Business
Bank of the Bahamas shutsdown its Miami service center
The Bank of The Bahamas has closed its Miami service center five years after it opened, citing “onerous” demands from US authorities that it no longer outsource support functions, and a failure of trade finance-related business to take off at the unit.
The bank’s chairman, Paul McWeeney, told reporters that the closure was effective from June 30, 2013.
According to McWeeney, a cost benefit analysis determined that the “substantial” resources the Bank of The Bahamas would need to put into the Miami unit to staff it with the necessary capacity to conduct the compliance, accounting and other functions, meant the operation would no longer be viable.
The assessment came after the bank’s financial services engaged an independent consulting firm in the US in 2012 to assess the ongoing operational requirements given a rapidly evolving regulatory landscape and best practice requirements in the US.
Read more: The Nassau Guardian