CIBC FirstCaribbean International Bank (Barbados) Limited, Friday announced it was ending its operations in Dominica on January 31, next year, acknowledging “the impact on our employees and customers.
“Decisions like this are never easy, and never taken lightly,” said the bank’s director for Barbados and the Organisation of Eastern Caribbean States (OECS), Donna Wellington, adding “we have made this decision in light of our stated strategy of simplifying our structure and following the sale of two of our businesses in St. Kitts and St. Vincent, in addition to the sale of our business in Aruba earlier in 2022.”
Wellington noted that the bank is mindful of its continuing obligations to its team in Dominica and to their clients during the period of transition.
She said customers and clients will be contacted during the next few weeks to ensure they are aware of the need to transfer their deposits to another financial services institution, as well as to collect any outstanding property that was used as collateral, but was not collected after the loan was repaid, or in safety deposit boxes.
Additionally, CIBC FirstCaribbean said it will put in place arrangements for clients with loan facilities and credit card services.
“Until we can put the necessary arrangements in place, we will continue doing what we’ve always done- helping our clients to make the right decision to maintain their financial health. Our focus is also on supporting our employees through this time of transition. We will continue to keep all our stakeholders apprised of the developments as they unfold.”
CIBC FirstCaribbean, which describes itself as “a relationship bank offering a full range of market leading financial services” operates in 15 locations around the capital.
“We are one of the largest regionally listed financial services institutions in the English and Dutch speaking Caribbean, with US$13 billion assets and market capitalization of US$.13 billion,” the bank said in a statement.
The bank with approximately 2,800 employees in 64 branches and offices, said “the face of banking is changing throughout the world and CIBC FirstCaribbean intends to lead these changes with the expertise, integrity and knowledge gained from banking in the Caribbean since 1836”.
CMC/
 Limited, Friday announced it was ending its operations in Dominica on January 31 2023){kind=link}