CIBC First Caribbean to close its business in Dominica

FirstCaribbean International Bank (Barbados) Limited (“FirstCaribbean”) announced yesterday that it will cease its 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 our customers. We have made this decision in light of our stated strategy of simplifying our structure and following the sale of two of our business 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 our team in Dominica and to our clients during the period of transition. We will begin to contact our clients within the next few weeks to ensure the clients are aware of the need to transfer their deposits to another financial services institution, as well 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 FirstCaribbean will put in place arrangements for clients with loan facilities and credit card services.

Ms. Wellington 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 bank’s clients for their loyalty to CIBC FirstCaribbean over the years and the bank’s employees for their years of service. 

 

About CIBC FirstCaribbean

CIBC FirstCaribbean is a relationship bank offering a full range of market leading financial services through our Corporate and Investment Banking, Retail and Business Banking and Wealth Management segments. We are located in fifteen (15) countries around the Caribbean, providing the banking services through approximately 2,800 employees in 64 branches and offices. We are one of the largest regionally listed financial services institutions in the English and Dutch speaking Caribbean, with US$13 billion in assets and market capitalization of US$1.3 billion. We also have a representative office in Hong Kong that provides business development and relationship management for our fund administration. The face of banking is changing throughout the world and CIBC FirstCaribbean intends to lead these changes with the expertise, integrity and knowledge gained from banking in the Caribbean since 1836.

For more information about CIBC FirstCaribbean, visit www.cibcfcib.com , Facebook, Twitter , LinkedIn, Instagram or YouTube.

 

Copyright 2012 Dominica News Online, DURAVISION INC. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.

Disclaimer: The comments posted do not necessarily reflect the views of DominicaNewsOnline.com and its parent company or any individual staff member. All comments are posted subject to approval by DominicaNewsOnline.com. We never censor based on political or ideological points of view, but we do try to maintain a sensible balance between free speech and responsible moderating.

We will delete comments that:

  • contain any material which violates or infringes the rights of any person, are defamatory or harassing or are purely ad hominem attacks
  • a reasonable person would consider abusive or profane
  • contain material which violates or encourages others to violate any applicable law
  • promote prejudice or prejudicial hatred of any kind
  • refer to people arrested or charged with a crime as though they had been found guilty
  • contain links to "chain letters", pornographic or obscene movies or graphic images
  • are off-topic and/or excessively long

See our full comment/user policy/agreement.

27 Comments

  1. Jonathan Y St Jean
    September 5, 2022

    Banks are in the business of making money. Period. When all the foreign banks decide to leave Dominca that doesn’t auger well for the financial climate in the country and so we are in real trouble. The Americans and I’m sure other countries are looking at Dominca regards money laundering. The last rushed emergency meeting of parliament was an effort to put a patch in place because of this fact. However this might not be enough to save the day. So this will affect foreign investments on the island. This bank leaving doesn’t look good for the country nor the ruling cabal. What are we to expect when your minister of finance for 22 years only has two honorary doctorates and a glass half full record of accomplishment. We are better than that. All our neighbors are doing better than us economically that’s why external factors are not to blame but it’s the lack of progressive vision and planning that’s our problem caused by Labor party.

    Well-loved. Like or Dislike: Thumb up 13 Thumb down 0
  2. Lin clown
    September 5, 2022

    Everything crash,you are a LIAR,propagandist and fake news carrier.CIBC First Caribbean has sold its business in St.Kitts,Nevis,in St.Vincent and the Grenadines.It will be closing in Grenada and Dominica.Go do some reading before you open your lying UWP mouth.People like you take pleasure in LYING to Dominicans,it’s a good thing only a minority of JAH KAS.ES believe your BS.Crooked traitor,100% UWP lying all the way to hell.

