Prince Rahming, territory senior partner at PricewaterhouseCoopers, has been elected as the new chairman of the Bahamas Financial Services Board (BFSB), replacing Paul Winder.

BFSB is a 15 year old, private sector-led organization that represents and promotes all sectors of the country’s broad-ranging financial services industry.

Rahming’s selection as chair was made during a BFSB Board of Directors meeting last week.

The board also elected director James Schaefer, chief operating officer, Old Fort Financial, as co-deputy chair, along with Timothy Colclough, vice president, Butterfield Trust, who has been serving as deputy chair for the last year.

“I have great respect and admiration for what BFSB represents and what it has accomplished as the front edge of the industry’s development and promotion efforts,” said Rahming at the meeting.

“I am honored to be elected BFSB’s chairman and look forward to building on its accomplishments and I will be reaching out to members for their support and advice.”

BFSB chief executive officer and executive director Aliya Allen said: “Prince Rahming brings extensive international experience and insight from his many years working in Switzerland, New York and here.”

“He follows in the footsteps of the many outstanding chairmen who have guided BFSB in past. The depth and experience of our industry has bred a leadership pool of highly talented senior executives, which has been a great benefit to BFSB and the country in general in our efforts to keep The Bahamas at the leading edge of international financial services.”

“Prince’s expertise and leadership skills will be of tremendous value to BFSB and the industry as we continue to press The Bahamas Advantage internationally and examine fresh and innovative industry development strategies.”