The Bank was incorporated in The Commonwealth of The Bahamas on April 17 as Bank of Montreal (Bahamas & Caribbean) Limited.
Its name was changed to Bank of Montreal Bahamas Limited.
The Government of The Bahamas created a joint venture with Euro Canadian Bank Limited, purchasing 51% of the shares.
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.
The Government sold 20% of its shareholding or 2,000,000 shares to the Bahamian public.
The Government offered a further 3,000,000 shares of the Bank to the Bahamian public. Both offerings were substantially oversubscribed.
The Bank launched a wholly-owned subsidiary, Bank of The Bahamas Trust Limited, becoming the first financial services center to offer Trust services for Bahamians.
The trading name Bank of The Bahamas International was introduced to reflect the expanding direction of the institution.
The Bank acquired the assets of Workers Bank Limited, increasing its branches in New Providence to four. The Bank also acquired Citibank N.A. Bahamas' mortgage portfolio of $22,459,682 at a cost of $20,995,859. The closing of the contract, which included full payment to the seller, occurred on July 1, 2003.
The Bank continued to experience extraordinary success as it was able to announce an oversubscribed rights offering of $25 million. The Bank also hosted an Incredible Dream Mortgage Fair, the first of its kind in the nation. The fair was a success, resulting in a doubling of the Bank’s loan portfolio.
A subsequent $15 million private placement preference share offering was held. Authorized Capital of the Bank was at 150,000,000 Shares of B$1 par value. The Bank embarked on a multimillion technology investment to overhaul the back end of data entry and storage and enable Bank of The Bahamas to provide the best possible business solutions with ongoing analysis.
Bank of The Bahamas became the first Bahamian bank with a financial services centre in Florida where Bahamians who do business there every day are able to do so with greater efficiency and ease. That same year, closer to home, BOB acquired the mortgage portfolio of Citibank as it shed its domestic book of business.
BOB grew its Private Banking and Trust services division, assisting clients with personalized banking to free up their most valuable asset, time.
A $20 million preference share offering further increased capital to support expansion.
Work was completed on the new Carmichael Road branch which was opened in December.
The Bank was able to bolster to its capital to 22.89% in compliance with Central Bank and Basel III requirements. BOB also became the first bank in the country to offer non-envelope ATM transactions.
BOB launched its eNotifier electronic application becoming the first local bank to provide text and email alerts for customer generated account transactions
The Bank collaborated with The Ministry of Social Services to design a Prepaid card for 5000 beneficiaries of its Prepaid Social Services Programme.
The Bank continued its focus on innovation and launched BOB Mobile Express, a cutting edge Merchant Services Application that allowed customers to use their smartphones to accept and process credit card transactions.
In September 2016 the Bank’s $40,000,000 Rights Offering was fully subscribed and in December of the same year the Bank offered a private placement of $30,000,000 at 3.125% Fixed Rate Perpetual Contingent Convertible Bonds (“CoCo”) to accredited investors only.
BOB introduced the Restricted Registry Prepaid Card for use on The Registrar General Department’s e-portal
The Fixed Rate Perpetual Contingent Bonds were converted to 6,756,756 voting common shares.
The Bank Developed a new three-year Strategic Plan comprising three phases with the following objectives: 1. Strengthening the Foundation, 2. Accelerated Growth; and 3 Achieve Market Leadership
The Bank invested in a new core banking system and commenced an ATM Expansion Programme to replace old machines with new BOB Express models and increase the number of ATM locations in Nassau, Grand Bahama and selected Family Islands.
The bank introduced a Customer Experience Unit designed to focus on improvement of Customer Service Delivery.
The Bank introduced a new portfolio of EMV Chip VISA prepaid and credit cards and completed the second phase of its ATM expansion programme. Electronic banking services were also expanded.
At Bank of The Bahamas, we always look for people who love people and who have a passion for serving others!Learn More
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BOB has posted interim financial statements for the quarter ended March 31, 2023. The statements can be viewed at the Shareholder Centre.
BOB celebrated another milestone in its transformation journey on Monday, February 6, 2023, with the grand opening of its new premises at JFK Drive and Bethel Avenue. Prime Mi...
BOB today posted consolidated statements for the year ended June 30, 2022. These statements can be found in quarterly reports in the shareholder centre
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Please note that effective Thursday, October 17, 2019 Freeport Branch will open daily from 9 am until 3pm Mondays through Fridays. MANAGEMENT.
Never give out your personal or financial information and never wire money to persons you don't know!
BOB will never send you emails with click thru iinks asking you to check your account or update personal information. If you receive a suspicious email notify us by forwarding...
Cheque fraud is on the increase. To avoid becoming a victim please follow the steps recommended in the attached notic
Please note all BOB branches resumed normal operating hours with effect from Thursday, April 15, 2021.
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