In an environment where banks around the world are making "tough business decisions", Central Bank of The Bahamas (CBOB) Senior Examiner Charles Virgill says the focus of the bank is to ensure a regime that manages risk and is conducive to best business practices.
Speaking with Guardian Business, Virgill said the recent closures affecting Royal Bank of Canada (RBC) Wealth Management illustrate the difficulties facing Bahamian banks, which he said are "considering all aspects" of their businesses following turbulence in the regional banking sector.
"What we need to do as a country and certainly as individuals is ensure that we shore up and realize that the only constant is change. Banks the world over are making tough business decisions. Our focus is to ensure that the regime that is here in The Bahamas is conducive to good, sound business practices and that any risks to our jurisdiction are under control," he said.
RBC shuttered its wealth management division in the Caribbean last week, affecting branches in The Bahamas, the Cayman Islands and Barbados. The number of affected employees in RBC's Bahamian branch remains unclear.
RBC joined CIBC FirstCaribbean and Scotiabank on the growing list of international institutions experiencing turmoil in the region, which has put dozens of branches on the line.
"I think the whole world is prone right now to any reshuffling. Unfortunately, those are the times we live in," said Virgill.

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