CIBC Caribbean approved to sell Dutch assets

CIBC Caribbean has announced that its wholly-owned subsidiaries, FirstCaribbean International Bank (Cayman) Ltd and FirstCaribbean International Bank (Curaçao), have received regulatory approval to sell their Dutch assets.

In a release on Wednesday, CIBC Caribbean said they have been approved to sell their banking assets in Curaçao and St Maarten to Orco Bank NV.

"This approval is the start of a complex process involving two territories and several thousand accounts. It is to be expected, therefore, the transition from one financial services company to the other will take several months to complete," CIBC Caribbean said.

As teams from both banks work together to complete the transactions, CIBC Caribbean said in the interim, it will continue to provide its clients in both Curaçao and St Maarten with the same level of professional, leading-edge service they have become used to.

"Our first priority is to discuss with our staff in both territories what we are planning as a transition schedule, followed by communications to our clients setting out precisely the detailed schedule by which we will begin transitioning their accounts to Orco Bank,” noted Mark McIntyre, managing director for the bank's Curaçao and St Maarten operations.

McIntyre added that Orco Bank will also begin communicating with clients. However, it will take some time before details are shared.

"The bank is committed to treating all employees with dignity and respect during this period as they work to continue providing excellent customer service to our clients," he said.

In October 2023, the bank revealed its plans to rebrand its business name to match that of its parent company, the Canadian Imperial Bank of Commerce (CIBC).

The bank's rebranding efforts are scheduled to be completed by the next financial year.