Celebrating its 30th anniversary, Fidelity honoured one of the country’s National Heroes in a dedication ceremony during the opening of the new Fidelity Financial Centre, Esterley Tibbetts Highway, on Thursday 15 October.
The new Fidelity Financial Centre was officially opened and its new Banking Hall was dedicated to the Honourable Sybil I. McLaughlin. Five years ago, the late Sir Vassel Johnson, a long-time Fidelity Board Member and one of the founders of Cayman’s financial industry, was similarly honoured at the Fidelity Financial Centre, Dr. Roy’s Drive.
Mrs McLaughlin is known and widely respected in the community for her long successful career in Government and for her many-fold contributions to, and the enrichment of, the Caymanian community.
The Premier Designate, Honourable McKeeva Bush, in delivering the opening address, noted that opportunities such as credits and loans provided by the bank went a long way in ensuring that Cayman Islands remained in a strong position, in the event of another economic downturn.
He also said that the government was working to improve the environment for the financial industry, so that investors do not choose competing jurisdictions such as Halifax and Europe.
Chairman of Cayman Islands Monetary Authority (CIMA) George McCarthy, in his remarks said, ”Fidelity’s development has paralleled the development of the Cayman Islands. Like the community of which it is a part, Fidelity has had to face the inevitable challenges of growth and has evolved in ways that the times have demanded.”
He said successive name changes - from First Home Savings and Loan to First Home Banking, to British American Bank, then to Fidelity - have reflected the institution’s move from strength to strength.
Brett Hill, CEO and President of Fidelity Cayman said, “We are celebrating thirty years in Cayman as well as the grand opening of our new Fidelity Financial Centre location and it seemed a fitting time to also recognise Mrs McLaughlin’s tremendous accomplishments by naming our new Banking Hall in her honour.”
Fidelity Chairman, Anwer Sunderji said the expansion was a ‘giant leap’ for Fidelity, even though the building may be small compared to other recent investments.
“In a rapidly changing economic environment with considerable uncertainty about the future, this expansion reinforces our faith and commitment to Cayman Islands and its people who welcomed us thirty years ago, and helped us to grow with them,” he said noting that the financial crisis has subsided to show “skies of moderate hopefulness and optimism.”
In honouring Mrs McLaughlin, he said she was a living example of qualities to which young Caymanians, especially females, can aspire. He said the banking hall is named in her honour in recognition of her many achievements - such as becoming the first female speaker of the Legislative Assembly and later being named a National Hero – as a permanent reminder to young and old, of the importance of service to country.
Mr Sunderji also announced the establishment of the Fidelity Citizenship Award of $10,000 to be presented to deserving individuals or groups based on nominations from the public. He said each award will be used to further the good work the recipients are doing and to encourage more citizens to play their part in creating a better society.
In accepting the honour, Hon Sybil McLaughlin said, “It is it with great pleasure and deep honour to have an institution give me such recognition.”
She also noted that even though she was born overseas, her heart was Caymanian.
Fidelity Cayman was founded in 1980 and is part of Fidelity Bank & Trust Limited, head quartered in The Bahamas. The financial services group offers a comprehensive range of both domestic and international banking, insurance, pension, and health plans to the Caribbean region.