By Alexavia Dorsett
Nassau, The Bahamas – Commonwealth Bank Chairman T.B. Donaldson, CBE, stated that the opening of the bank’s 11th branch, a new 9,000 square foot, $3.3 million facility under construction on Prince Charles Drive, will provide full service personal banking to the eastern and south-eastern areas of New Providence.
“The Prince Charles Drive branch re-affirms the bank’s commitment to take banking to the community,” said Mr. Donaldson, providing an update on the project. “Construction is on schedule and the new branch located about a quarter mile east of the southern entrance to St. Augustine’s College is slated to open in the Fall.
“Commonwealth Bank considers itself fortunate to be part of building vibrant communities where people can live, work and raise their families,” he said. “For almost 50 years, we have provided a bridge for Bahamians to establish a foothold within their country, offering much-needed banking services to foster economic growth and help our customers become a part of the financial mainstream. In the current economy, this new branch will be a mini-stimulus package, providing some 30 new jobs and essential services in what has been a fast-growing, under-served market. We acknowledge it as part of our ongoing commitment to take banking to neighbourhoods where people live and work.”
The state-of-the-art branch, designed in what has become Commonwealth Bank’s signature style with white Bermuda roof and classic gray and white finish, is expected to serve the neighbouring Prince Charles, Fox Hill, Yamacraw and Elizabeth Estates residential areas in addition to surrounding businesses. It will feature a large lobby and complete personal banking services, including a 24-hour ABM.
Commonwealth Bank recently reported its results for 2008, recording in excess of $49 million net income. The bank is the nation’s largest publicly-held firm with approximately 6,500 shareholders, some 550 staff and more than $1.3 billion in assets with an unparalleled track record in just the last five years of over $190 million in earnings and over $100 million of dividends paid to its common shareholders in the last 5 years.