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Caribbean Financial Network

Bahamas Development Bank

bahamas-development-bank
Biz Phone
242-702-5700
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Nassau
Bahamian Independence Bahamas Development Bank established by an Act of Parliament Bahamas Development Bank opens its doors - The Bank became operational on July 21, 1978 with a staff of 5 in its first office located in Rawson Square on Bay Street, across from the historic House of Parliament. The Bank started with a government equity infusion of $2 million. There was so much demand in its early days of operation that the Bank had to secure additional funding from other sources like the Caribbean Development Bank ($6million), the Inter-American Bank ($3 million), the European Economic Community (EEC) ($1 million), the Central Bank of The Bahamas ($2.5 million) and the National Insurance Board ($3.5 million). Government equity in the Bank also gradually increased during its more than 35 years of operation. The Freeport Office is established- Recognizing a need to provide development financing in the second city – Freeport, Grand Bahama, management opened a branch in Freeport on July 15, 1986. The Branch is presently located in the Jasmine Corporate Centre in Freeport, Grand Bahama. The branch Officers not only prepare loan applications, but are actively engaged in following up on the large number of delinquent customers The Abaco Office is established - It became apparent to management that an additional office was needed in another northern island. On July 17, 1999, the Bank once again expanded its operation. This time a new branch was opened in Marsh Harbour Abaco. The office was located on Queen Elizabeth Drive and there were two persons employed on the staff at the time. Today, the branch operations in Abaco has been transferred to the Freeport Office of which both together constitute the Northern Bahamas. The Bahamas Development Bank is recapitalized Fund levels were inadequate and by the year 1999, the Bank was experiencing serious liquidity difficulties due to the overwhelming demand for its funds. However, in May 2000, the Bank was able to secure an additional $10 million loan from the Caribbean Development Bank. This amount coupled with a $25 million Government backed bond received from the National Insurance Board in November 2000 substantially improved the Bank’s liquidity position. The Abaco Office is closed to streamline operations. Re-engineering The Bahamas Development Bank Over the years, the Bank has endured challenges that resulted in extraordinary financial hemorrhage and loan portfolio decline culminating in high proportion of non-performing loans. To correct these issues the Bank implemented a strategic plan that significantly boosted performing loans and improved the balance sheet. 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.

Bahamas Law Enforcement Co-operative Credit Union

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Biz Phone
242-325-5007
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Nassau
On April 16th, 1985, the Royal Bahamas Police Force Co-operative Credit Union Limited became registered under the Department of Co-operative Development. It was fully established as a union on April 28th, 1985. By this time, more than one hundred and fifty (150) applications for membership were received. During the months (April-July 1985) leading up to the first AGM a Steering Committee was appointed to manage the affairs of the Credit Union. Ms. Ismella Davis managed the duties at the Nassau Office, while Mr. Clarence Russell was made responsible for the Grand Bahama District. In a presentation of the report from the steering committee at the first AGM, Ms. Davis reported that approximately $18,920.00 in payroll deductions had been received since April and membership totaled some two hundred and two (202) persons in New Providence and fifty-seven (57) persons in Grand Bahama. The first Annual General Meeting of the Police Credit Union was held in the auditorium of the Police College, Oakes Field. It was at this meeting that the first Board of Directors and Supervisory Committee were elected. The Directors were: Ms. Linda Williams, President; Mr. Clarence Russell, Vice President; Ms. Ismella Davis, Treasurer; Mr. David Cartwright (deceased), Member; Mr. Ulric Smith (deceased), Member; Mr. William Moss (deceased), Member and Irvin Taylor, Member. Members of the Supervisory Committee were: Mr. Reuben Smith, Mr. R. Cunningham, and Mr. Ellison Greenslade. Since that time, the Police Credit Union has experienced much growth. By the end of 1987, it recorded more than one million dollars ($1.0M) in assets with a membership base of almost eight hundred (800) persons. To accommodate this tremendous growth, the Credit Union was relocated from a cramped office on the third floor of the Administration Building to two small adjacent offices above the Police Computer Centre. By this time, the Credit Union had extended its bond to include Royal Bahamas. Defence Force Officers and Her Majesty's Prison Officers. Growth continued as evidenced in February 1994, when the Credit Union was again moved to a separate, more spacious, building just behind the Administration Building at Police Headquarters. By the middle of 1995, having further extended its bond to include spouses and children of members and civilian staff, the Credit Union recorded assets in excess of five million dollars ($5.0M) with more than one thousand four hundred (1400) members.

Bank and General Workers' Credit Union

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Biz Phone
868-627-8549
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Port of Spain
Mission To promote a better quality of life for our members and their families by encouraging a spirit and practice of thrift self-help and co-operation

Bank of Guyana

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Biz Phone
592-226-3250
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RobbstownGeorgetown Demerara
The Bank of Guyana was established by virtue of the Bank of Guyana Ordinance No. 23 of 1965. Actual operation commenced on October 16. 1965 – seven months before the country gained political independence. The early establishment of the Bank was promoted by an agreement of the U.K. Government (acting for the still colonial members of the British Caribbean Currency Board (BCCB) and the Trinidad & Tobago Government), for the dissolution of the BCCB by mid-1967 and the cessation of issuance of currency after 1965. Within the context of the economic policy of the Government, the Bank shall be guided in all its actions by the objectives of fostering monetary stability and promoting credit and exchange conditions conducive to the growth of the economy of Guyana.

Bank of Jamaica

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Kingston
The Bank of Jamaica, established by the Bank of Jamaica Law (1960), began operations in May 1961, terminating the Currency Board System which had been in existence from 1939. The establishment of the Central Bank was in recognition of the need for an appropriately regulated financial structure to encourage the development process, particularly as Jamaica was about to embark on the road to political independence.

Bank of Saint Lucia

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Biz Phone
758-456 6000
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Castries LC04 101
Since the merger in 2001, the bank has and continues to be the industry leader in the delivery of innovative products and services. We pride our selves on being able to anticipate and satisfy our customers’ needs. Bank of Saint Lucia’s five branches are located at the Financial Centre and Waterfront in the city of Castries, in the towns of Soufriere, Gros Islet, and Vieux Fort, with a Bureau de Change at Hewanorra International Airport and an outlet at Massy Stores Mega. Bank of Saint Lucia provides a full range of retail, commercial, development and investment banking products and services, and enjoys a greater share of the local banking market. Its network of five branches, with 27 ATMs and cash dispensers is the most extensive in St Lucia.

Bank of St. Vincent and Grenadines

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Biz Phone
784-457-1844
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Kingstown
Mission Statement To be customer-focused, innovative, and efficient. To be the preferred provider of superior financial products and services through caring, professional staff and appropriate technology. To exceed shareholder expectations and be a catalyst for development. Vision Statement Deeply rooted in the local community, we are the leaders in delivering a more unique banking experience through quality people, strong relationships, financial strength, sustained growth and integrity.

Bank of The Bahamas

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Biz Phone
242-397-3000
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Nassau
When Bank of The Bahamas received the Euromoney Award for Excellence this year for the fourth time and was named Best Bank in The Country by The Banker, part of the Financial Times Group, for the third time during the same fiscal year, it was an historic milestone in the nation and for the young bank. No other Bahamian bank had ever come close to achieving such international recognition. Yet Managing Director Paul McWeeney hesitated to publicize the two awards, believing the news should be shared with shareholders and stakeholders as opposed to making it a reason for boasting when so many in the nation are still struggling. The Bank, he believes, should continue to do what it has done to grow from infancy 24 years ago to where it is now, rather than basking in recognition.