What are "Managed Banks"?

Category: Banking Services

Answer:

There have been no new licences granted for "managed banks" over the last 2 years, and it is the Government plan to phase out this category of bank licence in due course. Banks will be able to operate under "management agent" arrangements, but subject to strict conditions relative to management contracts and senior officer staffing, records being maintained in The Bahamas, and physical presence requirements.

Since 1965 (introduction of banking regulations), The Bahamas has had uninterrupted growth and development, underpinned by the commitment of long-term partners. Economic stability and a strong partnership between the government and the constituents of the financial services sector have contributed to this success. The presence of the many international corporate partners in The Bahamas has been credited by the Prime Minister as giving encouragement of a bright and prosperous future for The Bahamas, particularly as a thriving international financial center.