Commonwealth Bank

What Commonwealth Bank does

Commonwealth Bank Limited is a privately held Bahamian commercial bank founded in 1960 and headquartered in Nassau, The Bahamas. It operates 12 branches and 36 ATMs across New Providence, Abaco, Eleuthera, and Grand Bahama, serving individual consumers, small to medium businesses, seniors, students, and youth through dedicated product lines. As the first Bahamian-owned billion-dollar bank, with $1.93 billion in total assets as of 2025, it has been fully Bahamian-owned since 1984 and positions itself under a 'Bahamians Helping Bahamians' legacy of 65 years. The bank is led by Executive Chairman William B. Sands, Jr. and President Denise D. Turnquest.

The bank's core offerings span chequing and savings accounts, a four-tier Mastercard credit card portfolio (Standard, Gold, Platinum, Black) with cashback rewards ranging from 0.25% to 1.25%, and an extensive loan suite covering personal, mortgage (up to 35 years and 95% financing), auto (up to 72 months), educational, real estate, and debt consolidation products. Business banking is delivered through business chequing, commercial lending, overdraft facilities, small business lending, and merchant services with POS terminals. Digital channels comprise the CB Online Banking App, CB Digital Wallet, and an online banking portal, all supporting biometric authentication and integrated with Apple Pay and Google Pay, making Commonwealth Bank the only bank in the region supporting both wallet platforms simultaneously.

Revenue is generated through interest income on the loan portfolio (mortgage rates from 7.5%, auto and personal loans, real estate, education), credit card annual fees and APRs (16% to 19% depending on tier), transaction and account service fees, merchant services, international money transfers, and wealth advisory fees. The bank operates two wholly-owned subsidiaries, Laurentide Insurance Agency and Laurentide Insurance & Mortgage Company, which provide credit life assurance to borrowers. FY2024 delivered a record total profit of $85.9 million, with H1 2025 consolidated net profit of $35.6 million (up 4.3% year-over-year), and the bank maintains a quarterly dividend of 3 cents per share.

Name

Commonwealth Bank

Legal name

Commonwealth Bank Limited

Website

https://combankltd.com

Company type

Private

Founded year

1960

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Commonwealth Bank Limited is a privately held Bahamian commercial bank founded in 1960, operating 12 branches and 36 ATMs across The Bahamas to serve individual consumers, small businesses, and youth with deposits, loans, Mastercard credit cards, and digital banking.

Ownership category

akta.pro rank

Product category

Retail and Commercial Banking

NAICS

Commercial Banking (52211), Commercial Banking (522110), Depository Credit Intermediation (5221), Credit Card Issuing (52221)

SIC

National Commercial Banks (6021), State Commercial Banks (6022)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industries

Credit Cards & Revolving Credit (FSABAAAC), SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC), SME Business Lending (Term Loans, Lines of Credit, Overdrafts) (FSABABAB)

Keywords

• Retail banking services
• Commercial lending products
• Consumer credit cards
• Mobile banking platform
• Merchant payment services

Headquarters

HQ city

Nassau

HQ country

Bahamas

Offices12 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Interest Income: The bank generates revenue primarily through interest earned on loans including mortgage loans (up to 95% financing, terms up to 35 years), auto loans (terms up to 72 months), personal loans, educational loans, and real estate loans. Interest rates for real estate financing start from 7.5%
2. Credit Card Fees and Interest: Annual membership fees ranging from $40 (Standard) to $350 (Black Card), late payment fees, and interest charges on outstanding balances. APR ranges from 16% to 19% depending on card tier
3. Banking Service Fees: Fees for account maintenance, transactions, transfers, and other banking services. Online payments are free for most transactions
4. Non-Interest Income: Fee income from merchant services, international money transfers with competitive exchange rates, and wealth management advisory services

Pricing tiers

Go-to-market motion1 record

Distribution channels7 records

Marketing channels5 records

Core offering

Commonwealth Bank Limited provides retail and commercial banking services to consumers and businesses across The Bahamas. Its product suite includes chequing and savings accounts, Mastercard credit cards in four tiers, and personal, mortgage, auto, educational, real estate, and debt consolidation loans. Business customers receive business chequing, commercial lending, small business lending, and merchant services, all delivered through 12 branches, 36 ATMs, a mobile banking app, an online banking portal, and Apple Pay and Google Pay integrations.

