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The Bahamas is an archipelago of some 700 islands and cays spread over 100,000 square miles of incredibly beautiful turquoise blue water. The Bahamas achieved Independence in 1973 and remains a member of the British Commonwealth. It enjoys a stable legal and political foundation that dates back more than three centuries.
Extending over 500 miles between a point 50 miles off the southeast Florida coast to just north of Hispaniola (Haiti and Dominican Republic), 29 of the islands are populated. Nassau, the capital city is located on the island of New Providence and Freeport, known locally as "the second city," is situated on Grand Bahama island.
The economy of the Bahamas is largely dependent on tourism and the financial services sectors. Tourism accounts for 50 per cent of GDP. Its tropical climate and picture-postcard beauty are obvious advantages; over three million visitors travel to the islands annually.
The financial services sector took root commencing in the late 1950's. High tax rates and currency controls in many industrial countries around the globe caused an ever increasing number of banks and trust companies to establish operations in the Bahamas. Close proximity to North America, strict bank secrecy and confidentiality laws and the absence of direct taxation make the Bahamas one of the most important financial centres in the Western Hemisphere.
RBC Royal Bank of Canada opened its first branch in 1908 on Bay Street in Nassau. It acquired the assets of its only competitor, a locally owned bank, in 1917. From then until 1947, it was the only bank in the Bahamas, growing with the country and providing the expanding economy and population with a stable and internationally recognized banking foundation.
In 1998, RBC Royal Bank of Canada celebrated its 90th anniversary. Despite increased competition, RBC Financial Group has retained its leadership position and provides a full range of financial services to domestic and international clients through four entities:
RBC Royal Bank of Canada - A full range of commercial and consumer lending and deposit services to domestic and international clients through a branch network of 21 units spread throughout the major islands of the Bahamas.
Royal Bank of Canada Trust Company (Bahamas) Limited - A wholly-owned subsidiary of Royal Bank of Canada, provides a full range of banking, deposit, trust and company management services in all major currencies to international clients.
Finance Corporation of Bahamas Limited (RBC FINCO) - 75 per cent owned by Royal Bank of Canada, RBC FINCO provides deposit and mortgage financing to domestic clients in Nassau and Freeport.
RBC Dominion Securities (Global) Limited - Is a personal, private, professional full-services investment dealer.
Royal Bank of Canada and its subsidiaries, in addition to the regional office for the Bahamas & Cayman Islands, have the following branches and RoyalTouch® Automated Banking Machines throughout the islands of the Bahamas.
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