Scotiabank's $500,000 Gift Supporting
College of The Bahamas Business Students
COMMITMENT TO EDUCATION - Leading by example, Scotiabank Bahamas made a half million dollar gift commitment to The College of The Bahamas in support of education. From left: Mr. T. Baswell Donaldson, College Council Chairman; Ms. Anna Wilson, 3rd year business student; Ms. Janyne Hodder, College President; Mr. Jamaal Knowles, President, College of The Bahamas Union of Students and Mr. Barry Malcolm, Scotiabank Managing Director.
22 June 2009
Scotiabank Bahamas made a substantial gift commitment of $500,000 to fund business scholarships and study abroad awards for students of The College of The Bahamas on Monday, June 22nd, demonstrating its keen commitment to education and supporting enriching student experiences.
Scotiabank has committed to making $100,000 available each year over the next five academic years beginning in Fall 2009. Initially, five new students will receive entrance scholarships each valued at $6,000 for their four year business degree studies. As a result of the donation, $30,000 will be used each year to fund study abroad awards for business majors. Additionally, $100,000 of the bank's gift will be used to create an endowment to ensure permanent funding for study abroad awards for business students.
In making the donation, Scotiabank's Managing Director, Mr. Barry Malcolm, stated that the bank is proud to continue its fifteen year tradition of providing scholarships to Bahamian students to attend The College of the Bahamas. "We support the College's quest to become a university and fully agree with their view that, ‘No country should outsource the higher education of its citizens.' The donation today and the signing of the MOU is a further indication of Scotiabank's commitment to COB's quest to become the University of the Bahamas. We realize that in this global age that it is vitally important for our people to be able to compete on an international level. It will be important for them to have exposure to different cultures and ways of life. This represents to us an investment in the Bank's future as well-prepared students become well prepared employees."
Scotiabank's Managing Mr. Director Barry Malcolm explaining the significance of the bank's gift commitment.
The College has been increasingly cultivating international partnerships and engagements to benefit members of its community, including the student body, as it evolves into a university. Already, nearly 50 students enrolled in various programmes of study have enjoyed immersion experiences in Mexico and Cuba and spent semesters at universities in Canada and England. The College has also hosted student groups from US colleges and universities.
College President Janyne M. Hodder lauded Scotiabank as a generous benefactor committed to the development of tomorrow's leaders and supporting The College's strategic role in national development.
College President Ms. Janyne Hodder making the announcement.
"This is an outstanding gift which demonstrates that Scotiabank recognizes the critical importance of supporting high achieving students and fostering unique opportunities for our students abroad," she said. "It also demonstrates that Scotiabank understands that high quality tertiary education delivery for Bahamians is not solely the responsibility of the government and that private partners are required to help achieve this goal as well."
Last fiscal year, faculty and staff, foundations, alumni, civic organizations and companies supported The College with generous donations totaling more than $4 million.
One College of The Bahamas student who has benefitted from a study abroad opportunity, Anna Wilson, a 3rd year Banking and Finance major, shared her thoughts on the valuable experience, calling it one that greatly impacted her. Anna spent a semester at Memorial University in Newfoundland, Canada and returned to The Bahamas in April after a very successful academic year.
"I had many adjustments to make... Academically, I also learned to work better in groups as I had 4 group projects in one semester and I really enjoyed a business class I was in for which I wrote a research paper on entrepreneurship," she said. "Overall, I became a more independent and more confident person. The study abroad experience was a definite enhancement to my studies here at The College."
Scotiabank's commitment will give more students the chance to broaden their international experiences. Recognized internationally as a leading financial institution, the bank has, over the years, supported a range of initiatives and programmes aimed at developing the world's most valuable resource - its human capital. The bank is committed to assisting with the advancement of education at all levels, helping to give students the skills, tools and experiences to develop their potential, ultimately enriching themselves and the broader community.
Last year, worldwide the bank sponsored a variety of projects and initiatives in the areas of education, health and arts and culture to the tune of approximately $43 million.
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