Barbadian and Chinese governments came into an agreement in July 2000 to avoid double taxation, Chinese investments in the Caribbean nation has surged henceforth. Barbadian Prime Minister Freundel Stuart visited China with stopovers in Beijing and Shanghai in late June to cement a closer economic partnership between the two nations and solicit for more Chinese investments to channel into his nation. Barbadian financiers are delighted to be at the service of Chinese investors and a few banks offer customer services in the Cantonese dialect.
Amongst all these superb players, seven are particularly noteworthy. Half of them are Caribbean-owned and the rest are divisions of well established Canada-headquartered financial institutions.
Each bank has branches across the island, offering an array of typical personal and commercial banking services, and a host of Automated Teller Machines (ATMs) for added convenience. The banks accept all major international credit cards.
Established in 1978 by an Act of Parliament, Barbados National Bank is the island's oldest local commercial bank. Ages after its inception, it acquired the assets of the then local Bank of America branch in Bridgetown.
Butterfield Bank (Barbados) Limited is headquartered in the capital, Bridgetown, with three other branches in commercial and suburban areas. Its staff numbers about 125. The Butterfield Bank of Barbados provides both traditional and offshore services and is one of three local commercial banks with Saturday service.
FirstCaribbean International Bank (FIB) is the outcome of a 2002 merger of two of the oldest banks in the region, namely, Barclays PLC Caribbean and Canada's CIBC West Indies Holdings, both of which have a combined experience of nearly 250 years.
Canadian-owned Scotiabank has been serving Barbados since 1956. Its network comprises eight branches strategically located across the island, plus a string of ATMs. Its main office is on Broad Street, in the heart of Bridgetown.
RBTT Bank Barbados is owned by one of the Caribbean's leading financial groups, RBTT Financial of Trinidad and Tobago. RBTT Financial Holdings Limited acquired the company from Caribbean Commercial Bank Limited in June 2004. It is one of the smaller players in the Barbados banking sector with head offices in Bridgetown and four branches. The bank's four branches are well situated across Barbados with opening hours that include Saturdays.
Royal Bank of Canada is one of three Canadian-owned banks operating in Barbados and has been on the island from as far back as February 1911. Its network consists of seven branches, a Private Banking Centre and two Lending Centers stretching througout the island. Its other channels include a network of 18 ATMs, Royal Online Banking and Point of Sale Terminals at a variety of merchants.
Last but not least, J&T Bank and Trust has operated for over a decade in Barbados with a full range of trust, corporate, investment and banking services specifically designed for high net worth individuals and corporations. It has over 30 employees and approximately US$ 2 billion of assets under administration and management. It is a member of the J&T Group, whose international banking network blends the high value service traditions of niche private banks with the investment depth of a world class major financial institution.
The philosophy, research and worldwide services of J&T Bank and Trusts are especially designed for investors wishing to ensure the safety of their capital, both within North America and in the rest of the world.
J&T Bank and Trust has a network of "the best in class" global partners providing correspondent, custodial and investment strategy services. For instance, the Cayman based J&T Funds Inc. offers asset management by some of the world's leading asset managers. The J&T Bank and Trust team relies on its professional, operational and legal expertise and experience to design and implement financial management and wealth preservation strategies uniquely tailored for discerning high net worth individuals and corporate clients.
It's parental company J&T Group (J&T) is a dynamic and rapidly expanding group in the EU with total corporate assets of 4 billion of euros. Main areas of business of the group include private and investment banking, real estate development and power engineering. J&T acquired J&T Bank and Trust (formerly Bayshore Bank and Trust) in May of 2008 to add to its growing portfolio of international banks.