    Hot debate. What do you think? Thumb up 0 Thumb down 39
  3. JAH KAL
    September 5, 2022

    Dominicans skerrit kill another one again !!! ? seat there and beleive sombody will come from somwhere and save dominica for you all . Skerrit take dominica to the dogs and you standing by the road or your window and say nothing what a shame.
    I heard St Lucia is planing their own creole festival around the same time with Dominica, trust me the way dominica is going look out for St Lucia, they have everything in place to take over Dominica .
    When things come around even Dominicans will leave Dominica and go to St Lucia for their festival , because dominicans celebrate Creole once a year, but St Lucians is part of their culture they speak their language ever where and everytime kudos to them.
    You have people in dominica who can’t speaks Creole but they will speak other languages and on Creole Day they will try to speak Creole ,St Lucia it been taught in schools . Dominicans we soon lose Creole Festival just like we lost Ross University it’s cominig…

    Well-loved. Like or Dislike: Thumb up 19 Thumb down 2
  4. Juanita
    September 5, 2022

    Let’s hear the refrain: De country nice, boy! De country is a paradise…

    Well-loved. Like or Dislike: Thumb up 17 Thumb down 1
    • Ibo France
      September 7, 2022

      Juanita, you have moved to the head of Roosevelt’s parrot touting class. (Just a light moment)

  5. Roger Burnett
    September 5, 2022

    Of all organizations, banks are the ones that most look after themselves. They are all nice as pie when they want your custom – especially when enticing you to go into debt by taking a loan – but thereafter they have no sympathy with your plight.

    Well-loved. Like or Dislike: Thumb up 9 Thumb down 2
  6. Pipo
    September 5, 2022

    I figure that either the NBD does not have the money to acquire First Caribbean’s operations in Dominica or if they do, the funds for such a deal cannot be transferred to First Caribbean in a clean and satisfactory manner, without attracting the attention of international watchdogs. This is a very worrying situation. Where are people going to deposit their money for safekeeping bearing in mind that there is no guarantee for deposits in our country. In other words the NBD could go bankrupt and not be able to refund their clients money. On top that, you may find that reputable foreign banks are very reluctant to open a bank account in the name anyone with an address in the Commonwealth of Dominica. I wish the Minister of Finance would allay the fears of Dominicans like myself in this regard.

    Well-loved. Like or Dislike: Thumb up 33 Thumb down 2
    • Annon
      September 15, 2022

      People need to understand that once they put their money in the bank, it becomes the banks money. This is true world wide. Banks are in serious trouble right now and their closings will become more widespread. Even the big ones may fall.

  7. “Everything Crash”
    September 4, 2022

    Boy isn’t that something else? A Bank carrying the name of the Caribbean is running out from a single Caribbean country. Boy if FirstCaribbean International Bank was pulling out from the Caribbean I would understand that. If they were running out of business I would understand that too. But to tell me that they will continue to operate in other Caribbean islands except in Dominica is quite telling and crushing. Skerrit, what the heck is happening to Dominica that forcing my bank out? Is it too much money laundering? Or is it too much corruption? Could it be a sign that there is no economic activity to encourage them to stay? Man everything is crashing in Dominica these days thanks to the King of Corruption!
    DNO here is a song the Ethiopians wrote in 1969 entitled Everything crash that I have downloaded. DNO please place this song at the top of your webpage so Dominicans could familiarize themselves with it since it is applicable to Dominica today https://m.youtube

    Well-loved. Like or Dislike: Thumb up 37 Thumb down 2
    • Beta
      September 5, 2022

      Going forward, Skerrit doesn’t want a bank in Dominica that is not controlled by him. I mean can’t you guys think and see that writing that was on the wall for 20 years already. Have all you been told yet why Ross Uni vacated Dominica leaving a lot of real estate behind? Think my people! Think!

      Well-loved. Like or Dislike: Thumb up 39 Thumb down 2
    • GOODWILL
      September 6, 2022

      “Everything Crash” First Caribbean has sold out their operations in St Kitts, St Vincent and Aruba. This information is stated plainly in the article. So its not only in Dominica.

      Hot debate. What do you think? Thumb up 3 Thumb down 7
      • Toto
        September 6, 2022

        I did read it very carefully. They did sell their business in St. Skits, St. Vincent and Aruba but this is not the case in Dominica. NBD changed their mind about that so no sale here and they will just close down.

