Author: Caribbean Association of Banks Inc

MC Systems Acquires Phoenix International to Transform Finance in the Caribbean, LATAM and Africa

In a deal set to power a new financial landscape, MC Systems, the technology member company of The Jamaica National Group, has acquired Phoenix International, a world leading core banking platform, built with trusted Microsoft technology, to enhance their suite of financial services in the Caribbean, Latin America and Africa. This solution will enable financial institutions to rise above their competition, transform their business and deliver superior customer service, at an affordable price. Dwayne Russell, general manager, MC Systems said…

CAB Bulletin Issue 6, May 2021

Welcome to Issue 6 of the CAB Bulletin. Inside, we look at some of the activities we have held over the first quarter of the calendar year, including Correspondent Banking Revisited: Financial Inclusion Perspective, and IFRS 9 Impairment: For Theory to Practice. We also get you set for our Master Class series, which includes discussion from industry leaders in Green Financing and Climate, Resilient Finance, and Financial Technology. Speaking of financial technology, we take a deep dive into Endcash. And…

Correspondent Banks Face New Challenges Under the AML Act of 2020: Should Foreign Banks Worry?

On January 1, 2021, Congress enacted the Anti-Money Laundering Act of 2020 (“AMLA”). AMLA represents one of the most significant changes to the U.S. anti-money laundering laws since the USA PATRIOT ACT of 2001 While AMLA has received considerable coverage, one provision seems to have been added to the legislation without much fanfare, presumably at the behest of the U.S. Department of Justice, and it could place foreign banks in a particularly difficult position. In its Section 6308, AMLA expands…

PROVEN Proposes to Acquire Fidelity Bank (Cayman) Limited

PROVEN Investments Limited (PROVEN) is pleased to announce that it has entered into a share purchase agreement with Fidelity Bank & Trust International Limited, a company incorporated in the Commonwealth of The Bahamas, to acquire the entire issued share capital (the Shares) of Fidelity Bank (Cayman) Limited (FBC), conditional on receiving approval by the Cayman Islands Monetary Authority. FBC is a financial services company incorporated in the Cayman Islands and licensed under the Bank and Trust Companies Act as a Category…

ECCB Officially Announces Sale of RBC Assets

The Eastern Caribbean Central Bank (ECCB) advises that effective 1 April 2021, the Royal Bank of Canada’s (RBC) operations in Antigua and Barbuda, the Commonwealth of Dominica, Montserrat, Saint Christopher (St. Kitts) and Nevis, and Saint Lucia will cease, having been acquired by a consortium of national banks. The Consortium of banks comprises: Antigua Commercial Bank Limited (ACB), National Bank of Dominica Limited (NBD), Bank of Montserrat Limited (BOM), the Bank of Nevis Limited (BON), and 1st National Bank St.…

CAB Congratulates New Republic MD’s

The Chairperson, Chief Executive Officer, and the Board of Directors of the Caribbean Association of Banks (CAB) Inc. have extended congratulations to two colleagues who have been announced to take up new positions within Republic Financial Holdings Limited (RFHL). With effect from April 1, 2021, Mr. Keith A. Johnson will join Republic Bank (Suriname) N.V. as Managing Director, and Mrs. Naomi De Allie will return to Republic Bank (Grenada) Limited, replacing Mr. Johnson as Managing Director. Prior to her new…

Bank of Jamaica Picks eCurrency Mint as CBDC Partner

Saint Lucia, Friday, March 26th, 2021: The Bank of Jamaica (BOJ) is advancing plans to roll out digital currency, with the announcement on Wednesday (23 March) that the BOJ has selected an Ireland-based company as its technology partner. According to a release from the bank: “BOJ is pleased to announce that after an extensive procurement process, the technology provider chosen to support BOJ in testing a central bank digital currency (CBDC) solution in the Bank’s Fintech Regulatory Sandbox for a…

Anthony Clerk is new President of Barbados Bankers Association

The Barbados Bankers Association (TBBA) announces the election of Mr. Anthony Clerk, Managing Director and Chief Executive Officer, Republic Bank (Barbados) Limited as its new President. In addition to providing leadership of the Association, as President, TBBA, Mr. Clerk will be its main spokesperson to communicate the banking industry’s perspective to government, regulators and stakeholders, inclusive of the media and the public. Mr. Clerk is a career banker with more than a decade of experience at the Senior Management Level…

ACB Caribbean is Here – Simply Smarter Banking

St. John’s, Antigua, Friday March 19th, 2021: Today, customers can step into the new look Antigua Commercial Bank (ACB) now trading as ACB Caribbean. The 65 year old financial institution has unveiled its Brand Evolution to the people of Antigua & Barbuda. In spite of the modern and fresh new image, the organization has not lost sight of its long standing legacy of deeply rooted Corporate Responsibility. The financial institution has generously contributed $100,000 XCD to the ongoing Vaccination Programme…

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…