The Bahamas Central Bank's annual report says that six new banks and trust companies set up offices in the Bahamas last year even though the nation faces a tremendous challenge from increased global competition.
Efforts to protect and grow the Bahamas' second largest industry face threatened sanctions from the world's richest nations, which in the past month named the Bahamas among countries alleged to be harmful tax havens and nonco-operative in the fight against money laundering.
The Central Bank's quarterly review said banks' profits dropped by 19.6 percent in the last quarter of 1999, mainly because of the costs of staff recruitment and Y2K compliance. Net income fell from $27.6 million in the last quarter of 1998 to $22.2 million.
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