History
Our Story: Building a Stronger Bahamas
1973
Bahamian Independence
The Bahamas Development Bank (BDB) was born out of a bold vision for an independent Bahamas. In 1973, as The Commonwealth of The Bahamas stepped onto the world stage, it became clear that a specialized financial institution was needed—one that would fuel economic growth, create jobs, strengthen trade, and empower Bahamian ownership.
1974
Bahamas Development Bank established by an Act of Parliament
That vision became reality in 1974, when Parliament passed the legislation establishing the Bank as a wholly government-owned development finance institution. Offering concessionary financing with flexible terms, the Bank was designed to serve where commercial banks could not.
1978
Bahamas Development Bank opens its doors
BDB officially opened its doors on July 21, 1978, in Rawson Square, Bay Street—opposite the historic House of Parliament—with just five staff members and $2 million in government equity. The demand for funding was immediate, prompting the Bank to secure additional financing from the Caribbean Development Bank, the Inter-American Bank, the European Economic Community, the Central Bank of The Bahamas, and the National Insurance Board.
1979
Warren Logan Rolle (1979 – 1988) appointed as Managing Director
Our leadership story began in 1979 with Warren Logan Rolle, the Bank’s first Managing Director, who brought significant experience from his role as Bank Secretary and Chief Accountant at The Bahamas Monetary Authority (now The Central Bank of The Bahamas).
1986
The Freeport Office is established
In 1986, recognizing the need to extend our reach, the Bank opened a branch in Freeport, Grand Bahama, to serve the nation’s second city.
1988
Benjamin H. Rahming (1988 – 1993) appointed as Managing Director
Two years later, in 1988, Benjamin Harrison Rahming, who began as a Project Officer in 1979, rose through the ranks to become our second Managing Director—the only person to achieve this position through internal succession. He served until 1993.
1993
Sterling Quant (1993 – 1997) appointed as Managing Director
From 1993 to 1997, Sterling R.L. Quant served as the Bank’s third Managing Director, followed by Paul Douglas Major in 1998, who served until early 2000.
1998
Paul Douglas (1998)
1998
1999
The Abaco Office is established
On July 17, 1999, the Bank expanded again, opening a branch in Marsh Harbour, Abaco. This office later merged with the Freeport branch in 2010 as part of a streamlining initiative.
2000
George E. Rodgers (2000 – 2007) appointed as Managing Director
George E. Rodgers Rodgers assumed leadership after serving as Deputy Managing Director. With over three decades at Barclays Bank PLC, Mr. Rodgers guided the Bank through liquidity challenges, securing $10 million from the Caribbean Development Bank and a $25 million Government-backed bond from the National Insurance Board.
2007
Mr. Calvin B. Knowles (2007-2009) appointed as Managing Director
Mr. Calvin Rolle served as Managing Director of The Bahamas Development Bank from 2007 to 2009. During his tenure, he provided leadership and strategic oversight to the Bank’s operations, working to advance its mission of supporting economic development and strengthening key sectors of the Bahamian economy.
2009
Mr. Anthony F. Woodside (2009-2013) appointed as Managing Director
Mr. Antony F. Woodside served as Acting Managing Director of The Bahamas Development Bank. Prior to his appointment, he served as the Deputy Managing Director. Before commencing his service at BDB, Mr. Woodside served in various managerial positions in the public and private sectors such as Financial Controller of The Bahamas Agricultural & Industrial Corporation (BAIC) and Senior Financial Analyst at IBM Bahamas Limited.
2013
Mrs. Arinthia S. Komolafe (2013-2016) appointed as Managing Director
Mrs. Arinthia S. Komolafe was appointed as the first female Managing Director and Chief Executive Officer.Her tenure marked an expansion of the Bank’s role to include equity financing, credit guarantees, and business support services alongside traditional loans.
2016
Benjamin H. Rahming (2016-2018) appointed as Managing Director
In 2016, Benjamin Harrison Rahming made history by returning as Managing Director for a second, non-consecutive term—becoming the only individual to hold the role twice.
2018
Mr. Dave S. Smith (2018-2021) appointed as Managing Director
In 2018, as the Bank celebrated the 40th anniversary of its operations, Dave Samuel Smith was appointed Managing Director with a mandate to address legacy challenges, reform operations, and strengthen financial performance. His leadership saw a significant reduction in non-performing loans and a stronger balance sheet.
2020
The New Bahamas Development Bank
Recognizing the dynamic global landscape and the evolving role of Development Finance Institutions (DFIs), The Bank refocused to international frameworks for development. The Sustainable Development Goals, Samoa Pathway and Paris Accords are integrated into to the Banks Strategic Plan. The institution expands into targeted sectoral development and new products to better support Bahamian development. In keeping with the updated outlook, the Bank rebrands.
2022
Mr. Nicholas Higgs appointed Managing Director (2022 – 2025)
Nicholas Higgs has been named as the next Managing Director to The Bahamas Development Bank (BDB). He will take the helm of the National Development Bank on July 4th 2022. At 31, he is the youngest Managing Director in the history of institution.
2024
Pioneering Progress: $30 Million Recapitalization
The Bank successfully secured $30 million in funding from the African Export Import Bank, its first such partnership in over 20 years, marking a major step forward in diversifying its funding base and strengthening international financial relationships.
2024
BDB Celebrates the 50th Anniversary of its statutory legislation
In 2024, the Bank proudly celebrated its 50th anniversary, marking half a century since the enactment of its founding legislation in 1974. This significant milestone reflects five decades of dedicated service, growth, and commitment to national development.