The Anguilla branch of CIBC FirstCaribbean International Bank will be closed early in the new year.
This was announced on Wednesday by Donnal Wellington, Managing Director of Barbados and the EC Islands, under which the Anguilla business falls.
“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,” she said.
“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.”
According to Wellington, CIBC FirstCaribbean 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.
She added that the bank’s employees in Anguilla will be offered separation packages consistent with the bank’s policy.
The branch operations will cease January 31 and the bank has asked all account holders to close their accounts and transfer their business to another commercial bank in Anguilla.
CIBC FirstCaribbean says as it prepares for the closure of its Anguilla branch the bank will not be transacting any new business with immediate effect.
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. Additionally, we will be communicating with our clients to offer them the support they need in winding up their business with us,” Wellington said.
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.