Tag Archives: FirstCaribbean International Bank

Canadian banks unhappy with Caribbean investments and loans

Caribbean-bank-money_laundering

“Last year unemployment in Barbados stood at nearly 12%, but it the rate is forecast to rise to 15.6% in 2015, according to the IMF.”

According to the International Monetary Fund, RBC, CIBC and Bank of Nova Scotia are dominant players across the region with about 60% of total banking assets, almost as strong as their position in Canada. But are those players starting to question their enthusiasm in the face of the regions worrying economic malaise?

Canadian Imperial Bank of Commerce warned last week that it will take a $420-million charge to goodwill related to its subsidiary CIBC FirstCaribbean, which it blamed on “persistently challenging economic conditions and our current expectations for conditions going forward.”

With unemployment in the U.S. still stubbornly high, the middle class seems to be taking more modest holidays, with far fewer traveling to the Caribbean. The developed world is starting to recover from the turmoil but the numbers suggest that’s not the case in countries like Barbados and Jamaica.

… much more in the Financial Post: How the Caribbean is not so sunny anymore for Canadian banks

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8 Comments

Filed under Barbados, Business & Banking, Disaster, Economy, Offshore Investments

FirstCaribbean International Bank fees up. Service? Well that’s something else…

The Increase in Bank fees. Is this reflective of the Customer experience?

by Alison Weekes,

Fifs, MSc, Int.Dip.Comp
Banking & Compliance Professional UK

I note with interest the various comments in relation to the announcement of the increase in bank fees by FirstCaribbean International Bank. We will in the coming months, see whether the strategic plans and income structure of the other competing financial services firms in Barbados will dictate that they too will have to increase their fees.

One wonders where`s the customer’s place in all of this. Continue reading

24 Comments

Filed under Barbados, Business & Banking, Consumer Issues