Category: General

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…

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…

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…

CAB Bulletin Issue 4, October 2020

Welcome to Issue 4 of The CAB Bulletin! In this edition, we examine what’s next after the moratorium period, reaction to the release of The FINCEN Files, and take a look at the latest developments in Central Bank Digital Currencies from the Bahamas and the Eastern Caribbean. We are also very excited to take the lid off our Lady Leadership Series, and to take a look back at the culmination of our Financial Literacy Month. In recent months, CAB has…

Jamaican National to Pursue Chartered Banker MBA

Castries, Saint Lucia Wednesday, October 7th 2020: The Caribbean Association of Banks (CAB) Inc. is pleased to announce Ms. Janelle Muschette of National Commercial Bank Jamaica Ltd. as the latest recipient of the CAB CBMBA Scholarship. Ms. Muschette is a 12-year employee of NCB Jamaica, and currently holds the position of Legal Counsel. Thanks to this prestigious award, Ms. Muschette will take up studies towards a Chartered Banker MBA at Bangor University. She follows Ms. Shanta Louis of Bank of…

Two Win Caribbean Banking Scholarships

Castries, Saint Lucia Wednesday, September 30th 2020: Two more regional banking professionals will be building their credentials with support from the Caribbean Association of Banks (CAB) Inc. The 46-year-old organisation, which represents banks and financial institutions across the Caribbean Community, has awarded two scholarships to undertake studies at the University of the West Indies (UWI). Starting in January 2021, the recipients will pursue a BSc .in Banking and Finance (Special or Compliance and Corporate Governance) at the UWI Open Campus.…

How Caribbean Banking Can Help Shape The Region Post-Pandemic

Q. Generally speaking, how has the pandemic impacted banks within the region? It has really placed all the banks in the region in a very terrible position, in my view. They’ve managed the fallout from the pandemic quite admirably. But when you think about what banks are heavily dependent on, they would tell you right away that anyone in their position would be very concerned if they were met with the financial conditions of governments not being able to pay…

Innovation & Digital Transformation at The Exchange!

If there is one certainty in the world of investments and business, it is that change is inevitable. Add another certainty: saving and investing will always be fuelled by four (4) of life’s essentials, such as Education for your Children, Buying a home, Planning for Retirement, and Catering for Chronic and Critical Illness. Business models have been changing and there will be more change to come, this is squarely due to the fact that technology has rapidly evolved over the…