CIBC FirstCaribbean, operating as CIBC Caribbean in the Dutch Caribbean, has finalised the transfer of its assets in St Maarten to Orco Bank NV, marking the conclusion of its regional divestment initiative.
The transaction was completed on Friday, February 7, 2025, with both parties reporting a seamless transition for former CIBC FirstCaribbean clients now conducting business at Orco Bank NV branches.
The divestment programme, announced in October 2021 by Chief Executive Officer Mark St Hill, aimed to streamline the bank’s operations across the region. Over the past few years, CIBC FirstCaribbean reduced its footprint by selling assets in Aruba, Curaçao, Dominica, Grenada, and St Vincent and the Grenadines.
“Our country divestment programme is now complete,” said St Hill, commending the efforts of the bank’s divestment team led by executive sponsor Mark McIntyre, who is retiring as managing director of the Cayman Operating Company.
“I want to thank the entire CIBC Caribbean team and our colleagues at the buyer banks for their diligence and professionalism in executing these complex transactions within our planned time frame.”
McIntyre echoed these sentiments, highlighting the importance of preparation and collaboration in ensuring successful outcomes.
“Choosing the right partners in our buyer banks was critical to our success,” he said.
“The teamwork and commitment displayed throughout this process were exemplary.”
In addition to its divestment efforts, St Hill noted that CIBC FirstCaribbean has undertaken significant structural changes to enhance client experiences. These include centralising key functions, adopting an agile working model, launching a digital sales platform called LoanStore, and transforming its call centres into modern contact centers.
The bank now positions itself as a streamlined and modernised relationship bank focused on delivering next-generation digital financial solutions to support its clients’ ambitions.
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Publish date : 2025-02-13 16:02:00
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