        Well-loved. Like or Dislike: Thumb up 6 Thumb down 0
  8. The Evil one
    September 4, 2022

    When the Evil one got to the parliament in 2000 he was a junior minister. But somehow the man brought the spirit of death on everything that was in his way until he got to the top 4 yrs later. First he buried Rosie the same year and 3 yrs later he buried Pierro ( I didn’t say he killed them so don’t accuse me). Then death began to reign on Dominica. He buried LeBlanc our first Premiere, buried Mano the face of the DLP and then buried PJ our first PM. In other words he buried all leading voices that would stand-up to him. Then he got rid of Ross University, destroyed agriculture especially the banana industry , got rid of Scotia Bank, Royal Bank and now Barclays Bank. In other words the Evil one killed everything we depended on as a country. Needless to say the many Dominicans that Evil one buried. I don’t know but I refer to the Evil one as the Death PM since he has brought death on our country and just about everything we had. The evil one is the servant of Satan and he…

    Well-loved. Like or Dislike: Thumb up 36 Thumb down 3
  9. The Eyes have it
    September 4, 2022

    Look out for an increase of the alleged ‘ International Bank of Skerrit’ to conduct more illegal activities from his office located at the financial center. Is that type of illegal activities that running out all banks and truly killed the country. So banks can’t compete because the international bank of Skerrit preventing people from taking loans which helps Skerrit to keep washing machines to do people’s dirty laundry free of charge. I suspect at the rate Dominica is going just now Skerrit will run all ambitious and sensible people out of this bleddy country

    Well-loved. Like or Dislike: Thumb up 19 Thumb down 4
  10. Me
    September 4, 2022

    An ominous sign, leaving us with NBD and Republic. Which does one trust?

    Well-loved. Like or Dislike: Thumb up 37 Thumb down 0
    • Robbie
      September 7, 2022

      Not much choice here, one controlled by Skerrit the other one heavily influenced by our Lebanese friends. I need to find another solution.

      Well-loved. Like or Dislike: Thumb up 17 Thumb down 1
      • Rhoda
        September 11, 2022

        When Skerrit is involved in something this lot is never far away. They, like the CM are to blame for many illnesses our country has. They do not serve our country, they just take!

  11. Ibo France
    September 4, 2022

    The economic situation in Dominica is dire. Many businesses during Roosevelt’s tenure have fallen victims to a ravaged economy mainly due to an incompetent and insensate government.

    As more businesses bite the dust, this give rise to a domino effect: Unemployment rises exponentially, poverty increases prodigiously, crime escalates continually.

    We can only use the F-word to described Dominica, FAILED!

    Well-loved. Like or Dislike: Thumb up 29 Thumb down 3
  12. dissident
    September 4, 2022

    We left with NBD and Republic.
    Our dynamic Dominica Skerrit!!!!!!!!!
    In the meantime, while you focused on yourself and labor winning the next general election.

    Well-loved. Like or Dislike: Thumb up 26 Thumb down 2
  13. Francisco Etienne-Dods Telemaque
    September 4, 2022

    “Ms. Wellington noted that the bank is mindful of its continuing obligations to our team in Dominica and to our clients during the period of transition.”

    Well if that is true, that you are concerned, how come you are leaving Dominica?
    Fact is Dominica is damn poor with a very small population where 90% of the people do not have a job, therefore savings accounts are limited.

    People are unable to get loans, and even if they did there is a large amount of defaults; (bad debts) you bank is loosing money operating in a place where the economy of the country is based on the sale of passports to criminals.

