Banking

Overview

In Barbados the development of the international business and financial services sector began around 1977 and now contributes significantly to foreign exchange earnings. The legislation allows international banks and business companies, insurance and management companies, societies with restricted liability and ship registration, with a legal separation between the offshore sector and the onshore sector. Offshore banks apply to the Central Bank of Barbados for registration under the International Financial Services Act 2003 whilst onshore banks are regulated through the Financial Institutions Act. Also forming part of the Banking framework, is the Ministry of Finance and the Barbados Securities Commission.In the onshore sector Barbados has licensed, six commercial banks, fifty-nine International banks and sixteen Trust & Merchant banks.Commercial banking activity can be described as very competitive as all players have full service operations with cross-border experience. Four commercial banks are either global or international operators of which three are influenced by Canadian parentage.These banks offer a range of personal and corporate banking products and services which include deposits, loans, investments, project financing, foreign exchange and cash management to name a few. Some commercial banks also offer internet banking, private banking and wealth management services. ATM’s are conveniently spread across the island and personal local cheques are still widely accepted as an instrument of payment.

Key Contacts

Dr. Avinash Persaud

Financial economist

Dr Winston Moore

Lecturer in economics at the university of the West Indies Cave Hill

Mr. Clyde Mascoll

Economist

Mr. Roland Craigwell

Professor of economics also at the University of the West Indies Cave Hill

Dr. Delisle Worrell

Current Governor of the Central Bank of Barbados (CBB)

Sir Courtney Blackman

Economist, international business consultant, diplomat and former Governor of the Central Bank of Barbados

Mr. Marlon Yarde

General Manager of The Barbados Stock Exchange

Mr. Peter Boos

Independent Financial service Professional

Mr. Tony Hoyos

Businessman and former Board Member of The Barbados National Bank

Web & other Resources

www.investbarbados.org

Invest Barbados previously called The Barbados International Business Promotion Corporation (BIBPC) and The Barbados Investment and Development Corporation (BIBC) is responsible for creating and maintaining international investments in Barbados. They are also responsible for managing the Barbados Business brand and developing new investment products. The head office is located at The Trident Insurance Financial Center and branches are located in Canada, China, USA and the UK.

http://www.ukti.gov.uk/export/countries/americas/caribbean/barbados.html

The website is owned by the UK Trade and Investment and a few of the goals of this website are to improve business performance, increase foreign direct investment contribution and improve the reputation of the UK in overseas markets.

www.allbusiness.com

An online resource for small businesses, providing essential tools and resources to start, grow, and manage your business, owned by the US Department of Commerce.