BRIDGETOWN, Barbados, Thursday September 13, 2018 – CIBC FirstCaribbean International Bank is closing its Anguilla operations early next year.
Managing Director of Barbados and the Eastern Caribbean islands, under which the Anguilla business falls, Donna Wellington, said the decision to cease branch operations on January 31, 2019 was taken after a strategic review of the bank’s business across the region.
“Our operation in Anguilla is a small one, accounting for just five 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,” she said.
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 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.
“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.”
She added that 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, FirstCaribbean said it will not be transacting any new business.
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.