At Bank of The Bahamas’ Annual General Meeting  on May 3, 2013  the majority shareholders approved an increase of B$10 million ($1.0 par value) in the Bank's common share capital to B$160 million. This increase in capital will be represented by a special class of non-voting common shares.  It is expected that the shares will be sold in blocks to the Bank's major shareholder at market value. 

The issuance of the new shares will allow the Bank to meet new capital requirements as mandated by Basel III and regulators.  Additionally, the proceeds raised will be used to repay existing bonds and start the process of redeeming preference shares that do not qualify as tier one capital.  The Bank anticipates the series of transactions to be executed prior to this fiscal year end.

The increase in capital will require an amendment to the Memorandum of Association of the Company to which shareholders also agreed. Also at the AGM dividends were ratified for the fiscal year ending June 30, 2012. In respect of the same dividends paid on ordinary shares were $775,671.00 and a further $2,462,498.00 in dividends were paid on preference shares classes A,B, D &E.  The total dividends paid inclusive of ordinary and preference shares for the June 30, 2012 fiscal period was B $3,238,169.00.