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Lombard Odier celebrates 30 years in Bahamas
by Lindsay Thompson
Posted: Nov 4, 2009 19:47 UTC
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NASSAU, Bahamas (BIS) - The Bank of Lombard Odier Darier Hentsch’s 30-year operation in The Bahamas speaks to the commitment it has to the country’s financial services sector, Deputy Prime Minister and Minister of Foreign Affairs the Hon Brent Symonette said.
He was speaking during the bank’s 30thanniversary celebration held November 2 at Old Fort Bay Club.
“I am very pleased by the commitment of the bank to its Bahamas operation from which you offer a range of wealth management and corporate services to discerning clients,” said Mr Symonette.
He spoke on behalf of Prime Minister Hubert Ingraham who had to leave early.
The bank has undergone many changes, most recently the merger of two banks – Lombard Odier and Darier Hentsch, noted Mr.Symonette.
He said it speaks volumes for the bank and for the calibre of its staff that among its 30 staff complement today are several original employees who joined the bank in 1979.
Much has happened in the financial services industry during the past 30 years, and mostly the past decade, Mr. Symonette said.
There have been may concerns about those jurisdictions that avoided the imposition of income taxation and engaged in financial services, and who were often quite distant from the major money centres, he said.
“By 2000, several major multinational agencies successfully brought these concerns together in a way that got the attention of everyone,” he said.
“The Bahamas’ response, which was careful and considered, ensured adherence to regulatory best practices aimed at the protection of global financial stability in relation to the concerns over regulatory supervision.”
Regarding the tax haven concerns, he said The Bahamas engaged in a robust defence of the country’s taxation regime which had been a central feature of the Bahamian economic structure throughout its history.
Committing to increased transparency, The Bahamas in 1999 established a new enhanced legislative framework for the regulation of financial services in and from The Bahamas, he said.
“The consequence of the shift brought on by the impact of the multinational initiatives has generally been beneficial in The Bahamas.
“The financial services sector is tighter and more efficient, its supervision is substantially improved and there is a greater awareness of a shared responsibility for the stability of the international financial system,” Mr. Symonette said.
Having declared its agreement with and determination to adopt and implement the evolving enhanced international standards for international financial services, The Bahamas in 2002 concluded its first Tax Information Exchange Agreement with the United States.
“We continue to object strenuously to efforts by some in the international media and within some multinational agencies to place blame on small international financial centres like The Bahamas for the woes of the global financial crisis which in all material aspects have their origin in the failure of major OECD countries to adequately regulate their onshore financial service providers and to ensure the proper management of risk,” Mr. Symonette said.
In seeking to avoid “adverse listing” or “sanction” by the Organisation for Economic Cooperation and Development countries, The Bahamas proposes to conclude at least eight additional TIEAs by early next year, he said.
“The thrust now is to emphasize and facilitate an efficient working environment, sufficient skilled human resources and state-of-the-art technology as required by your industry.
“We hope this environment will meet the requirements of discerning financial services providers such as yourselves so that you are satisfied to continue your operations here,” Mr. Symonette said.
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