Articles by Chester Robards Senior Business Reporter

Technology

Sterling Bank and Trust fully absorbed by Mauritius firm

Bahamas-based Sterling Bank & Trust Limited has been fully absorbed by Mauritius-based IIHL (Capital) Ltd., after it acquired the remaining 49 percent equity from the remaining shareholder M/s Sterling Bancorp Inc., a statement from Sterling Bank & Trust released Saturday explains. The statement further explains that IIHL acquired 51 percent equity in Sterling in September 2022. “M/s IIHL (Capital) Limited, (Mauritius) is a 100 percent owned subsidiary of IndusInd International Holdings Limited (IIHL Mauritius). M/s IIHL is an entity based out of Mauritius with a net worth of US$ 1.26 billion as of 31st August 2025, and has interests in banking, finance, securities and insurance (BFSI),” the statement said. “M/s IIHL, Mauritius is the promoter of IndusInd Bank Limited, India’s fifth-largest private sector bank serving 42 million customers across segments through a pan-India network of around 7,000+ branches, and a deposit base of over US$ 44 billion.” According to Sterling’s statement, the name of the bank will be changed from Sterling Bank & Trust Limited to IIHL Bank & Trust Limited. Founder of Sterling Global Financial Group Davis Kosoy said in a previous statement, when IIHL bought the majority stake in Sterling Bank and Trust, that its clients and team would benefit from the new relationship. Kosoy is also an investor in numerous real estate developments across The Bahamas. Saturday’s statement explained that IIHL recently concluded a series of “value accretive acquisitions” in India to complete its para banking suite in the banking, financial services and insurance (BFSI) space “in the interest of its global shareholders”. “The acquisition of Sterling Bank & Trust Limited is a part of IndusInd International Holdings Limited’s (IIHL) strategy to be a global player in the BFSI sector,” the statement said. It added that IIHL Mauritius will bring the superior technology and global market products to the customers it has gained through the acquisition and future customers. “B.R.S.Satyanarayana, managing director and CEO of the bank, has stated that the acquisition will help the IIHL Bank & Trust Limited’s long-term sustainable growth and stability,” the statement said.

Technology

Citi using generative AI to enhance client and corporate efficiencies

Citi Bahamas has joined its global family in implementing generative artificial intelligence (GenAI) for the benefit of its clients and empowerment of its employees, the company said in a statement. General Manager of Citi Bahamas John Lopez said in the statement that GenAI will help Citi employees to make faster and more informed decisions. He added that the technology is not a substitute for the intuition of the bank’s employees. “At Citi Bahamas, the adoption of generative artificial intelligence marks a pivotal step in optimizing our operations,” said Lopez. “We are committed to responsible innovation. GenAI is not a substitute for human judgment, but rather a powerful tool that enhances the way we work for the benefit of our clients.” The statement explains that Citi has introduced four new GenAI tools that will streamline and enhance compliance, risk, human resources, and finance. It adds that those solutions are called Citi Stylus, Citi Stylus Workspaces, Citi Assist, and Citi Squad. Those GenAI solutions will provide instant insights from documents in multiple formats, with advanced summarization and comparison features. “Unlike traditional AI, which follows predefined rules, generative AI leverages advanced language models and neural networks to predict and generate original outcomes based on learned patterns,” the statement said. The statement explains that about 150,000 Citi employees across 51 jurisdictions already have access to the AI tools. Citi said it plans to expand to more jurisdictions throughout the rest of the year. The bank adds that the state-of-the-art technology is helping its employees to respond to clients faster, and enhance transaction security with more sophisticated fraud detection, “delivering tailored financial solutions that better address client needs”. “For our institutional, corporate, public sector, and multinational clients, Citi’s adoption of generative AI translates directly into faster, safer, and more personalized service,” said López. Citi Bahamas is one of the top banks globally for multinational companies, with Lopez telling Guardian Business last month that the bank is also at the forefront of digitalization. He said on a global level, Citi has introduced new digital technology for its clients, and recognizes that having the technology to meet clients’ needs in a rapidly changing world is paramount.

