CIBC Caribbean has an­nounced the suc­cess­ful trans­fer of its as­sets in St Maarten to Or­co Bank NV on Feb­ru­ary 7, 2025.

In a news re­lease on Wednes­day, the pub­licly list­ed bank, which op­er­ates as CIBC First­Caribbean in the Dutch Caribbean, said both sides have re­port­ed a smooth tran­si­tion with for­mer CIBC First­Caribbean clients now con­duct­ing trans­ac­tions seam­less­ly at Or­co Bank N V lo­ca­tions.

The trans­fer of as­sets brings to an end the bank’s di­vest­ment pro­gramme an­nounced by chief ex­ec­u­tive of­fi­cer Mark St Hill, in Oc­to­ber 2021. From then, CIBC Caribbean re­duced its re­gion­al foot­print sell­ing its as­sets in Aru­ba, Cu­raçao, Do­mini­ca, Grena­da and St Vin­cent and the Grenadines.

“Our coun­try di­vest­ment pro­gramme is now over,” said St. Hill, as he praised the bank’s di­vest­ment project team led by ex­ec­u­tive spon­sor Mark McIn­tyre, the re­tir­ing man­ag­ing di­rec­tor of the Cay­man op­er­at­ing com­pa­ny.

“I want to thank the en­tire CIBC Caribbean team and our col­leagues at the buy­er banks who worked dili­gent­ly over the years to en­sure each as­set sale was ex­e­cut­ed as seam­less­ly as pos­si­ble. These were some very com­plex trans­ac­tions, and it is a cred­it to their ex­per­tise and pro­fes­sion­al­ism that we were able to com­plete all of them with­in the time­frame that we set out and with rel­a­tive ease,” St. Hill said.

He said the bank has en­hanced the client ex­pe­ri­ence and made oth­er struc­tur­al ad­just­ments, cen­tralised key func­tions, launched an Ag­ile way of work­ing, cen­tralised its dig­i­tal sales through the LoanStore, and re­vamped its call cen­tres in­to con­tact cen­tres.

He added the slimmed down, mod­ern re­la­tion­ship bank, will con­tin­ue to de­liv­er next-gen­er­a­tion, digi­tised con­sumer fi­nan­cial so­lu­tions to help make its clients am­bi­tions a re­al­i­ty.