CIBC FirstCaribbean shutters Anguilla operation

Friday, September 14, 2018

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CIBC FirstCaribbean International Bank will close its Anguilla office on Thursday, 31 January 2019.

The announcement, which came by way of a press release, follows on economic downturn in the Caribbean island resulting in operational losses for the business.

“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,” managing director of Barbados and the EC Islands, under which the Anguilla business falls, Donna Wellington, noted.

“Our operation in Anguilla is a small one accounting for just 5 per cent of overall market share there,” she continued.

CIBC FirstCaribbean said it 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 a way that ensures continued financial stability in Anguilla.

The bank's employees in Anguilla will be offered separation packages consistent with its policy.

CIBC Anguilla is now requesting that all account holders close their accounts and transfer their business to another commercial bank in Anguilla. Additionally, the bank will not be transacting any new business with immediate effect as it prepares for the closure.

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.

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

CIBC FirstCaribbean International Bank offers a full range of market-leading financial services in 17 countries in the Caribbean.

The company is estimated to have 3000 employees, in 80 branches and offices, with more than US$11 billion in assets and market capitalisation of US $1.8 billion.

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