Business Journalist David Rose says CIBC FirstCaribbean International Bank’s plans for rebranding coupled with its exit from the Dutch Caribbean signal the company’s intention to strengthen its position in the Caribbean.

Speaking on Taking Stock with Kalilah Reynolds, Rose noted that CIBC FCIB is one of the only Canadian-based banks that have struggled with its Caribbean operations.

The Bank announced last week that it plans to rebrand and adopt the name of its parent company, CIBC (Canadian Imperial Bank of Commerce), in the coming financial year.

“It’s most likely just to strengthen and align the branding of the bank. We have two major, dominant Canadian Banks in the region; Scotia Bank and First Caribbean. However, whereas Scotia Bank retains that brand identity and image along with the trade name in the region, CIBC took a different approach and had a different established identity here,” he said.

The rebranding comes also as the company has sold its operations in the Dutch Caribbean.

CIBC FCIB also revealed plans to sell the banking assets of its Curaçao and St Maarten operations to the Curaçao-based Orco Bank. The move will see CIBC FCIB exit the Dutch Caribbean composed of the ABC islands. The company sold its Aruban operations in February 2022 for roughly US$7 million.
CIBC FCIB also sold its St Vincent and the Grenadines and Grenada assets earlier this year and shut down its Dominican operations in January.
Rose said that the move is likely CIBC’s way of consolidating its operations and focusing on maximising its operations in the region.