The Bank of The Bahamas has closed its Miami service center five years after it opened, citing "onerous" demands from US authorities that it no longer outsource support functions, and a failure of trade finance-related business to take off at the unit.
The bank's chairman, Paul McWeeney, told reporters that the closure was effective from June 30, 2013.
According to McWeeney, a cost benefit analysis determined that the "substantial" resources the Bank of The Bahamas would need to put
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