    The passport industry only employ the crooks and thieves in Roosevelt Cabal, even if they all save in your bank it is not to sustain your operation. Whenever banks begin to pull out of a country it is always because of a collapsing of the countries economy!
    At this moment there are 8 offshore banks operating in the country; I don’t know how they operate, perhaps not as a…

    Well-loved. Like or Dislike: Thumb up 8 Thumb down 4
  14. Left the mourn
    September 3, 2022

    But wait nou. Is CIBC closing operation through out the Caribbean or just In Dominica? If not am I to understand that Dominica is no longer part of the Caribbean or just their way of singling us out as a damn dead damn country under Roosevelt Skerrit?
    But I am trying to understand what’s happening but I am lost. I know Skerrit has his private oppression in the financial center where he has Dominicans climb the steps of the financial Center to pay bills, get their top up, for rent money and money for just about everything but I didn’t his operation would become a private bank that would force other well established banks to run out of business. Boy look trouble in this country. Royal bank ran, Bank Francaise closed, Scotia Bank close and now CIBC running out to? Man Skerrit has been a major category 12 hurricane that nowhere else has experienced or will ever experience. Well maybe we might soon have a China/ Dominica bank like the China/ Skerrit friendship morgue

    Well-loved. Like or Dislike: Thumb up 19 Thumb down 1
  15. Possie Direct
    September 3, 2022

    Another Bank is closing in Dominica? If that’s not confirmation that things are very bad in Dominica then what?
    Skerrit has destroyed Dominica from top to bottom and needles to even mention the stat of the economy.
    Banks survive in strong economies. But when you have created a condition where people don’t work and the majority of those that work can’t go to the bank for a loan with their NEP Cheque, plus government building free apartments all over which means people can’t go to the bank for a loan you know disaster in on its way.
    When Skerrit found a way to become PM in 2004, we had two NBD branches in Portsmouth, One Barclays (CNBC) and one Scotia Bank and trust me lines were long in any of the banks. Business was flowing and with Ross university, Cable & wireless, Courts, bananas selling. 20 years under Skerrit everything crashed to the point that banks are running out of Dominica! In short brace up Dominicans because if Skerrit remains in office we will eat dogs

    Well-loved. Like or Dislike: Thumb up 26 Thumb down 2
  16. Weh
    September 3, 2022

    It’s to bad this DLP government cannot leave with them.

    Well-loved. Like or Dislike: Thumb up 20 Thumb down 3
  17. September 3, 2022

    Dominica is unstable, due to a dumb p.m, in dat of skerrit….his hungry and poor in his dna

    Well-loved. Like or Dislike: Thumb up 16 Thumb down 2
  18. Ibo France
    September 3, 2022

    The closure of any business entity always brings pain and anxiety to many of those closely associated with that particular business.

    With the closure of CIBC FirstCaribbean, the BREADLINE in Dominica keeps on expanding. More and more citizens are regularly falling below the poverty line with little prospects of getting out.

    Yet, when readers peruse the articles published on this site, they would come away with the unmistakable impression that resident Dominicans are living in utopia.

    My final comment is this. The ruling ‘junta’ keeps on spouting their loud, pompous pontification about the the number of free apartments and houses being built under DLP’s reign. But, they are thunderously mum on the ever increasing joblessness and cases of abject poverty in island.

    In Dominica, we think of poverty as only being hungry, naked and homeless. However, being unwanted, unloved and uncared for by people who you elected to represent you is the greatest poverty of all.

    Well-loved. Like or Dislike: Thumb up 18 Thumb down 3
  19. derp
    September 3, 2022

    No wonder NBD didn’t want to buy them, NBD probably saw something they didn’t like

    Hot debate. What do you think? Thumb up 6 Thumb down 7
    • Toto
      September 6, 2022

      Oh, and the other regional banks didn’t see that then? No my friend, I think is the other way round and CIBC finding NBD an unsuitable partner for their business and don’t want to be associated with it In any shape or form lest they get tainted. Remember that AGM NBD suppose to have but that not take place up till now?I smelling something fishy there.

      Well-loved. Like or Dislike: Thumb up 13 Thumb down 1

Post a Comment

Your email address will not be published. Required fields are marked *

:) :-D :wink: :( 8-O :lol: :-| :cry: 8) :-? :-P :-x :?: :oops: :twisted: :mrgreen: more »

 characters available