Product overview

Commonwealth Bank offers a comprehensive suite of banking products organized as a unified banking platform supporting both retail (personal) and business customers in The Bahamas. The core offering includes chequing and savings accounts, credit cards (Black, Platinum, Gold, Standard tiers), and diverse loan products (Personal, Mortgage, Auto, Educational, Real Estate, Debt Consolidation). Business banking encompasses Commercial Lending, Small Business Lending, and Merchant Services with POS terminals. Digital banking is delivered through the CB Online Banking App, CB Digital Wallet, and Online Banking Portal, all supporting Apple Pay and Google Pay contactless payments. The bank also operates two subsidiaries—Laurentide Insurance Agency and Laurentide Mortgage Company—providing credit life assurance for borrowers. A Cashback Rewards Program is integrated across all credit cards with tiered earning rates.

Differentiator

Problem solved

Functional benefit

Products and services

• Chequing Accounts Personal and business checking accounts providing secure transaction handling, direct deposit capabilities, and access to online and mobile banking services for Bahamian consumers and businesses.
• Savings Accounts Savings accounts including Regular, Christmas, Student, Senior Citizens, and CB Kidz Club accounts with competitive interest rates and no minimum balance requirements for certain tiers, serving all life stages of Bahamian consumers.
• Credit Cards Mastercard credit cards available in four tiers: Black Card (premium with 1.25% cashback, travel benefits, concierge), Platinum Card (1.00% cashback, lounge access), Gold Card (0.75% cashback), and Standard Card (0.25% cashback). All cards include fraud protection and mobile alerts.
• Personal Loans Unsecured loans for personal expenses, life milestones, and unexpected financial needs, featuring competitive interest rates, flexible repayment terms, and fast approval, targeted at Bahamian individual consumers.
• Mortgage Loans Home financing solutions for purchasing, building, or renovating residential properties in The Bahamas, offering up to 95% financing and terms up to 35 years for qualified applicants.
• Auto Loans Vehicle financing for new and pre-owned cars with competitive rates, flexible terms up to 72 months, negotiable down payments, and insurance premium financing for qualified applicants in The Bahamas.
• Educational Loans Financing for tuition, books, supplies, uniforms, and travel expenses for students at all education levels in The Bahamas, covering acceptance letters and job verification requirements.
• Real Estate Loans Property investment financing for land purchases, construction, and portfolio expansion in The Bahamas, offering up to 90% financing based on property value with terms up to 15 years.
• Debt Consolidation Loans Loan products designed to combine multiple debts (credit card, medical bills, other loans) into a single payment with simplified terms and competitive rates for Bahamian borrowers.
• Business Chequing Business checking accounts designed for Bahamian startups to established enterprises, supporting transaction handling, cash management, and broader business banking needs.
• Commercial Lending Business credit facilities including term loans and lines of credit for commercial property, equipment, and working capital needs of Bahamian businesses.
• Small Business Lending Credit solutions tailored for Bahamian small business owners including micro-loans and accessible financing options with simplified application processes.
• Overdraft Facility Overdraft facilities providing short-term liquidity for Bahamian businesses to manage cash flow gaps between receivables and payables.
• Merchant Services Payment processing solutions for Bahamian businesses including point-of-sale (POS) terminals, payment gateway services, and card acceptance capabilities for merchants.
• CB Online Banking App Mobile banking application providing real-time account access, fund transfers, bill payments, and custom alerts, supporting biometric authentication via Face ID and Touch ID for retail and business customers.
• CB Digital Wallet Mobile wallet application for storing and managing CB Mastercard credit and debit cards, with integrated cashback rewards tracking and mobile payment capabilities on iOS and Android.
• Online Banking Portal Web-based banking platform offering full account management, fund transfers, bill payments, transaction history, and statement downloads from desktop browsers for retail and business customers.
• Apple Pay Integration Integration with Apple Pay enabling secure contactless payments via iPhone and Apple Watch using Commonwealth Bank credit and debit cards at merchant terminals accepting Apple Pay.
• Google Pay Integration Integration with Google Pay for Android devices and smartwatches (Android 5.0+) enabling secure contactless payments at merchant terminals accepting Google Pay.
• Laurentide Insurance Agency Wholly-owned subsidiary of Commonwealth Bank providing credit life assurance for Commonwealth Bank borrowers, backed by decades of trusted service in The Bahamas.
• Laurentide Mortgage Company Wholly-owned subsidiary offering credit life assurance and mortgage services for Commonwealth Bank borrowers, supporting secure lending with local foundation and expertise.
• Cashback Rewards Program Automatic cashback rewards program integrated with all CB Mastercard credit cards. Earn 0.25% to 1.25% cashback on all purchases with double rewards at Medical, Insurance, Education, and Gas merchants, with no minimum redemption threshold.
• Distressed Property Listings Real estate opportunity service offering foreclosed and distressed properties across New Providence and Family Islands at below-market prices for budget-conscious buyers and investors.

