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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. RBC operates officies on seven islands. 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 under
its Global Private Banking brand. Click
here for more information. 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. Click here for more information.
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