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|Royal Bank of Canada Invests In Cotton Bay (Eleuthera)|
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|Posted by:||Oct 22nd 2006, 11:01:05 am|
|Fig Tree News Team||Royal Bank of Canada invests in Cotton Bay
By ERIC ROSE, Bahamas Information Services
NASSAU, The Bahamas – The Royal Bank of Canada’s $2 million equity investment in Eleuthera’s Cotton Bay Estates and Villas – their first in the Caribbean – is evidence of their confidence in supporting Bahamian-owned ventures, said Minister of Financial Services and Investments the Hon. Vincent Peet.
“As the government is emphasising domestic investment…there is no stronger way of focusing and supporting that initiative than to have the ‘government banker’ … showing its commitment to Bahamian domestic investment by becoming an equity partner with the largest Bahamian-owned company in the tourism industry,” said Minister Peet.
“We are simply thrilled that the Royal Bank of Canada has, through this unprecedented means, demonstrated its faith and confidence in The Bahamas and, in particular, in our project,” said Mr. Franklin Wilson, chairman of Eleuthera Properties, Ltd., developer of Cotton Bay.
Senior Vice President of Caribbean Banking for RBC Mr. Ross A. McDonald said the $2-million investment expresses their “commitment to The Bahamas” where they have been for almost 100 years.
It also shows their faith in the largest Bahamian-owned development and expresses their confidence in Mr. Wilson and his management team , he added.
“We look forward to following our investment and working closely with Mr. Wilson and everybody associated with the wonderful project, over the years to come,” he said.
“We are partners with the Royal Bank of Canada,” added Mr Wilson.
This is an investment at the ordinary share level.
Mr. McDonald will also be appointed to the board of directors of Eleuthera Properties, Ltd.
“His considerable wisdom will be of immense benefit to what we are doing and, of course, this is a great way to ensure that the leverage of the tremendous resources of the Royal Bank of Canada are brought to full bear for the benefit of South Eleuthera in particular, and The Bahamas, in general,” Mr. Wilson said. “All persons, in the Bahamas can view this, really, as a transformative type of event.”
Cotton Bay will be the first Bahamian resort to gain membership to the Audubon International Signature Program, a prestigious and exclusive initiative honouring environmentally-friendly developments. It will also be Starwood’s first “Luxury Collection” property in the Caribbean.
“The Government is certainly very pleased and excited by this confidence that the RBC) has displayed in our Bahamian people and the country,” said Mr Peet.
“I welcome and invite the other commercial banks in this country to take note of this initiative and to join in furthering the empowerment of Bahamian businesses, in other ventures, and to see this as a new beginning and, hopefully, a new trend by commercials banks to further empower Bahamians.”
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