Author: Caribbean Association of Banks Inc

Scotiabank Announces Agreement to Sell its Operations in Guyana

Georgetown, Guyana – March 3, 2021 – Scotiabank announced today that it has reached an agreement for the sale of its banking operations in Guyana to First Citizens Bank Limited (“First Citizens”). The agreement is subject to regulatory approval and customary closing conditions. This transaction supports Scotiabank’s strategic decision to focus on operations across its footprint where it can achieve greater scale and deliver the highest value for customers. Scotiabank’s current operations in Guyana encompass four branches and approximately 180 employees. Following…

EU Blacklists Four Caribbean Territories, Saint Lucia Delisted

Saint Lucia, Friday, February 26th, 2021: The Council of the European Union (EU), on 22 February 2021, announced changes to the EU list of non-cooperative jurisdictions for tax purposes. Several of these changes affect Caribbean jurisdictions. Four territories in the region are on the “blacklist.” The status of Anguilla, Trinidad and Tobago, and the United States Virgin Islands remains unchanged from the last bulletin. According to the EU conclusion, unresolved issues with these countries may include the following: Not rated…

ECCB Signals Approval of RBC Sale

Saint Kitts and Nevis, Friday, February 19th, 2021: Governor Timothy Antoine of the Eastern Caribbean Central Bank (ECCB) has confirmed that his organisation will be approving the sale of Royal Bank of Canada (RBC) operations in several territories in the Eastern Caribbean. The RBC assets will be sold to a consortium of indigenous banks within the Eastern Caribbean Currency Union (ECCU) jurisdiction, viz. 1st National Bank (St. Lucia), Antigua Commercial Bank, National Bank of Dominica, Bank of Montserrat, and Bank…

Purchase Of Shares In FirstCaribbean International Bank Limited By GNB Financial Group Limited From CIBC Will Not Proceed

3rd February 2021, Bridgetown, Barbados. Canadian Imperial Bank of Commerce (“CIBC”) today announced that the transaction that would have seen GNB Financial Group Limited acquire a majority stake in FirstCaribbean International Bank Limited (“FirstCaribbean”) will not proceed as the transaction did not receive approval from FirstCaribbean’s regulators. “While this transaction would have supported FirstCaribbean’s long-term growth prospects, it is only one way of supporting growth for our bank going forward. CIBC has held a majority ownership stake in FirstCaribbean for…

CAB Bulletin Issue 5, January 2021

Welcome to Issue 5 of The CAB Bulletin! In our first edition for the new calendar year, we highlight some of our members’ recent successes (congratulations also to ECCU Bank of the Year Award recipients, Bank of Saint Lucia Limited and The National Commercial Bank of Anguilla Ltd). We also celebrate the completion of our first-ever virtual AGM. Also in this issue, new initiatives from the CAB secretariat, including new memoranda of understanding with our fellow Caribbean institutions, as well…

CAB & CXC Sign Momentous MOU

Castries, Saint Lucia, Friday, December 18th 2020: Two of the region’s most venerable organisations have taken steps to begin working more closely with one another. The Caribbean Association of Banks (CAB) Inc. and the Caribbean Examinations Council® (CXC®) recently signed a Memorandum of Understanding (MOU) for the establishment of mutual cooperation for the advancement of the Caribbean’s human resource competitiveness, and engagement in the areas of education and human capital development. The agreement was concluded on November 11, 2020, between…

Banker Magazine Names Caribbean Banks Of The Year

Castries, Saint Lucia, Tuesday, December 8th 2020: The calendar year 2020 has had more than its fair share of challenges, not least a pandemic that has had a massive adverse knock-on effect on the global economy. Against that backdrop, Caribbean financial institutions have been soldiering on, and even excelling to the extent that they have been able to enjoy global recognition. Two of the member organisations of the Caribbean Association of Banks (CAB) Inc. have been named among the most…

Bank of Saint Lucia appoints Rolf Phillips as Managing Director

Bank of Saint Lucia (BOSL) announces the appointment of Mr. Rolf K. Phillips as Managing Director (MD) effective November 1st 2020. BOSL’s new Managing Director Mr. Rolf Phillips Mr. Phillips, an OECS national, brings over four decades of sound experience in banking, finance and management. He has a commendable history of leadership and has served in many positions across the Eastern Caribbean including, Branch Manager, International Banking Director, Senior Manager of International Banking, General Manager Home Finance, Managing Director Retail…

PRESS RELEASE: Caribbean Banks Conclude Historic AGM

Castries, Saint Lucia, Tuesday, November 20th 2020: The Caribbean Association of Banks (CAB) Inc. held its 47th Annual General Meeting on Wednesday, November 18th 2020. For the first time since the pan-regional body was founded in 1974, the annual gathering was entirely virtual, including the Members Forum, presentation of the Chairperson’s Report, Audited Financial Statement, voting for the new Board of Directors, and amendments to the Association’s by-laws. The unprecedented event was attended by 50 individuals representing 41 CAB member…

JN Bank UK to Address Financial Inclusion, De-risking

KINGSTON, Jamaica – Earl Jarrett, chief executive officer of The Jamaica National Group, said its newest subsidiary company, JN Bank in the United Kingdom (UK), will seek to address financial inclusion for several unbanked or under-banked persons in the UK, as well as pursue correspondent banking services for Caribbean banks in the future. The bank is the first Caribbean-owned bank to be established in the UK. Quoting the UK Financial Inclusion Report of 2017, Mr. Jarrett said there were some 1.23…