After more than three years, CIBC Caribbean completed its segment of a group efficiency campaign last month with the successful transfer of its operations from Saint Maarten to Orco Bank. The disinvestment campaign began in October 2021; Since then, CIBC has sold operations in Aruba, Curaçao, Dominique, Granada and Saint-Vincent and the Grenadines.
“Our country’s divestment program is now over,” CIBC Caribbean CEO Mark St. Hill said in a statement. “These were very complex transactions, and it’s a credit [CIBC’s team’s and buyer banks’] Expertise and professionalism that we have been able to complete them all within the time we put and with relative facilitated. »»
Operating as CIBC Firstcaribbean in the Dutch Caribbean, the reduced regional imprint of the bank led to a modern and brought bank, added St. Hill. The modifications included the centralization of key functions, including digital sales via Loanstore; Launch of an agile work plan; and reorganize its call centers in contact centers.
The CIBC parent has refocused on its main markets to accelerate growth. The property changes are subject to regulatory approval of local banks, which is expected in the coming months.
“The acquisition of bank assets from CIBC Firstcaribbean presents an excellent opportunity for Orco Bank,” explains Edward Pietersz, Director General of Orco. “With an enlarged scope, we are well placed to carry out our mission to be the favorite partner, offering innovative solutions and focused on the customer which allow financial freedom in a responsible and sustainable manner while creating a shared value for our communities.”
A similar effort to deactivate the region by the National Commercial Bank Jamaica with the sale of its subsidiary of Caymans NCB Cayman fell. The transaction was not completed within the agreed period, revealed the Parent NCB financial group. But rumors persist that other international banks are planning to sell some of their Caribbean assets due to poor performance and high cost of compliance in the region.