Teno upbeat on CNMI’s strong banking sector

Governor Pedro P. Tenorio is confident the strong banking infrastructure in the Northern Marianas will help struggling businesses make it through the difficult economic times, citing heightened activities in the financial sector.

The governor keynoted yesterday’s grand opening of the new Bank of Guam in-store branch in Price Costco, which was attended by legislators and some of the island’s business executives.

The strong partnership between the government and private banks operating in the CNMI spelled the difference in the continued survival of businesses in the islands despite economic downturn, according to Mr. Tenorio.

Banks have a very conservative market perception and Mr. Tenorio believes that most of the banks in the CNMI have been doing their share in keeping a sound local economy in the midst of the local financial upheaval.

The local chief executive was overwhelmed by the new Bank of Guam facility inside Price Costco, designed to accommodate more clients all days of the week at extended full banking hours.

“There are three basic rules in banking: convenience, convenience, convenience,” said Bank of Guam executive vice president and chief operating officer William Leon Guerrero.

The brewing competition in the island’s financial sector has apparently forced Bank of Guam to introduce a new concept in banking, being the only finance company in the CNMI which is open seven days a week at a maximum of at least 10 hours on a weekday.

“To succeed, banks have to be where the customers are, when the customers need them, providing the service customer want at a fair price. Our customer habits are changing so are their banking needs,” Mr. Leon Guerrero said.

He added that in response to the changing needs of CNMI bank clients, Bank of Guam had been compelled to also change, stressing that the logistics of the level of service offered by the new Price Costco in-store branch has not been easy to work.

“But at the Bank of Guam, we are always striving to do more for our customers. [Clients] will never have to rush to get to the bank anymore,” he said.

Bank of Guam took over Bank of America in November 1980. Its first branch was in Susupe which the company transferred to Price Costco in San Jose.

The bank has three branches on Saipan with six on-site and off-site Automated Teller Machines excluding one cash dispenser installed in McDonald’s Restaurant.