CIBC FirstCaribbean International Bank ceases operations in Dominica

CIBC FirstCaribbean International Bank (Barbados) Limited announced on Friday that it is ending operations in Dominica on January 31 next year, recognizing “the impact on our employees and customers.

“Decisions like this are never easy and are never taken lightly,” Barbados and Organization of Eastern Caribbean States (OECS) Bank Manager Donna Wellington said, adding “we We made this decision in light of our stated strategy to simplify 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 aware of its continued obligations to its team in Dominica and to their customers during the transition period.

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She said customers and customers will be contacted over 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 recover any outstanding property that has was used as collateral, but was not recovered after the loan was paid off or in vaults.

Additionally, CIBC FirstCaribbean said it would set up arrangements for customers with loan facilities and credit card services.

“Until we can put the necessary arrangements in place, we will continue to do what we have always done: help our customers make the right decision to maintain their financial health. Our goal is also to support our employees during this transition period. We will continue to keep all of our stakeholders informed of developments as they unfold.

CIBC FirstCaribbean, which describes itself as “a relationship bank offering a full range of 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 assets of $13 billion and a market capitalization of $0.13 billion,” the bank said in a statement. a statement.

The bank, which has approximately 2,800 employees in 64 branches and offices, said “the face of banking is changing around the world and CIBC FirstCaribbean intends to lead these changes with the expertise, integrity and knowledge acquired in banking in the Caribbean since 1836”.

CMC/

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