Bahamas loses major French bank
Published:Tuesday | September 29, 2009 | 1:30 PM
French banking giant, BNP Paribas, has announced plans to withdraw from The Bahamas, amid concerns over tax havens.
The bank says it will withdraw from several countries that do not meet international regulations set out by the Organization for Economic Cooperation and Development.
The announcement comes just days after leaders of the G20 vowed to increase pressure on tax havens to improve transparency and exchange tax information.
The Bahamian junior Finance Minister Zhivargo Liang described bank’s plan to withdraw from Nassau as regrettable.