CIBC First Caribbean’s Anguilla Operations to close

[dropcap]C[/dropcap]IBC FirstCaribbean International Bank today announced that it has taken a decision to close its Anguilla office early in the upcoming year.

Managing Director of Barbados and the EC Islands, under which the Anguilla business falls, Donna Wellington, noted, “We conducted a strategic review of our business across the region and given the growth path we have identified we have made the difficult decision to close our operations in Anguilla.

“Our operation in Anguilla is a small one accounting for just 5 per cent of overall market share there. Since the economic downturn, our business in Anguilla has been experiencing operational losses. Given the continuing economic climate, we have therefore taken the difficult decision to close our office there,” said Wellington.

CIBC FirstCaribbean has held discussions with the Government of Anguilla and the Eastern Caribbean Central Bank, as the regulator, and all parties have agreed to work in close coordination to ensure that the transition can take place in an orderly manner and that all are committed to ensuring continued financial stability in Anguilla.

The bank’s employees in Anguilla will be offered separation packages consistent with the bank’s policy.

Related Post

Ms. Wellington added that branch operations will cease on Thursday, 31st January 2019 and the bank was requesting all account holders to close their accounts and transfer their business to another commercial bank in Anguilla. As it prepares for the closure of its Anguilla branch the bank will not be transacting any new business with immediate effect.

The regional bank is also making arrangements with National Commercial Bank of Anguilla Ltd, to allow clients with loan facilities and credit cards to service their debts to completion.

Ms. Wellington asserted, “We have met with our staff in Anguilla to apprise them of our decision and we are fully committed to supporting our employees and customers through this process.”

She noted: “Additionally, we will be communicating with our clients to offer them the support they need in winding up their business with us.”

Press Release

Recent Posts

Half Century of CARICOM

Let me begin with a question: How many here today remember when four prime ministers of our region together gave… Read More

13 hours ago

Of Chimpanzees, Humans and Artificial Intelligence

When I was eighteen, I worked at the Population Program Division of the Ministry of Health. Population control, using contraceptives… Read More

5 days ago

Would Be Robber Shot Dead in Corinth

The male was later identified as thirty -three (33) year old Ted Smith of Mon Repos, Micoud was transported to… Read More

1 week ago

Machine Guns No Match For A Match!

In recent dispatch to a writer friend from our days of California dreaming (several years ago he too had… Read More

1 week ago

Vincent Edmunds St. Omer Obituary

Dr. Vincent Victor Edmonds St. Omer, 89, of Columbia, passed away on Tuesday, July 25, 2023. He was born on… Read More

2 weeks ago

At long last, shepherd not afraid to take risks in the interest of his flock!

The in-depth comment coming from Archbishop Gabriel Malzaire is most commendable.  It's good to have in the seat of local religious… Read More

2 weeks ago

This website uses cookies to improve your experience. No personally identifiable information is stored.