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Wednesday, July 29, 2026
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Fidelity rejects ‘bragging rights’ on consumer borrowing binge BY NEIL HARTNELL TRIBUNE Business Editor nhartnell@tribunemedia.net BANKS will continue to fuel the Bahamian consumer borrowing binge “for the foreseeable future” although one BISX-listed institution is reassuring shareholders it will not pursue “bragging rights” in this segment at the expense of prudent lending and risk management. Greg Bethel, Fidelity Bank (Bahamas) president, writing in the institution’s just-released 2025 annual report ahead of tonight’s shareholder meeting, said the general absence of a savings culture with Bahamians “borrowing as much as they can as often as they can” will continue to dictate
that commercial banks focus on the personal loan segment. Net growth in the Bahamian commercial banking industry’s outstanding consumer loan portfolio, representing credit extended for auto purchases, vacations and other consumer goods, as well as debt consolidation, grew at a rate more than triple that for mortgages in 2025 - expanding by $119.5m compared to $34.4m. Total outstanding consumer loans at yearend 2025 stood at $2.207bn, just shy of $2.553bn for mortgages, with the former having rebounded quicker after COVID. “Due to a persistent personal financial ‘culture’ whereby individuals borrow as much as they can as often
as they can - or must - with no commitment to savings, the provision of credit products for individuals has been, and will continue to be, the primary product offering of the bank for the foreseeable future,” Mr Bethel conceded to shareholders. “Nevertheless, the competition in this product segment is intense, impacting the market share of the bank as other financial institutions take on greater risk, which the bank is not prepared to take. The bank will not abandon its responsible lending philosophy and guidelines for shortterm gain, bragging rights or to maintain market share by lending larger amounts, for longer terms, at lower interest rates, leaving customers with lower
disposable income to support their families.” Pledging that Fidelity Bank (Bahamas) will maintain a responsible approach to consumer lending, Mr Bethel added that it will seek to capitalise on digital and electronic payments by consumers - via debit, credit or pre-paid cards to small and medium-sized businesses. And it also sees commercial loans to these corporate customers as “a significant growth area” that can offset any loan portfolio contraction elsewhere due to reluctance to take unnecessary risks on unqualified borrowers. “These businesses are consumers of electronic payment services, payment products, card settlement services and card products, which are secondary
‘Damning conflicts’ sink ex-Water Corp manager’s bid for $1m firing damages BY NEIL HARTNELL TRIBUNE Business Editor nhartnell@tribunemedia.net
Probe found links to firms awarded $900k contracts
A FORMER senior superintendent at the Water & Sewerage Corporation yesterday lost his bid for near-$1m in damages for wrongful and unfair dismissal after a “damning” investigation revealed he personally profited from “a major conflict of interest”. Findings from an internal audit revealed that Trevor Roberts, a 38-year veteran who rose from semi-skilled labourer when he joined in 1982 to senior superintendent for road reinstatement, had a “personal affiliation” with - and was allegedly the “true”
Fronted by nominees to ‘disguise’ true ownership Investigator faced ‘duress’ from utility’s former chair owner of - multiple thirdparty contractors who he ensured received maintenance and other business from the Corporation. The investigation revealed that the address for many of these
TRAFFIC congestion fears and a lack of parking overshadowed environmental concerns during last night's public consultation on a proposed 25-slip marina project earmarked for a location just west of Potter’s Cay dock. Vendors, business owners and residents repeatedly warned the development could worsen an already-congested area, especially when mail boats are loading and offloading
at Potter’s Cay, unless adequate parking and transportation planning are addressed. Much of the discussion during the public consultation staged by the Department of Environmental Planning and Protection (DEPP) centred on whether the proposed Blu Cay Marina, which includes 25 slips for boats, a 50-space dry storage facility for jet skis and personal watercraft, and a small office building, could operate without placing additional pressure on
BY NEIL HARTNELL TRIBUNE Business Editor nhartnell@tribunemedia.net
WATER & SEWERAGE CORPORATION HQ contractors was the same as Mr Roberts’ home, and that he had seemingly used his wife’s friend, neighbours and their relatives, and the Corporation’s own janitorial contractor and a security guard to act as nominee owners, or ‘fronts’, for these entities in a bid to “disguise” his involvement. The final report, which was completed on August 26, 2020, found that the Water & Sewerage Corporation had paid a collective $912,315 to four of the contractors linked
to Mr Roberts without him declaring his purported ownership interest. Acting justice Raynard Rigby KC branded these “damning findings” and “good reasons to summarily terminate” Mr Roberts, who he found had “placed himself in a position of conflict” due to his “desire for personal enrichment”. The 92-page judgment, in detailing much of the evidence and internal audit findings, also disclosed that Krystal Ferguson, the lead
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BLU CAY MARINA PROJECT CONCEPTUAL PLAN Potters Cay's limited parking and freight operations. One of the strongest objections came from the Potters Cay Dock Fish, Fruit and Vegetable Vendors Association president, who said the area already struggles with congestion throughout the week.