Quantifiable outcome

• 65 years of continuous service as Bahamian-owned bank with over $1.93 billion in total assets
• +3 more outcomes

Named customers1 record

Segments5 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature4 records

Partnerships

Five partnerships are on record, tiered core.

• Laurentide Insurance AgencycoreStrategic or Co-development Partner · 1 January 2025Wholly owned subsidiary of Commonwealth Bank providing credit life assurance for Commonwealth Bank borrowers. Offers credit life insurance products backed by decades of trusted service in The Bahamas, supporting secure lending with strong local foundation.
• Laurentide Insurance & Mortgage CompanycoreStrategic or Co-development Partner · 1 January 2025Wholly owned subsidiary providing credit life assurance for Commonwealth Bank borrowers alongside mortgage services. Supports secure lending with comprehensive insurance coverage and mortgage solutions tailored to customer needs.
• MastercardcoreTechnology or Integration · 1 January 2025Commonwealth Bank issues Mastercard credit and debit cards including Black, Platinum, Gold, and Standard tiers. Cards feature cashback rewards, purchase protection, travel benefits, and worldwide acceptance through Mastercard's global payment network.
• ApplecoreTechnology or Integration · 1 January 2025Integration of Commonwealth Bank cards with Apple Pay enabling secure contactless payments via iPhone and Apple Watch. Supports tap-to-pay functionality at merchant terminals accepting Apple Pay.
• GooglecoreTechnology or Integration · 1 January 2025Integration of Commonwealth Bank cards with Google Pay for Android devices and smartwatches. Enables secure contactless payments at merchant terminals accepting Google Pay.

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Regional players

• Republic Bank: Trinidad-based Caribbean banking group with retail and commercial operations across multiple Caribbean markets, providing a regional benchmark for scale and product diversification.
• Butterfield Bank: Bermuda-headquartered Caribbean bank offering retail, commercial, and wealth management across multiple British-Caribbean jurisdictions — a regional comparable for product breadth and offshore-center banking model.
• Sagicor Bank Jamaica: Jamaica-based Caribbean bank offering retail and commercial banking products in another Caribbean jurisdiction, useful for regional product/pricing benchmarking.

Direct peers

• Fidelity Bank (Bahamas): Bahamian-owned bank with retail and commercial lending products directly competing with CB on mortgages, deposits, and SME banking within The Bahamas.
• Bank of The Bahamas: Domestic Bahamian bank and direct competitor in retail and SME banking, with branch overlap in New Providence and Grand Bahama. Closest local peer in terms of customer profile.
• CIBC FirstCaribbean: Major Caribbean retail and commercial bank with full Bahamas presence, offering personal banking, mortgages, credit cards, and corporate lending directly competitive with CB's offerings.
• RBC Royal Bank (Bahamas): Royal Bank of Canada's Caribbean subsidiary offering personal, business, and wealth banking in The Bahamas with a comparable product suite including credit cards, mortgages, and commercial lending.
• Scotiabank (Bahamas): One of the largest foreign-owned banks in The Bahamas, offering comparable retail chequing/savings, credit cards, mortgage, and commercial lending products to Bahamian consumers and SMEs. Direct overlap with CB's core markets.

Others

• Apple Pay: Wallet platform integrated with CB cards — relevant as a distribution enabler for contactless payments and as a benchmark for digital wallet partnerships in retail banking.
• Mastercard: Core card network and technology partner for CB's credit and debit card lineup; relevant as a strategic enabler of CB's premium card strategy rather than a competitor.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@CommonwealthBankLtd
• Facebookfacebook.com/CommonwealthBank242
• LinkedInlinkedin.com/company/commonwealth-bank-ltd-bahamas

Revenue estimate

Valuation estimate

Number of profiles

Profiles20 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Commonwealth Bank