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THA’s London tells RBL: Rethink policy on tourism

Wednesday, December 11, 2013

Chief Secretary of the Tobago House of Assembly (THA) Orville London wants Republic Bank Limited to have a “relook and a rethink” of its policy towards the tourism sector in Tobago. “Although the bank’s major priorities will include serving its customers and satisfying its shareholders, a Tobago bank has to be concerned about and sensitive to the fundamental challenges facing the island,” he said in his address at the opening of a branch of the bank in Auchenskeoch, west Tobago.


London said the tourism sector is slowly recovering from a serious slump and signs of a sustained recovery are encouraging. “However, recuperating patients cannot be subjected to the same rigid regime as their healthier counterparts and I really hope that the father of Tobago banks will take the lead in this tourism recovery process,” he added. The Chief Secretary said the THA is open to conversation. He hinted that if the banks did not call on the THA, it will be calling on them.


London congratulated Republic Bank on s well-designed and highly functional facility which enhanced the landscape. He said the bank’sdecision to take its main branch out of Scarborough was in sync with the THA thrust toward creating other modes of development and easing the congestion in Scarborough. “Tobago is appreciative of your contribution over the decades, the partnering has been mutually beneficial but I urge even closer ties and even more meaningful collaboration,” he said.


London said the fact that the Auchenskeoch branch was the third to be opened by Republic in Tobago and the fact that it can maintain a several off-site ATMs is a tribute to its success as well as the growth and development that have taken place in Tobago since 1980 under the THA and more so in the last ten years.


“With astute management and some say with God’s grace, Republic Bank, the Tobago House of Assembly and Tobago have remained stable despite the recent turbulence in the financial arena worldwide. I am confident that the bank, the island and the Assembly will continue on their respective growth parts, but I am urging even closer collaboration,” London said. He said Tobago’s quest for greater autonomy will continue and will be intensified in the coming months.


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