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Last Updated: Feb 13, 2017 - 1:45:37 AM |
Minister of State Khaalis Rolle addresses the launch of Sterling Bank & Trust. (BIS Photo/Derek Smith)
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NASSAU, The Bahamas - Creating 2,200 jobs in the pipeline throughout The Bahamas to bolster the Bahamas’ financial services portfolio, Sterling Bank & Trust has arrived to our shores, fortified with more than $9 billion in assets for administration and operations in The Bahamas and Cayman Islands.
Minister of Financial Services the Hon. Hope Strachan and Minister of State for Investments the Hon. Khaalis Rolle welcomed and announced the official launch of Sterling Bank & Trust in The Bahamas on May 26, 2016 in the Upper Dining Room at Luciano’s of Chicago, East Bay Street, along with the Bank’s Chairman, David Kosoy, and the Bank’s President and COO Stephen Tiller.
Minister Strachan applauded Sterling Global Financial’s choice of The Bahamas for its business expansion.
Minister Rolle spoke of the “stellar” relationship of The Bahamas Government with the Sterling group. He declared: “It’s one of the companies in the country whose brand is understated, very subtle, but they do quite a lot of work in terms of economic development.
“They are in the lending business and there are quite a number of applications that come before us, where they are lending a lot of money to a lot of people. That helps to continue the economic development thrust of the Government, along with the private sector.”
Minister Rolle described the international investment house, as a community-minded entity, interested in community development, outside of investments they have made in the United States, Canada, and Cayman Islands. He added that Sterling Global, while in The Bahamas, has already made several community investments in Abaco, Paradise Island, and the Marriott Hotel on the corner of Nassau & West Bay Streets.
Minister of State for Investments the Hon. Khaalis Rolle, right, chats with Sterling Global Financial Chairman David Kosoy, left. Minister of Financial Services the Hon. Hope Strachan is at second left. (BIS Photo/Derek Smith)
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“I think if you look at the presence and the type of activities and the time David spends here, it shows that his heart is in The Bahamas. So, on that note, I would like to congratulate Sterling for the wonderful job that they have been doing, that they continue to do,” said Minister Rolle.
“And, I wish them all success with the new Bank, and all of the other projects that I currently have before me, particularly the one in Abaco. I look forward to seeing and hearing good news about that very shortly. Thank you very much.”
Sterling Global Financial’s Chairman Kosoy said its clients number over 1,500 and they invest through one or more of its several funds, including the award-winning New Providence Income Fund (NPIF), which he confirmed reported an overall return of 13.8 percent in 2015 and earned the highest secure fund ranking on the Sharpe Index two years running.
“As the world of financial services continues to evolve, Sterling Global continues to strategically grow our range of services from providing trusts and investment vehicles, something the original company did more than 40 years ago, to today adding full private banking capability to meet the needs of a highly sophisticated client base,” said Mr. Kosoy.
“The new world of financial services is a far more transparent space than it once was. High net worth individuals or trusted institutional investors are no longer seeking the secrecy they once did. The rules have changed. They want to know their investment is secure and the companies acting on their behalf are doing so with efficiency, attention to detail, understand the market and are quick to respond. In other words, today’s success story is all about services - speed, savvy, security.”
Sterling Global Financial’s NPIF has funded more than $300 million in high-end residential and resort projects in The Bahamas.
© Copyright 2016 by thebahamasweekly.com
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