Due to new onerous requirements for operating in the United States Bank of The Bahamas took a business decision to close its Miami service centre effective June 30, 2013. The closure will not impact the bank’s operations in The Bahamas according to Paul McWeeney, Managing Director, BOB.

Mr. McWeeney explained that in 2012 BOB Financial Services Inc. (BOBFSI) engaged an independent consulting firm to assess the ongoing operational requirements given a rapidly evolving regulatory landscape and best practice requirements in the US.  The result of this exercise concluded that it would no longer be able to outsource back-office operations to its Nassau main branch.  Consequently, it would have to invest substantially in new resources and systems.  As a result, it was determined that  the costs and risks associated with enhancing the existing service centre to that of a stand-alone bank outweighed the medium term benefits of maintaining that strategic asset.  Therefore, the service centre was closed 30th June, 2013.

Leading up to its closure much of the management of customer relationships were transferred to the Nassau main branch along with the service centre’s senior manager.  Simultaneously, remaining customers of the service centre were made aware of the decision ahead of its closure. Some customers expressed disappointment at the closure but understood that it was a business decision that was taken given the rapidly evolving US financial regulatory regime.

 “We continue to work with these customers in creating alternative methods of meeting their business requirements." Mr. McWeeney said.

He noted that the two remaining staff members of the Service Centre were offered job opportunities in The Bahamas but they elected to remain in the US. 

“The decision to discontinue the Miami service in no way affects the bank's operations in The Bahamas. Rather, we are currently in the early stages of strategizing the establishment of branches in other Family Islands,”Mr. McWeeney said.

With 4,000 Bahamian shareholders and more than 370 employees across the archipelago, Bank of The Bahamas this year celebrates its 25th anniversary.  BOB is a leader in financial services with 13 branches in seven islands and a long history of firsts in the local Banking Industry. BOB has received the Euromoney Award for Excellence in Banking four times and was named Best Bank in the Country three times by The Banker, part of the Financial Times Group.