Leaders in the financial services sector are gathered at the British Colonial Hilton Hotel today to discuss the way forward for the industry at the 8th annual Nassau Conference.

The conference, sponsored by the Association of International Banks and Trusts (AIBT), aims to help each delegate ascertain how their organization can continue to remain profitable in a competitive new landscape.

A diverse group of professionals from The Bahamas, Switzerland, Brazil, The Cayman Islands and elsewhere are sharing their wealth of experience, facilitating healthy discussions and deeper exploration topics relevant to the theme: “The shift has occurred. How are you positioned?”

“Events such as this one go a long way in ensuring that insights from professionals from throughout the industry are shared with the ultimate goal of having a more robust financial services product here in The Bahamas,” said Minister of State for Finance Michael Halkitis during his opening address this morning.

The Bahamas continues to create a financial services jurisdiction that’s comparable to alternatives offered elsewhere in the developed world, he said.

However, new laws and practices emanating from the US and other leading players in the financial arena continue to adversely impact this offshore centre.

“It has been critical for The Bahamas not to choose the path of least resistance and create an ‘adequate’ financial services product, one that offers the bare minimum,” said Halkitis.

“But, it has been crucial for The Bahamas to keep current with the trends of the industry and follow suit, ensuring that there is no gap between the services clients can expect in The Bahamas and what they would get elsewhere.”

Other participants in the one-day event include Charmaine Tucker, managing director, Lombard Odier, Bermuda; Francesco Vanacore, director, head of products & solutions, Credit Suisse Trust Ltd, Zurich; and The Bahamas’ Minister of Financial Services, Ministry of Financial Services Ryan Pinder.

tblair@dupuch.com