depend for much of their revenue on cheques from customers. Individuals will benefit as well because they will have access to the B$ cheques they deposit on Monday as early as Tuesday. No longer will anyone - businesses, institutions or individuals - have to wait for up to five days to use the money that is rightfully theirs."

But speedy clearance of deposits means those who write cheques must have funds in their account to cover them, or be prepared to pay fees to their banks for returned cheques.

                   Brian Smith

"For years, as long as anyone can remember, because it took so long for a cheque to clear in the Bahamas, individuals 'perfected' the habit of writing a cheque based on funds they expected to deposit later," said Mr Smith.

"That practice, in fact, was illegal and those days are gone. With the introduction of system-wide electronic imaging, banks will no longer transport physical pieces of paper back and forth. Once the deposit is made by 3pm, the cheque will clear overnight and be available the following business day."

In addition to slicing deposit clearance time from up to five days down to one, the BACH will expand online bill payment and commerce.

"Before the ACH, you and your employer had to bank at the same bank or your employer had to maintain accounts at various banks if that employer wanted to pay you by direct deposit," said Mr Smith.

"Within three months of the ACH going into effect, banks will be to accommodate interbank transfers as easily as they do intra-bank transfers now, meaning direct deposits may be made to any account in the system, even if the employer and employee bank at different institutions. The same principle will apply to any bill you want to pay. You do not have to go to the paint store or the doctor's office to pay a bill or call your plumber back to collect a cheque. You can have it deposited right into their account while you are sitting at home on your laptop handling your online banking, watching the Heat play the Lakers."

Converting to electronic clearance also improves security, eliminating the need for cheques to be physically transported between banks with messengers carrying such deposits in satchels. All seven clearing banks are participating in the system that allows confidential same day settlement or clearance of direct credit and next business day clearance of Bahamian dollar cheques and debits.

Those banks include Bank of the Bahamas, Citibank, Commonwealth Bank, Fidelity Bank (Bahamas), FirstCaribbean International Bank (Bahamas), RBC Royal Bank of Canada and Scotiabank. Regulatory oversight is provided by the Central Bank.