CIBC closing Twin Gates branch
CIBC FirstCaribbean is the latest bank to announce branch closures as a result of the economic slowdown and shift in consumer habits from in-line to online banking, brought on by the COVID-19 pandemic.
The latest casualty is the bank’s Twin Gates branch on Constant Spring Road in St. Andrew, which will be closed effective January 27, 2021.
Managing Director Nigel Holness, says branch staff will be redeployed to other branches where possible. Those unable to be retained will be offered separation packages consistent with the bank’s policy.
He says accounts at the branch will be transferred to the nearby Half Way Tree Branch; however, clients can bank at any of CIBC FirstCaribbean’s branches across the island or use the mobile and online banking options.
CIBC’s announcement comes days after Scotiabank announced the closure of two of its branches and the transition of six others to digital only centres.
NCB has also been closing branches and converting others to cashless as part of its digital transformation.
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You may want to delve more deeply into these closures and do a more indepth piece. Business dont shutter money making opportunties they expand. So if you put context and breakdown the cost benefits it will not only educate but help to mold ignorant thoughts who may not sèe how long term decisions prove to be beneficial in long run.
You may also want to do a story on impact of this and other changes will have on tationalizing both commercial and resedential rates being charged.