How long have you been the chairman and CEO of Global Bank of Commerce and how have you influenced its direction?
In 2002 I negotiated a management buy-out of the bank and took control of its destiny. The bank was formed in 1982, and had traditionally focused on international banking and wealth management services to the global market. As a local owner and operator I am naturally proud of our Caribbean heritage and have strengthened the banking services we provide within the region, expanded the role we play in Antigua’s development, and made investments and strategic partnerships in technology to support payment platforms for ecommerce services to the region and international clients.
What is the biggest challenge you face in the work place?
To ensure that my bank keeps ahead of the curve in respect of all the regulatory and compliance issues related to a financial institution. In this jurisdiction we have a very comprehensive Money Laundering Prevention Act and the Prevention of Terrorism Act, but we must also certify under the USA PATRIOT Act for our US correspondent relations and are examined to verify we meet the Basle banking standards. Balancing an effective risk-management structure with superior customer service is always a challenge, but we have achieved a strong compliance culture without sacrificing service to and for our customers. Our investment in anti-money laundering software also assists to monitor our on-going client relationships. As a bank chairman and CEO, I try to take a top-down approach to demonstrate the importance of compliance training and controls, and am certified under the Association of Certified Anti-Money Laundering Specialists (ACAMS) in 2003.
How has the modernisation of financial services changed the service you offer?
Banking, like any other business sector, has seen modern technology make significant changes to its operations and delivery systems. The advent of secure internet banking has moved us beyond the teller, the branch and even the country. Today, providing all aspects of due diligence and compliance requirements are met, our clients have 24/7 access to their accounts regardless of their geographic location. Clients may also access their funds via our Visa branded credit and prepaid cards at merchants and ATMs worldwide. Business customers can establish merchant accounts and conduct global e-commerce services, with online review of customer transactions. Our modern payment services will support e-government initiatives for payroll and commerce, and we have an attractive prepaid card product that is convenient for crews on yachts, cruise ships and other international work forces. Our bank has also been a leader in the use of branded cards for remittances and has more than two years experience in remitting funds via card to card transactions in over 100 countries. The potential for prepaid card usage is wide-ranging, including gifts, business T&E, travel, and government disbursements – and they address consumer, government, and corporate needs.
How do you think Antigua’s prominence as a tourism destination makes it suitable as a financial destination too?
Antigua is well established as a destination for the more discriminating tourist. In 1946, some wealthy US families became attracted to the island while seeking a vacation haven free of the commercialisation that spoiled many other destinations. They formed the Mill Reef Club, and the members developed 1,300 acres into a community of private homes with a hotel, clubhouse, tennis courts, and expansive golf course. Since then, our twin island nation has continued to build a friendly infrastructure for visitors, and when its natural beauty is combined with a peaceful and democratic government system, strong communication services and a supporting financial and professional community, it also becomes a desirable location to shelter from the chill of volatile economies existing elsewhere. Antigua and Barbuda is a perfect opportunity to mix business and pleasure.
What do you think 2007 holds for you as a person and for GBC as a company?
I expect to be further involved in the growth of some related companies involved in the payments sector. One company provides core-banking and technology support to banks, and is working with partners to establish a network of regional ATMs and terminals to be processed in Antigua. I am also an investor in a brand new financial institution, Caribbean Union Bank, and am its current Chairman. In this regard, I am involved with the leaders of other Eastern Caribbean indigenous banks to promote the growth of syndicated banking opportunities, products and services that enhance the Caribbean financial sector. With respect to Global Bank of Commerce, in 2007 we intend to expand its wealth management services and establish investment fund relationships that will benefit our customers. We also expect to embrace technology that will further modernise the payments industry and allow the cell phone to become a wallet and be used for remittances and bill payments. It will be a challenging year.
What do you like to do in your free time?
What free time? I have been blessed with a great family, been married for 30 years with a son and daughter, so any free time is really spent with my wife and family. I also pray I can safely guide the growth of our business team and in some small way contribute to making Antigua and Barbuda a global ecommerce and payment centre.