CIBC to pull out from Dominica



In what can be described as a surprise move, FirstCaribbean International Bank announced yesterday that it will cease its operations in Dominica on 31st January 2023.

Managing Director for Barbados and the OECS, Donna Wellington, says she understands that decisions like this are never easy, and never taken lightly.

She said in a press statement that the bank is very mindful of the impact on employees and customers.

“We have made this decision in light of our stated strategy of simplifying our structure and following the sale of two of our businesses in St. Kitts and St. Vincent, in addition to the sale of our business in Aruba earlier in 2022.”

In addition, Wellington said the bank is mindful of its continuing obligations its team in Dominica and clients during the period of transition.

She said the bank will make moves to begin to contact clients within the next few weeks to ensure that they are aware of the need to transfer their deposits to another financial services institution, as well as 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 said it will put in place arrangements for clients with loan facilities and credit card services.

“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,” Wellington added.

Furthermore, she 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.