Technology

US consumer confidence affecting stopover visitor numbers, says Cooper

A drop in consumer confidence in the US and geopolitical tensions are to blame for a slowdown in stopover numbers in 2025, but tourism professionals hope the numbers can catch up to last year’s numbers by the end of the year, Deputy Prime Minister and Minister of Tourism, Investments and Aviation Chester Cooper said yesterday. Cooper, who made the remarks on the sidelines of the opening of King’s College’s boarding house, echoed the recent sentiments of hoteliers who said 2026 bookings for the first quarter are already trending ahead of this year. “Quarter one 2026 is looking strong. Fourth quarter 2025 is looking good, relative to last year,” said Cooper. “We’ve seen some some some dips in stopover visitors, driven mainly by the fall-off in consumer confidence in our major source market, the USA, as well as other geopolitical issues. “We’re tracking slightly behind last year, which was a record-setting year in terms of stopovers. But suffice to say, we are 10 percent ahead roughly in overall arrivals.” Cooper said the Ministry of Tourism continues to deploy strategies that could strengthen numbers by the end of the year. He added that missions to bolster the Canada market are beginning next week. “We are already up fairly significantly... 75 percent year over year, out of Canada,” said Cooper. He added that the tourism ministry is continuing its efforts to diversify source markets given the drop in consumer confidence in the US. He explained that the government will soon execute a memorandum of understanding with Brazil to expand airlift from that market. Cooper added that airlift out of Canada continues to improve. “We’re going to announce some improvements in airlift real soon, but we have a new flight announced only last week out of Montreal,” he said. “Porter will be coming direct to The Bahamas from Montreal, and we are going to be inviting 27 new flights now out of Canada to the Bahamas. These are in addition to what we had before.”

Technology

Cooper: Significant progress in ease of business for FDI

Replying to criticism of the foreign investment processes in The Bahamas by the US Department of State, Deputy Prime Minister and Minister of Tourism, Investments and Aviation Chester Cooper said yesterday that while things are not perfect, they have markedly improved, evidenced by $13 billion in new investments. “I am satisfied that we have made significant progress,” said Cooper. “There is more to be done... the reality is that we’re putting in place the requisite reforms, and we are receiving many positive reviews from many of our investors who have come to our country.” The US State Department recently released its 2025 Bahamas Investment Climate Statement, which states that while The Bahamas remains a top nation for US foreign direct investment (FDI), there are challenges for investors when attempting to conduct business, including approval delays and a lack of transparent investment procedures. The statement further explains that The Bahamas lags behind other countries when it comes to starting a business, registering property, acquiring construction permits, accessing credit, and resolving property disputes. Cooper, who spoke to reporters on the sidelines of the official opening of King’s College’s boarding facility, said the government has upgraded systems at the Bahamas Investment Authority specifically to streamline investor processes. “We have automated much of the processes. We have a mechanism for inter-agency collaboration to improve the overall process of improving investment projects,” he said. “We have streamlined the National Economic Council’s approval guidelines. We meet on a weekly basis. This had not happened before. There have been infrequent meetings, perhaps with months in between. But, we have made the types of reforms to streamline this process.” The US report questioned whether the government had launched a new project called Bahamas Invest, which was designed to cut through the red tape impeding FDI. The report said while the government has promoted plans to launch Bahamas Invest as an “independent agency intended to fast-track FDI, streamline approvals, and increase transparency”, there has been “no visible progress on this initiative, and it remains unclear whether it remains a government priority”. Cooper said the Cabinet determined not to proceed with Bahamas Invest, but still proceeded immediately to upgrade the systems required to ease the processes of FDI. Cooper explained, though, that some processes related to developments do take time. “Oftentimes there is a process where, once there’s approval in process, in principle, there still needs to be the requisite environmental impact assessments, etc. And those are non-negotiable,” he said. “So, they may get a swift approval in principle, and then it might appear that the process is taking long. But the reality is that we are very intentional about what we do in our country. “We want to ensure that we are protecting our environment for future generations, and we are uncompromising whilst we work to speed up the process.”

