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Bank Of The Bahamas- An Institution Profile

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Bahamas still remains one of the most popular places for business owners and individuals to open an offshore bank account and when it comes to the tropical paradise, Bank of The Bahamas rules the roost. The bank that has been in existence since 1988, has longed formed a reputation for being at the forefront of the Bahamian banking scene, providing customers with impeccable, quality service while maintaining stern privacy standards.

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The beginning of Bank of The Bahamas
Bank of The Bahamas had its humble beginning when the government of Bahamas tied up with the euro Canadian Bank Limited to start a new bank whose intention was to operate solely out of Bahamas, run for the Bahamian by the Bahamian. This is why; even today Bank of the Bahamas is managed completely by a 100% Bahamian executive team. Even the board of directors is made up of Bahamian business personalities who have excelled in their respective fields.

From what started as just three branches in two islands has now expanded to thirteen branches in seven islands, Bank of The Bahamas has gone from offering simply retail and banking services to providing a whole range of different financial services and products. It is no surprise then that this bank is considered the leading financial institution in the country and is a certain favorite of those who want to establish an offshore bank account in the islands.

This growth can be measured quantifiably when you see that since the turn of the millennium, the bank has seen a staggering growth as shareholder equity that was valued at $19 million in the year 2000, was valued at an impressive $119 million in the year 2012. Even the organization value itself grew with asset value rising from a humble $90 million in 1988 to an impressive $861 million in 2012.

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Acknowledged excellence
Bank of The Bahamas was named by The Banker, which is part of the Financial Times Group, as the best bank in the Bahamas. It has also won the prestigious Euromoney Award for Excellence an astonishing four times. That itself shows how far the reputation of this bank has travelled and the hard work of the officials has finally cemented the reputation of this financial institution in cement.

Bank of The Bahamas remains the first institution in the islands to offer comprehensive online banking services to both Bahamian bank account holders as well as foreigners. They were also the first to ensure complains with check 21 procedures and use electronic imaging to clear transactions in US dollars in a quick, timely manner.

They also set a record by being the first to offer trust services to Bahamians, first to launch VIA prepaid cards, gift cards and Medline Visa card for medical services helping cardholders get access to low cost quality medical care. No wonder then that the bank has been awarded the country’s best bank award no less than 7 times.

Whether for Bahamians or foreigners looking for offshore banking options, Bank of The Bahamas is certainly the first choice on the list.
 

icecold

Active Member
Bank of Bahamas is really worth a shot. If you can get an account there get it. I don't know if personal visit is required but a phone call or e-ticket should clarify this easily for anyone interested.
 

dirtyharry

Mentor Group Gold
What do we know about bank of Bahamas only that they are the controlling body in the Bahamas I guess. If we open an account there will they have depositor insurance you think?
 

fireserve

Super Moderator
Business Angel
Bank of Bahamas may not support other companies than what you incorporate in the Bahamas or am I wrong here? I think they are more for local business and individuals not for foreigners or offshore companies.
 

deadpool

Active Member
What do we know about bank of Bahamas only that they are the controlling body in the Bahamas I guess. If we open an account there will they have depositor insurance you think?
I guess insurances aren't their strong suit. Can someone clarify...
 

BelizeFinancial

Corporate Services
Business Angel
Banking in Bahamas is great and easy. Yes I hold an account with one of the major banks in the Bahamas. No personal visit was required and Belize company was used!
 

Artemis Eleutheria

Entrepreneur
Banking in Bahamas has become "difficult". at best.

BoB does not reply, others refused flatly (but politely) ... best offer was about $10k ... to consider opening an account.

All for a Bahamas IBC ... and not even "funny" business.
 

Cetme308win

Entrepreneur
Maybe worth mentioning that the $10k was not the minimum balance ... but the account opening fee.
Holly shit!
In Cayman the minimum balance was around 1M for some banks I asked for....
I even asked caynvest for opening an investment account and I am already waiting after providing what they asked me for
 

Martin Everson

Offshore Retiree
Mentor Group Gold
Elite Member
As someone who lives in Bahamas forget banking here. Maybe as a non-resident you may get better service from banks here but here we are treated like cattle.
 

Cetme308win

Entrepreneur
As someone who lives in Bahamas forget banking here. Maybe as a non-resident you may get better service from banks here but here we are treated like cattle.
Can you tell us more about please? BTW how is life there? I am thinking in moving there or to Seychelles in 2-3 years if everything goes well
 
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