CIBC FirstCaribbean, working as CIBC Caribbean within the Dutch Caribbean, has finalised the switch of its belongings in St Maarten to Orco Financial institution NV, marking the conclusion of its regional divestment initiative.
The transaction was accomplished on Friday, February 7, 2025, with each events reporting a seamless transition for former CIBC FirstCaribbean shoppers now conducting enterprise at Orco Financial institution NV branches.
The divestment programme, introduced in October 2021 by Chief Govt Officer Mark St Hill, aimed to streamline the financial institution’s operations throughout the area. Over the previous few years, CIBC FirstCaribbean diminished its footprint by promoting belongings in Aruba, Curaçao, Dominica, Grenada, and St Vincent and the Grenadines.
“Our nation divestment programme is now full,” stated St Hill, commending the efforts of the financial institution’s divestment workforce led by govt sponsor Mark McIntyre, who’s retiring as managing director of the Cayman Working Firm.
“I need to thank the whole CIBC Caribbean workforce and our colleagues on the purchaser banks for his or her diligence and professionalism in executing these complicated transactions inside our deliberate timeframe.”
McIntyre echoed these sentiments, highlighting the significance of preparation and collaboration in making certain profitable outcomes.
“Selecting the best companions in our purchaser banks was essential to our success,” he stated.
“The teamwork and dedication displayed all through this course of had been exemplary.”
Along with its divestment efforts, St Hill famous that CIBC FirstCaribbean has undertaken vital structural modifications to boost shopper experiences. These embrace centralising key features, adopting an agile working mannequin, launching a digital gross sales platform referred to as LoanStore, and reworking its name centres into trendy contact facilities.
The financial institution now positions itself as a streamlined and modernised relationship financial institution targeted on delivering next-generation digital monetary options to assist its shoppers’ ambitions.
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