Banking in the Bahamas

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Banking in the Bahamas

Banking is an important part of the Bahamian economy because it generates a source of income for The Bahamas. In fact, banking which is a TERTIARY industry is the second largest industry in The Bahamas. The first bank in The Bahamas was the Government Savings Bank established in 1836. It was also known as the Public Bank of The Bahamas but closed in 1886. In the same year of its collapse, a Government Savings Bank was established under the control of the Post Office Department. The Bank of Nassau was then opened in 1889 and for nearly thirty years played an important role in the commercial life of The Bahamas. However, due to mismanagement, it failed in 1916.

In 1908, the first foreign company, THE ROYAL
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Which was the first foreign company bank to come to our shores?
7.Which bank was officially opened by Queen Elizabeth II?
8. Define “Offshore” Banking.
9. Why do foreigners use ‘offshore banking’?
10 State 4 purposes of The Bahamas Development Bank.
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