CIBC FirstCaribbean International Bank Limited has announced that it has agreed to sell its banking assets in Curaçao and St. Maarten to Orco Bank, a Curaçao-based financial institution that offers a comprehensive range of personal and business banking solutions.
The transactions are subject to regulatory approval from several authorities, including 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 soon.
Once completed, the sale of these assets will enable CIBC FirstCaribbean to optimize and simplify its business and focus on its core markets to accelerate growth.
The bank’s CEO, Mark St. Hill, expressed confidence that his clients would be left in good hands and receive a personalized service and an enhanced customer experience under Orco Bank’s leadership.
Edward Pietersz, Managing Director, and CEO of Orco Bank, stated that the acquisition of CIBC FirstCaribbean’s banking assets presents an excellent opportunity for his institution and that both banks are working diligently to ensure a seamless transition for CIBC FirstCaribbean’s customers