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An Investigative Report Demonstrating The Extents In Which Bank Of The Bahamas Went Through In Order To Survive During The Recession

2731 words - 11 pages

An investigative report demonstrating the extents in which Bank of The Bahamas went through in order to survive during the recession.

Research Paper
Supervisor: Mrs. Gaitor
Name: Ariana McWeeney

Word Count : 2,518

Table of Contents
Page

Cover Page ………………………………………………………………. 1
Abstract …………………………………………………………………….3
Introduction…………………………………………………………… 3-4
Body ………………………………………………………………………. 5-14
Conclusion …………………………………………………………….. 15
Bibliography……………………………………………………………16-17

Abstract

In this research paper I will be studying how Bank of The Bahamas continues to survive through the recession and the extents in which they went through in order to not suffer. ...view middle of the document...

History:
The Bank of The Bahamas was incorporated in the Commonwealth of The Bahamas on April 17th, 1970 as Bank of Montreal (Bahamas & Caribbean) Limited. In 1983, its name was changed to Bank of Montreal Bahamas Limited. In September 1988, the Government of The Bahamas created a joint venture with Euro Canadian Bank Limited. By purchasing 51% of the shares, the Government not only had controlling interest, but was able to ensure that Bahamian employees were offered employment with the new bank, appropriately renamed Bank of The Bahamas Limited. During the second half of 1990, the government purchased all of the shares held by Euro Canadian Bank Limited and issued an additional 7,000,000 shares, bringing the total number of shares issued to 10,000,000.
In September 1994 the government sold 20% of its shareholding to The Bahamas public. In October 1995 the Government offered a further 3,000,000 shares to the Bahamian public.
The Bank continued to experience extraordinary success as it was able to announce an oversubscribed rights offering of $25 million in late 2005 and a subsequent $15 million private placement preference share offering in 2006.

BODY

The Bahamas has been severely impacted with a global economic recession. Recession is defined as a “slowdown of activities in the economy over a time”. The major effect of recession is Inflation as well as currency crisis. A decrease in income may be another effect of recession in the economy. As persons try to save more, this reduces sales therefore there is a result of no profits. Another effect may be increase in mortgage rates. At the time of recession, lenders tend to increase rate in order to cover their losses. While in recession employment occasions are reduced since companies tend to cut down on these opportunities thus leading to unemployment in the economy.
Unemploment Rate in The Bahamas :

With that being said, I’ve read numerous news articles about the impact the recession has had on banks around the world and made contact with the managing director of Bank of The Bahamas. This was all done to allow myself to better understand the ways in which Bank of The Bahamas has been able to survive under such hard times that impacted everyone globally.

I’ve learned the efforts in which Bank of the Bahamas went through in order to survive during the global recession.

They are as follows:

* Offer financial relief to persons whose businesses lost revenue and individuals who lost income from unemployment or reduced employment.
* Invest heavily in new technology
* Capt the employee base and reduce staff

Bank of the Bahamas had to offer financial relief to persons whose businesses lost revenue and individuals who lost income from unemployment or reduced employment. In doing so Bank of The Bahamas had the ability to help its consumers being affected by the global recession. They were able to accommodate the needs of the consumers to eliminate the...

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