Technology

RCI unveils Royal Beach Club ferries

Royal Caribbean International (RCI) revealed on Tuesday in a press statement that its new fleet of water ferries, set to deliver guests to the cruise line’s Royal Beach Club Paradise Island, are at the Nassau Cruise Port ahead of the December opening of the beach club. The colorful ferry boats, called Flirty Flamingo (Pink), Sassy Starfish (Blue), Coral Calypso (Orange), Twisted Turtle (Green) and Lucky Lizard (Turquoise), will be operated by Bahamas Transport Logistics (BTL), a 100 percent, Bahamian-owned company, the statement said. “The playful names and vibrant colors embody the lively, fun-filled spirit that guests can expect to experience in The Bahamas,” the statement said. It added that BTL specializes in marine transportation and will own and operate the Royal Beach Club water ferry business. President of Royal Caribbean Group Bahamas Philip Simon said RCI has committed to providing an authentically Bahamian experience for its guests, with the beach club being run and operated by a 100 percent Bahamian staff complement. “These new vessels exemplify our dedication to operational excellence and innovation, seamlessly connecting visitors with the natural beauty and lively culture of The Bahamas from ship to shore,” said Simon. The statement adds: “From the moment guests arrive in paradise, they will experience the culture of The Bahamas across five water ferries, set to transform short-haul transfers by blending the efficiency of lightweight aluminum hulls with the vibrant spirit of the region.” The statement said the partnership with BTL reflects RCI’s commitment to including Bahamians in all aspects of the beach club project, and ensures that the Royal Beach Club ferries are managed by experienced professionals dedicated to upholding the highest safety standards and operational excellence”. According to RCI, the new ferries include advanced navigation and propulsion systems that will enable the most efficient movement of RCI guests to and from the Royal Beach Club. President and CEO of Royal Caribbean International (RCI) Michael Bayley told the media recently that the bookings for the Royal Beach Club are already “fantastic”, as the cruise line works to open the beach day excursion near the end of December. “The first Royal Beach Club continues to take shape in the coming months ahead of its opening in December 2025, and at the heart of the experience will be the island nation of The Bahamas,” Tuesday’s statement explained. “From the idyllic location to the Bahamian food, culture, staff and now the vibrant water ferries, the all-new beach club combines the beauty and spirit of The Bahamas with signature Royal Caribbean touches across the experience, service, and design.”

Technology

Investors facing numerous challenges, says US State Dept.

The Bahamas remains a top nation for US foreign direct investment (FDI), however, there are challenges for investors when attempting to conduct business, including approval delays and a lack of transparent investment procedures, according to the US Department of State’s recently released 2025 Bahamas Investment Climate Statement. The statement further explains that The Bahamas lags behind other countries when it comes to starting a business, registering property, acquiring construction permits, accessing credit, and resolving property disputes. “Significant delays in the approvals process have occurred, including cases where the government failed to respond to investment applications,” the statement says. It adds: “The National Economic Council (NEC) must grant special approval for foreign investment projects valued at $10 million or more, those with national security implications, or those that require environmental and economic impact assessments. The NEC is comprised of government ministers, including the prime minister in his dual role as the minister of finance; and the deputy prime minister as the minister responsible for investments. The approval process generally requires review by multiple government agencies and a BIA [Bahamas Investment Authority] recommendation prior to NEC consideration. Bureaucratic impediments are not limited to the NEC approvals process.” The US Department of State said while the government has promoted plans to launch Bahamas Invest as an “independent agency intended to fast-track FDI, streamline approvals, and increase transparency”, there has been “no visible progress on this initiative, and it remains unclear whether it remains a government priority”. “Currently, the BIA continues its oversight of all FDI-related activities,” the statement said. It explains that much of the FDI in The Bahamas comes in the form of tourism-focused development. “Investors meeting specific criteria can access investment incentives, including customs duty exemptions on construction material for projects such as timeshares and hotels; stamp duty [exemptions], and excise and property tax [exemptions],” the statement says. It adds that despite those incentives, high labor costs, red tape in the investment approval process, and inconsistent public contract tendering remain challenges. “To improve the investment environment, the government has introduced reforms, such as the Public Procurement Act and eProcurement platform,” the statement said. “However, a lack of transparent investment procedures and legislation continues to create challenges for investors.”