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Shake-up of bank’s board

A shake-up of the Bank of The Bahamas'(BOB)board of directors is imminent, with the Chairman MacGregor Robertson and Managing Director Paul McWeeney remaining in place, though several directorship changes are on the way.

Three new directors are expected to be appointed to the board at its next annual general meeting(AGM), reliable sources confirmed toGuardian Business. The AGM is scheduled for February 18th, 2011 at 6:00 p.m. at the British Colonial Hilton hotel.

The appointments to the board of the bank will reportedly include Craig Tony Gomez, managing partner of Baker Tilly Gomez, Algernon Cargill, president of the National Insurance Board, and Khaalis Rolle, chairman of the Bahamas Chamber of Commerce and the Bahamas Employers Confederation. Gomez is flagged to be the new deputy chair of the board.

According to sources, the new directors will be replacing outgoing directors Robert Sands, senior vice president of governmental and external affairs at Baha Mar, Marvin V. Bethel, managing director of J.S. Johnson, and Patrick Ward, group president and CEO of Bahamas First Holdings Limited.

There was no official comment from the bank, which is majority owned by the Government of The Bahamas, up to press time.

One industry expert commenting off the record said he considered the changes to be not very significant to the overall operations of the bank, considering that the chairman and managing director positions remained intact.

The bank reported a 70 percent net income plunge to$1.1 million for the quarter ended September 30, 2010, which its Managing Director Paul McWeeney attributed to a change in accounting standards for general credit reserves in an earlier interview.

At the end of 2010, Banker magazine bestowed its coveted Bracken Award on the bank for the third time, naming it”Best Bank”in the country.

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