Banks and Offshore Banking in The Bahamas, a Bahamian specialty

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Banks and Banking in The Bahamas There 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.

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 Allstate Management Corporation Ltd P O Box N-469, Nassau, Bahamas Telephone: +1 242 557 8353 Ansbacher (Bahamas) Ltd P O Box B-7768, Bank Lane, Nassau, Bahamas Telephone: +1 242 322 1161 Fax: +1 242 326 5020 Bahamas Capital Management P.O. Box SS 19044 Telephone: +1 242 393 8100 Fax: +1 242 393 8157 Bank Leu Limited, Nassau Branch Norfolk House, Frederick Street, P O Box N-3926 Nassau, Bahamas Telephone: +1 242 326 5054 Fax: +1 242 323 8828 The Bank of Nova Scotia Trust Company (Bahamas) Ltd Third Floor, Scotiabank Building, Rawson Square, P O Box N-3016, Nassau, Bahamas Telephone: +1 242 356 1500 Fax: +1 242 326 0991 Barclays Bank Plc (Offshore Banking Centre) P O Box N-8350, Bay Street, Nassau, Bahamas Telephone: +1 242 356 8027 Fax: +1 242 328 7979 Citco Bank and Trust Company (Bahamas) Ltd. Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Streets, P.O. Box CB 13136, Nassau, Bahamas Telephone: +1 242 356 0223 Fax: +1 242 356 0223 Credit Suite (Bahamas) Ltd Scotiabank Building, 2nd Floor, Rawson Square, Bay Street, P O Box N-4928, Nassau, Bahamas Telephone: +1 242 356 8100 Fax: +1 242 326 6589 Darier, Hentsch Private Bank & Trust Limited Charlotte House, Charlotte & Shirley Streets, P O Box N-4938, Nassau, Bahamas Telephone: +1 242 322 2721 Fax: +1 242 326 6983 DELTEC Panamerica Trust Company Limited DELTEC House, Lyford Cay, Nassau, Bahamas Telephone: +1 242 362 4549 Fax: +1 242 362 4623 Handelsfinanz-CCF Bank International Limited Maritime House, Frederick Street, P O Box N-10441, Nassau, Bahamas Telephone: +1 242 328 8644 Fax: +1 242 328 8600 Investors Offshore Company Management Ltd Scotiabank Building, Suite 105, Parliament St. PO Box N-9248, Nassau, Bahamas Telephone: +1 242 356 4765 Fax: +1 242 356 4820 Leadenhall Bank & Trust Company Limited P O Box N-1965, IBM Building, East Bay Street, Nassau, Bahamas Telephone: +1 242 325 5508 Fax: +1 242 328 7030 Leu Trust & Banking (Bahamas) Limited Norfolk House, Frederick Street, P O Box N-3926 Nassau, Bahamas Telephone: +1 242 326 5054 Fax: +1 242 323 8828 Lloyds Bank International (Bahamas) Limited P O Box N-1262, King & George Streets, Nassau, Bahamas Telephone: +1 242 322 8711 Fax: +1 242 322 8719 Maritime International Ltd. 6 Bay View Place, St. Johns, Antigua Telephone: +1 268 4612024 Fax: +1 268 4622718 MeesPierson (Bahamas) Ltd P O Box SS 5539, Windermere House, 404 East Bay Street, Nassau, Bahamas Telephone: +1 242 393 8777 Fax: +1 242 393 0582 Montaque Securities International Saffrey Square, Bay Street & Bank Lane, First floor, P O Box N-7474, Nassau NP, Bahamas Telephone: +1 242 356 6133 Fax: +1 242 356 6144 New Providence Estate Planners Ltd. P.O. Box CB 11552, 54 Sandyport Drive, Nassau, Bahamas Telephone: +1 242 327 7359 Fax: +1 242 327 7359 Private Investment Bank & Trust (Bahamas) Ltd Cumberland House, 27 Cumberland Street, P O Box N-3918, Nassau, Bahamas Telephone: +1 242 326 0282 Fax: +1 242 326 5213 RBC Dominion Securities (Global) Limited Saffrey Square, Suite 103A, Bank Lane, Nassau, P O Box N-1063, Bahamas Telephone: +1 242 328 0077 Fax: +1 242 328 0079 The Royal Bank of Scotland (Nassau) Limited P O Box N-3045, 3rd Floor, Bahamas Financial Centre Shirley & Charlotte Streets, Nassau, Bahamas Telephone: +1 242 322 4643 Fax: +1 242 326 7559 UBS (Bahamas) Ltd Swiss Bank House, East Bay Street, P O Box N-7757, Nassau, Bahamas Telephone: +1 242 394 9300 Fax: +1 242 394 9333 The Winterbotham Trust Company Limited The Winterbotham Merchant Bank Bolam House, King & George Streets, P O Box N-3026, Nassau, Bahamas Telephone: +1 242 356 5454 Fax: +1 242 356 9432