stluciatimes, caribbean, caribbeannews, stlucia, saintlucia, stlucianews, saintlucianews, stluciatimesnews, saintluciatimes, stlucianewsonline, saintlucianewsonline, st lucia news online, stlucia news online, loop news, loopnewsbarbados

spot_img

CIBCFirstCaribbean To Sell Its Banking Assets In Curaçao, St. Maarten

spot_img

FirstCaribbean International Bank Limited has announced that its wholly-owned subsidiary, FirstCaribbean International Bank (Cayman) Limited (“FCIB Cayman”), has agreed to sell its banking assets in Curaçao and St. Maarten to the Curaçao-based Orco Bank.

Orco Bank, established in 1986 in Curaçao, is dedicated to serving the communities of Curaçao, Bonaire, and Sint Maarten by providing a comprehensive range of personal and business banking solutions.

Originally focused on offshore activities, bond trading, and investment banking, the bank has now broadened its scope to deliver banking products and services to individuals and businesses in the region.

The transactions are subject to regulatory approval, including from the Cayman Islands Monetary Agency, the Central Bank of Barbados, and the Central Bank of Curaçao and Sint. Maarten, and are expected to be finalized in the coming months.

Orco Bank offers an extensive range of banking solutions designed to meet the unique needs of personal customers.

These include a variety of account options such as current accounts and savings accounts, as well as credit and debit card choices. The bank also provides flexible financing options with mortgages, personal loans, and car loans, along with insurance brokerage services.

In announcing that Orco and CIBC FirstCaribbean had reached agreement on the terms of the transaction, CIBC FirstCaribbean’s Chief Executive Officer, Mark St. Hill, noted that: “these transactions are the final ones in our programme of country divestitures that began in 2021 with the sale of our assets in Aruba and some of our OECS territories. This programme began as part of our strategy to enable CIBC FirstCaribbean to optimize and simplify its business, further enhance efficiency and focus on core markets to accelerate growth. When these divestitures are completed, it will allow our bank to turn its full attention to growing our business, consolidating our position in our core markets and optimizing our strategy of providing a second-to-none omni-channel banking service to our clients.”

St. Hill added: “A decision to leave a market is never an easy one but we are certain that we are leaving our clients with a competent team, led by Edward Pietersz and Desiree Alberto-Martina of Orco Bank, who will focus on delivering a personalized service and an enhanced customer experience to its customers, to ensure high compliance standards, and portfolio management, to conform with guidelines and regulations of the Central Bank of Curaçao and St. Maarten (CBCS).”

“Acquiring CIBC FirstCaribbean’s banking assets presents an excellent opportunity for Orco Bank,” states Edward Pietersz, Managing Director, and CEO of Orco Bank. “We are thrilled to welcome new customers and remain dedicated to delivering superior service to both our existing and new clientele. With an expanded reach, we are well-positioned to fulfil our mission of being the preferred partner, offering innovative, customer-driven solutions that enable financial freedom in a responsible and sustainable manner while creating shared value for our communities. Both banks are working diligently to ensure a seamless transition for CIBC FirstCaribbean’s customers.”

These transactions are not expected to have a material impact on CIBC FirstCaribbean’s Tier I and Total Capital ratios.

SOURCE: CIBC FirstCaribbean

Any third-party or user posts, comments, replies, and third-party entries published on the St. Lucia Times website (https://stluciatimes.com) in no way convey the thoughts, sentiments or intents of St. Lucia Times, the author of any said article or post, the website, or the business. St. Lucia Times is not responsible or liable for, and does not endorse, any comments or replies posted by users and third parties, and especially the content therein and whether it is accurate. St. Lucia Times reserves the right to remove, screen, edit, or reinstate content posted by third parties on this website or any other online platform owned by St. Lucia Times (this includes the said user posts, comments, replies, and third-party entries) at our sole discretion for any reason or no reason, and without notice to you, or any user. For example, we may remove a comment or reply if we believe it violates any part of the St. Lucia Criminal Code, particularly section 313 which pertains to the offence of Libel. Except as required by law, we have no obligation to retain or provide you with copies of any content you as a user may post, or any other post or reply made by any third-party on this website or any other online platform owned by St. Lucia Times. All third-parties and users agree that this is a public forum, and we do not guarantee any confidentiality with respect to any content you as a user may post, or any other post or reply made by any third-party on this website. Any posts made and information disclosed by you is at your own risk.

1 COMMENT

  1. This is all about derisking. The USA and EU has made it quite onerous for banks to conduct business in the Caribbean. Shame on them.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

TRENDING

Subscribe to our St. Lucia Times Newsletter

Get our headlines emailed to you every day.

Share via
Send this to a friend