VOLUME 13 - NO. 29
JULY 22ND, 2017 – JULY 29TH, 2017
Website: www.suntci.com
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NEW AMERICAN BANK WANTS TO OPEN IN TCI By Todeline Defralien
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n American multi-millionaire who owns banks in the USA and has significant investments in the Turks and Caicos Islands, has applied for a licence to operate a local bank which he says would provide significantly better lending opportunities for residents than the existing banks. In an exclusive interview with The SUN, Mr. Craig Potts, confirmed that in June 2017, an application was made to the Financial Services Commission (FSC) for a banking licence in the name of Hallmark, which he bought two years ago. Hallmark, the leading credit card company in the Turks and Caicos Islands, has more than 6,000 customers and has strong relations with several major businesses country-wide. With the strong financial backing of its American bank, it is hoping to combine these attributes to position the bank, if approval is granted, to contribute to the overall development of the Turks and Caicos Islands. Potts said they are currently looking to transition to a full service bank to offer greater customer service and improve banking serves to the TCI community to make banking easier. With the TCI market currently having several Canadian banks, Potts said Hallmark will differentiate itself from those banks by bringing innovative ideas used in the U.S banks into Hallmark in TCI. “I own four banks, they are located in Minnesota, and they’ve been in business for 106 years or so,” he told The SUN. “They are well established and are more community based banks and we offer traditional banking services. We will be looking at migrating some of that technology and some of the stuff that we learnt from those market places to this region.” Potts stated that there
The Ryesha Higgs Summer Dance Intensive Grand Finale Performance
The Ryesha Higgs Summer Dance Intensive 2017 gained great support from the community of Turks and Caicos Islands. The Final event was held at Brayton Hall Auditorium, Sunday July 16th. The event truly displayed TCI young talented dance stars. During classes the students learnt Ballet, Pointe, Horton, Jazz, Hip Hop, Body Conditioning, Stretching and more which they showcased so gracefully. Hundred of parents and family members came out to support the event which was one to not miss. Higgs was overwhelmed with the support she had received from the community. Pictured here are Ryesha Higgs and some of the dancers after a marvelous showcase. will be over fifty jobs created with the opening of Hallmarks full service bank. “We provide banking services today to approximately twenty other banks such as St. Lucia, Barbados and Grenada, so we are already in this region with our banking services and some of our bigger Hallmark customers are local banks in the market such as The Bahamas. We are already providing our technology and our services to these regional banks and so us transitioning to a full service bank is what’s needed at this time,” Potts noted. Potts continued: “We’ve only been a retail establishment and look at us today, we’re making strides, making nice moves but if we had out bank licence we could maneuver quicker, faster and more incredible.” Hallmark’s Chief Executive
Officer Mr. Odway Flowers said, “What we are looking to do is to increase our presence in the local market, both in the commercial business and with the regular banking. We feel that we can offer innovative services that would make businesses safer for the businessmen in terms of taking out cash. We want to offer gift cards into the system and basically help promote their services as well.” ‘CANADIAN BANKS IN TCI DENYING RESIDENTS SERVICES’ He added: “One of the key areas where we feel that we will differentiate ourselves from the Canadian banks, is that our decision makers will be here. With the Canadian banks they basically have a business model that they take to
whatever country including TCI stating what the qualifying factors are for a bank account. We don’t feel that that is capturing a lot of the market here in the TCI and a lot of persons don’t get offered services. They are being denied services whether it is a credit or being able to have an actual prepaid card. So we feel that we could capture that, help the common man not to be carrying a lot of cash and to be able to give persons a status and have a card in your pocket. It might not be a black card but it’s a nice Hallmark card that you can go to IGA and anywhere to utilize it, so you don’t have to carry cash and that is where Craig (Potts) being a U.S bank owner is bringing these types of innovative from the U.S into Hallmark.” Continued on Page 2
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