By: Eric Rose/BIS
During his Keynote Remarks at the recent Grand Opening of J.P. Morgan Trust Company (Bahamas) Limited’s Goodman’s Bay Corporate Centre offices, Prime Minister the Hon. Philip Davis stated that it was “another milestone in J.P. Morgan’s long history in The Bahamas”.
“A move like this is a statement of confidence,” he said on July 16, 2026. “It reflects a belief in the future, and today it sends a clear message: J.P. Morgan continues to believe in The Bahamas.”
Prime Minister Davis added: “For more than four decades, your institution has been part of our financial services industry, building relationships that have stood the test of time. The relationship between J.P. Morgan and The Bahamas is one that has endured, and I am grateful for the confidence you have continued to place in our country.”
Among those present from the Government were Minister of Economic Affairs Senator the Hon. Jerome Fitzgerald; Minister of State for Immigration, in the Ministry of Foreign Affairs Darron Pickstock; Chairman of the Bahamas Trade Commission Senator Barry Griffin; and Senator Kevin Simmons.
He pointed out that, on a personal note, he could not stand there that day without remembering that his brother, Don, was once “part of your family”.
“His time with you gave me an appreciation for the professionalism and culture that have come to define this organization, making today’s occasion especially meaningful for me,” Prime Minister Davis said.
He noted that success was often built on partnership; and, as a government, their responsibility was to create the conditions for investment through sound fiscal policy and a stable economic environment.
“The private sector’s role is to seize those opportunities, create value, and contribute to national development,” Prime Minister Davis said. “Together, that partnership drives The Bahamas forward.”
He added: “From the very beginning, that has been the focus of my administration. When we assumed office in 2021, we inherited an economy under significant strain. From day one, we pursued disciplined fiscal management and implemented policies designed to restore confidence and strengthen the foundation of our economy.
“Today, the results speak for themselves.”
Prime Minister Davis pointed out that his Government had “significantly” reduced our debt-to-GDP ratio, moved from deficits to surplus, and strengthened government revenues through improved compliance.
“And, after years of downgrades, my administration has secured credit upgrades that recognize the progress The Bahamas has made,” he said. “These achievements reaffirm that our economy is moving in the right direction.”
Prime Minister Davis added: “We have also continued strengthening our regulatory framework. For many years, The Bahamas, like other international financial centres, has had to navigate evolving global standards and the threat of being blacklisted – impacting investor confidence in our jurisdiction.”
He noted that, while those challenges were not always within his Government’s control, its response had always been clear: to meet and exceed the highest standards.
“Today, The Bahamas stands among a select group of jurisdictions to achieve compliance or largely compliant ratings across all forty of the Financial Action Task Force’s Recommendations – a reflection of the collaborative work of government, regulators, and the financial services industry,” Prime Minister Davis said.
“At the same time, we have shown that fiscal responsibility and innovation can exist together,” he added. “Our internationally recognized Debt-for-Nature transaction demonstrated that The Bahamas can pioneer financial solutions that strengthen both fiscal resilience and environmental stewardship.”
Prime Minister Davis stated that those achievements were not ends unto themselves.
“They are about creating the confidence that allows institutions like J.P. Morgan to succeed here,” he said. “So, as you celebrate this new chapter, I offer both congratulations and an invitation.”
Prime Minister Davis added: “Continue investing in The Bahamas – but also invest in Bahamians. We have talented young people here. And the only difference between Bahamians and anyone else is opportunity. Mentor them. Train them. Develop them. Give them the opportunity to become the next generation of financial trust professionals and leaders in this industry.”
He invited them to partner with The Bahamas as his Government expanded opportunities in blue finance and carbon markets.
“Together, we can position The Bahamas as a leader in the next generation of global financial innovation,” Prime Minister Davis said.
He added: “Today’s celebration is about confidence in our shared future. You can count on a government that will continue doing its part by providing responsible fiscal management and a stable regulatory environment. And, I know that I can count on J.P. Morgan to continue doing yours by investing in our people and helping us build an even stronger international financial centre here.”
“Congratulations once again, and may your new home be a place where partnerships deepen and success continues for many years to come,” Prime Minister Davis continued. “Thank you, and may God continue to bless the Commonwealth of The Bahamas.”
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