First Caribbean International Bank (Barbados) Limited, announced today that it will cease operations in Dominica on 31st January 2023. Managing Director for Barbados and the OECS, Donna Wellington, noted: “Decisions like this are never easy, and never taken lightly, as we are mindful of the impact on our employees and customers.”
“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.”
Ms Wellington noted that the bank is mindful of its continuing obligations to their team in Dominica and to their clients during the period of transition. She stated that they will begin to contact their clients within the next few weeks to ensure that 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 First Caribbean will put in place arrangements for clients with loan facilities and credit card services.
She added: “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.”
Ms Wellington said the bank’s employees would continue to be available to facilitate an orderly transition for both the bank and its clients in the coming months. She thanked the banks’ clients for their loyalty to CIBC First Caribbean over the years and the bank’s employees for their years of service.
