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Banks and Banking in The BahamasThere are many banks established in The Bahamas. The calibre and scale of banking operations has remained impressively high.The Bahamas is today one of the world's principal international financial centres, having evolved from little more than an offshore tax haven comprised of a few branches of foreign banks in the mid-sixties. The country's progressive legislation and regulatory structure, its highly-skilled workforce, and its responsive government have attracted many of the world's largest and most prestigious financial institutions. Convenient air transportation, modern infrastructure, including an excellent telecommunications system, support efficient business operations. The asset base of The Bahamas' banking centre is in excess of $200 billion, positioning it among the top ten countries in the world, behind the USA, the UK, Japan, Switzerland and others. The centre has a sound capital base. Capital-asset ratios consistently average some 11.0%, enabling it to optimally exploit profitable opportunities through the world. Private banking, portfolio management, and mutual fund administration have gained in importance in recent years, reinforcing the international community's recognition of The Bahamas as a safe repository of the financial assets of both individuals and corporations. In its role as a centre of world banking activities, The Bahamas emphasizes the quality and international reputation of its financial institutions. Over 400 banks from thirty-six different countries, including the United Kingdom, Switzerland, France, the United States, Canada, and Japan, are currently licensed to conduct business within or from The Bahamas. Many are branches or subsidiaries. As of September 1995, 184 banks had a physical presence in The Bahamas. Licensees include a very active offshore banking community, with almost one hundred eurocurrency branches of international banks and trusts, as well as 168 Bahamian incorporated institutions. Over 60% (246) of all the banks licensed within The Bahamas, offer trust services in addition to their regular banking operations. |
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Favourable Regulatory Environment The banking community of The Bahamas is well supervised by The Central Bank of The Bahamas, which maintains a regulatory environment conducive to investment opportunities, while ensuring the highest standards of operations and conduct, as developed by the Basle Committee on Banking Supervision. In its role as manager of the country's monetary system, the Central Bank has advanced computer and telecommunications technology. It employs a highly-trained staff, permitting it to respond promptly to requests for licences, designation of offshore trusts, and other tasks. The rigid, self-regulatory code of conduct of The Association of International Banks and Trust Companies (AIBT) also deters the use of financial operations for criminal activities and upholds the principles of bank secrecy. The other major banking institution is the Bahamas Institute of Bankers Banking Services and Asset Management |
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