McKenzies: Marina project must manage congestion and dredging BY FAY SIMMONS TRIBUNE Business Reporter jsimmons@tribunemedia.net A POTTERS Cay business owner whose restaurant sits next to the site of a proposed 25-slip marina said the project could boost business and create jobs, but warned traffic congestion and
nearby dredging will have to be carefully managed. Kenneth McKenzie, owner of McKenzie's at Potters Cay, said the proposed Blu Cay Marina development could bring more customers to nearby waterfront businesses by attracting additional tour boats and visitors to the area.
Bank won’t sacrifice lending prudence to gain market share President laments absence of ‘savings culture’, financial goals Bahamians ‘borrow as much as they can as often as they can’ business finances; using financial statements and cash flow analysis; submissions of tax returns; and tax planning.” Outlining Fidelity Bank (Bahamas) primary strategic goals for the next two years through 2027, Mr Bethel said that - besides retaining existing customers with value and services - it is also aiming to snatch customers from other institutions and “attract business, corporate,
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Election day crash probe cites regulatory breaches
Congestion and parking fears dominate marina consultation BY FAY SIMMONS TRIBUNE Business Reporter jsimmons@tribunemedia.net
offerings of the bank with growing importance to its revenue. This was evident during 2025, as seen in fees and commission income,” Mr Bethel explained. “Making commercial loans available to small and medium-sized businesses, which utilise the electronic payment services, is expected to be a significant area of growth for the bank and is intended to offset the declining personal loan portfolio. “Few consumers have a pattern of saving and investing to fund medium and long-term goals, which requires the bank to offer financial coaching for individuals and financial planning/consulting for business owners, including guidance on segregating personal and
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However, he warned the success of the development will depend on how well traffic is managed, particularly on the busiest mail boat days. "It could be good and it could be bad," said Mr McKenzie. "A marina would bring tour boats in, and people could come over here to shop and eat. That would be good
"We have a problem as it is from Mondays to Wednesdays," she said. "That particular part of the parking lot is the most common part of our parking lot... During Christmas time, it takes two to three hours from East Street to
CONSULT - See Page B5 business for everybody in this area." Mr McKenzie said increased activity around the marina could also create employment opportunities for Bahamians. "It could create jobs for Bahamians too, and that's a good thing," he added. While optimistic about the project's economic potential, Mr McKenzie said existing congestion at Potters Cay remains his biggest concern. "The only concern is Tuesdays
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PANAMANIAN investigators have raised concerns over co-operation and access to critical documents related to the May 12 general election plane crash involving drug suspect, Jonathan Eric ‘Player’ Gardiner, while also exposing multiple regulatory breaches. The initial report, released by Panama’s Aircraft Accident Investigation Office (OFINVAA) on June 12 and obtained by Tribune Business, reveals that - one month after the Beechcraft 300 King Air twin-prop carrying Mr Gardiner and ten others was ditched in international waters - the central American state’s regulators say they have yet to be provided with the plane’s maintenance records by the Bahamian authorities. Chequita Johnson, director-general at the Civil Aviation Authority Bahamas, could not be reached for comment on these concerns before press time last night despite several attempts and voice mails left for her secretary. However, Michael Strachan, The Bahamas’ ambassador to the International
Civil Aviation Organisation (ICAO), last night said the issues raised over the maintenance records by the Panama report were misplaced. Mr Strachan, also chief operating officer for the Bahamas Aviation, Climate and Severe Weather Network (BACSWN), explained that - as the plane was registered in Panama The Bahamas and its Civil Aviation Authority have “no obligation” to have or maintain those records. The only responsibility The Bahamas has is to provide details on whether the pilot had a valid licence to fly that type of plane, which it has done. “They [Civil Aviation Authority of The Bahamas] don’t have any obligation to have the maintenance logs because it’s a foreign-registered aircraft,” Mr Strachan said. “The only information that Bahamian civil aviation would provide is whether the pilot’s licence was current. “That’s as far as the Civil Aviation Authority of The Bahamas’ information flow on the back-end. It wouldn’t be obligated to have those maintenance records.” However, the Panamanian report, with that
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