Find Banking and Financial Services expertise in Barbados

Banks

The domestic banking sector in Barbados is sound and profitable, dominating the financial system. The sector has benefited from strong economic expansion, which aided credit demand while contributing to a steady improvement in banks’ asset quality. The onshore banking sector in Barbados grew rapidly in the 2000s. For example, assets grew from US$3.1 billion in 2002 to US$5 billion in 2007, which was equivalent at the time to about 142% of GDP. During the 1990s and 2000s investment provided a significant part of the impetus for growth in GDP. During these years the financial sector has also experienced significant changes, including mergers, acquisitions and resulting disappearance of indigenous banks, along with the introduction of new regulations and legislation. Commercial banks in Barbados are considered highly developed financial intermediaries. They include Scotiabank , Butterfield Bank, FirstCaribbean International Bank, Citicorp Merchant Bank, Barbados National Bank Inc and RBC Royal Bank of Canada (2011). Commercial banks concentrate most of their operations on consumer banking and real estate (mortgage lending). There are currently around 50 offshore banks; however, there is considerable asset concentration among just a few of the banks (2010). The four largest offshore banks belong to Canadian financial conglomerates and in all 17 banks represent 75% of the system’s assets (2007). In total, Canadian companies make up approximately 75% of the international financial community in Barbados.

Banking and Financial Services organisations in Barbados
Amphora Bank & Trust Corporation
Barbados National Bank Inc. (BNB)
Butterfield (Barbados) Ltd
Central Bank of Barbados
Concorde Bank Limited
DGM Bank and Trust
First Caribbean International Trust & Merchant Bank Barbados Ltd
Glenhuron Bank Limited
Great Pacific Bank Limited
J&T Bank and Trust
Mancal Bank (Barbados) Inc.
Pan Atlantic Bank and Trust Limited
Premier Bank International & Trust (Barbados) Limited
RBTT Bank Barbados Limited
Royal Bank of Canada (RBC)
Scotiabank Barbados
Securities Exchange of Barbados
Toronto Dominion International Inc.
Windermere Bank & Trust Ltd