CIBC Caribbean Financial institution Restricted (previously FirstCaribbean Worldwide Financial institution Ltd) has introduced modifications to its regional management workforce, together with retirements and new appointments throughout its operations.
The reshuffle impacts a number of territorial management positions inside the Barbados-headquartered monetary establishment.
Donna Wellington will assume the function of chief nation administration officer for the area, efficient March 1, in response to an organization assertion launched Thursday.
CIBC Caribbean Financial institution additionally confirmed 4 senior executives will depart between Could and October as a part of deliberate management transitions throughout its regional operations. Managing administrators Nigel Holness (Jamaica) and Mark McIntyre (Cayman) exit on Could 1, adopted by Jacqueline Bend (Bahamas) on August 1 and Anthony Seeraj (Trinidad and Tobago) on October 31.
The Barbados-based financial institution described the strikes as scheduled succession occasions, noting substitute bulletins will precede every retirement date. It said contingency planning stays “properly superior” to make sure continuity throughout its Caribbean community.
Annique Dawkins is about to turn into the brand new managing director of CIBC Caribbean (Jamaica) in Could when Nigel Holness retires.
“We’re shifting to a extra country-focused efficiency mannequin, having efficiently optimised our geographical footprint from 17 nations to 10 and from 72 to 45 branches. This alignment emphasises, on the nation degree, enterprise improvement and efficiency, consumer going through actions and other people management as we proceed to embed our new company tradition, which we began work on over the previous 12 months,” stated Mark St Hill, chief govt officer of CIBC Caribbean Financial institution, in a press launch.
Nonetheless, McIntyre and Holness will proceed to have important roles of their respective markets.
McIntyre will turn into the chairman of CIBC Caribbean Financial institution (Cayman) Restricted and CIBC Caribbean Financial institution & Belief Firm (Cayman) Restricted whereas persevering with to chair the board of FirstCaribbean Worldwide Financial institution (Curaçao) N.V. Holness will turn into the chairman of CIBC Caribbean Financial institution (Jamaica) Restricted.
Dr Bend will turn into a advisor as she goes on early retirement and transitions to an project to help CIBC Caribbean in its transformation and governance programme. Seeraj may also turn into a advisor as he assists to find a brand new nation head for Trinidad whereas helping with numerous enterprise improvement actions within the nation earlier than he retires.
With the retirement of those 4 nation heads and Wellington’s promotion, CIBC has introduced three new leaders for Barbados, Jamaica and the Cayman Islands topic to regulatory approval. Kemar Polius, the present director for company banking in The Bahamas and Turks & Caicos Islands, will turn into the brand new nation head for Barbados; Gemel Sobers, the present director for company banking and consumer expertise within the Cayman Islands, will turn into the brand new nation head for the Cayman Islands and Annique Dawkins, the present head of company banking in Jamaica, will turn into the brand new nation head for Jamaica. CIBC Caribbean famous that the brand new nation heads for Antigua, The Bahamas and Trinidad and Tobago can be introduced in the end.
All of those new nation heads will report back to Wellington who would be the chief nation administration officer. Wellington is at present the managing director for CIBC Caribbean Financial institution (Barbados) Restricted and the Jap Caribbean, a job she’s occupied since June 2013. She has been at CIBC Caribbean since 2005.
“Donna’s huge data of banking and her dedication to consumer service makes her the proper selection for this function. We all know that she’s going to convey the identical power to creating our enterprise in the remainder of the area that she dropped at managing our operations in Barbados and the OECS,” St Hill added on Wellington’s new function.
CIBC Caribbean has been endeavor a raft of modifications during the last two years as its guardian firm, the Canadian Imperial Financial institution of Commerce (CIBC), has begun to place extra emphasis on rising its Caribbean enterprise after its deliberate sale to Colombia-based GNB Monetary Group was rejected by regional regulators in February 2021. The Caribbean enterprise was rebranded in January 2024 and legally modified its identify in July 2024.
CIBC Caribbean has additionally been transferring ahead with divestments in markets which don’t match the brand new technique. CIBC Caribbean offered its Aruban banking operations in February 2022, offered its St Vincent enterprise in March 2023, offered its Grenada enterprise in July 2023 and offered its Curaçao enterprise in Could 2024. It closed its Dominica operations in January 2023 and accomplished the sale of properties in June 2023 plus its mortgage portfolio in July 2024. The sale of its St Maarten operations to Orco Financial institution N.V. continues to be pending regulatory approval.
There has additionally been a refresh throughout its C-suite lately as properly. Fabian Devonish was appointed nation head within the British Virgin Islands on December 1, a territory which was underneath McIntyre. Monique French, a Jamaican who at present serves as CIBC Caribbean chief credit score officer, will turn into the brand new chief threat officer on Could 1 as Patrick McKenna retires. Doug Williamson was appointed as managing director of transformation, governance and management on November 1 whereas Janine Billy was appointed chief human sources Officer in November 2023. Neil Brennan retired as chief administrative officer in July 2023 whereas Pim van der Burg was appointed chief business officer in November 2022. Mark St Hill additionally turned the primary Caribbean-born CEO of CIBC Caribbean in November 2022 as Colette Delaney retired.
Holness’ retirement comes after he spent almost 15 years because the Jamaican managing director following his June 2010 appointment. Holness has been with CIBC Caribbean (Jamaica) since 1988 and has overseen the transformation of the Jamaican enterprise which is the sixth largest business financial institution in Jamaica by whole belongings.
CIBC Caribbean (Jamaica) reported a 16 per cent enhance in curiosity revenue to $11.40 billion for the 2024 monetary 12 months ending October 31. Internet working revenue was flat at $10.49 billion because of an anticipated credit score loss within the present interval in comparison with a launch within the prior interval. Internet revenue was down two-thirds to $380.31 million as employees prices and different working bills elevated in the course of the interval.
The Jamaican enterprise’ whole belongings elevated 13 per cent to $183.74 billion as its loans and advances grew $22.39 billion or 25 per cent to $111.33 billion whereas money closed the interval at $24.29 billion. This was supported by $164.07 billion in whole liabilities, with $160.68 billion being buyer deposits. CIBC Caribbean (Jamaica) additionally acquired a $4.62 billion injection from its guardian firm in the course of the 12 months which elevated its fairness/capital base to $19.67 billion.
CIBC Caribbean closed at TT$8 on Thursday which left it with a market capitalisation of TT$12.62 billion. CIBC Caribbean may have its annual common assembly at 10:00 am Barbados time on March 14.
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