Latest episodes
Browse the newest Taking Stock conversations in playlist order.
Inside Sagicor’s Plan for One Caribbean Group
Bonds vs Inflation: Where Should Your Money Go?
Jetcon’s New Cars Are Driving a Turnaround
Could This Be the Future of Housing in Jamaica?
Adam Stewart on Sandals, Jamaica’s Tourism Industry & ATL’s Caribbean Expansion
Lisa Hanna on Beauty, Business and Her Controversial Campaign
Is Barita Building Jamaica’s First Digital Bank?
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The stories, analysis and conversations shaping business across the Caribbean.
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Market experts break down company results, economic developments and the investment implications behind the headlines.
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A fast-paced roundup of the biggest business stories from Jamaica, the Caribbean and international markets.
Market Recap
A concise look at the week’s market performance, including the key index movements, leading stocks and trends investors should know.
Taking Stock Articles
Reporting and analysis developed from Taking Stock’s main interviews and analyst conversations.
The Smart Money is Looking at the NEXT World Cup, Says Sagicor Investments Analyst
Most investors looking to profit from this year’s FIFA World Cup may already be thinking too late.
That’s the view of Jodian Aris, Assistant Vice President of Research and Strategy at Sagicor Investments, who says the biggest opportunities tied to major sporting events often emerge years before the first game is played.
Speaking on Taking Stock with Kalilah Enriquez Reynolds, Aris argued that while the World Cup generates billions of dollars in economic activity, investors should focus less on the tournament itself and more on the long-term trends and infrastructure investments created around it.
“The major mistake that persons may make is just waiting until the tail end, which is the actual event day, to start thinking about how it is that I could be investing,” Aris said.
Instead, she believes investors should be looking much earlier in the cycle.
“When the announcement is made for which city is going to be hosting the World Cup eight years from now, 12 years from now, that’s probably the point where you’d want to buy into something within construction in that space,” she said.
World Cup Boost Often Short-Lived
Aris acknowledged that major sporting events do provide a temporary boost to local economies through tourism, hospitality and entertainment spending.
“It’s significant, but not in the way that we’d ideally want,” she said. “What you tend to find with major sporting events is that there is a short-term boost to the local economy. However, it’s not sustained.”
Visitors attending major sporting events spend money on accommodations, food, transportation and recreation, creating a surge in economic activity.
“There is boosting that happens to your economy from the event. Persons are coming into your space, they’re coming for accommodations, there’s food, there’s other entertainment that people partake of, and it’s the introduction of tourism into your space,” Aris explained.
However, she cautioned that the long-term economic benefits are often overstated.
“What you find is that there tend to be cost overruns,” she said. “They tend to not necessarily use these facilities on a long-term or continuous basis.”
Look Beyond Hotels and Restaurants
While sectors such as hospitality, tourism, food and beverage, recreation and entertainment typically benefit during major sporting events, Aris warned investors against assuming those gains automatically translate into profits.
“Even though you may be getting increased revenues, you may find that the additional expenses associated with employment, providing additional space, additional seating, as well as other promotional activities, may just be sufficient to protect the brand but not necessarily reap a net profit,” she said.
Instead, she believes investors should focus on industries that continue benefiting long after the tournament ends.
“The smart money tends to follow where it is that these events may leave lasting impact,” Aris said.
One example is sports technology.
“If you look at how sports have progressed with the infusion of technology being applied, you find that for those companies that are providing this resource, now it is something sustained,” she said.
Caribbean Opportunities
For Caribbean investors, Aris sees opportunities closer to home as well.
“There definitely are opportunities,” she said, pointing to businesses tied to sports, recreation and betting activity.
She noted that companies such as Supreme Ventures could benefit from increased sports betting activity during major international tournaments, while businesses that successfully convert temporary visitors into long-term customers may also see lasting gains.
“You may not find that after five and a half weeks if you had a crowd of 20 that it just drops. You may find that you have a lingering amount of persons that may remain,” she said.
Focus on What Lasts
Ultimately, Aris said investors should avoid chasing headlines and instead focus on businesses that benefit from long-term structural changes.
“The smart money looks at what is long-lasting and what can be sustained, and it goes in that direction,” she said.
For investors hoping to profit from the World Cup, that may mean looking beyond the matches themselves and focusing on the industries, technologies and infrastructure that continue generating returns long after the final whistle.
CIBC Caribbean Sale to Butterfield Will Create Region’s Largest Bank, Says CEO
CIBC Caribbean CEO Mark St. Hill says the bank’s planned acquisition by Butterfield will create the largest banking institution in the English-speaking Caribbean and position the combined company for long-term growth across the region.
Speaking on Taking Stock with Kalilah Enriquez Reynolds, St. Hill sought to reassure customers that the US$1.8 billion transaction will bring scale and new opportunities rather than disruption.
“CIBC Toronto is selling its full shareholding in CIBC Caribbean, and that deal will involve a consideration of both cash and shares, which will result in CIBC Toronto having a 22% stake in something much bigger,” St. Hill explained.
He acknowledged that parent company CIBC sees an opportunity to expand its North American operations but emphasized that the Canadian bank is not completely exiting the region.
“CIBC sees an opportunity to expand its North American operations and this transaction will provide necessary capital to allow that. But at the same time, the deal is structured in a way that they will have a 22% minority shareholding in what will be the biggest bank in the English-speaking Caribbean,” he said.
A LONGSTANDING RELATIONSHIP
According to St. Hill, the relationship between the two institutions dates back more than 16 years, when CIBC and a group of investors participated in a major capital injection into Butterfield.
“Butterfield dates back to the 1800s. It is a significant bank in Bermuda and Cayman with international offices across the world,” he said. “The relationship and the insights of each other have been there for many, many years.”
St. Hill revealed that Butterfield made an unsolicited bid earlier this year, which ultimately led to the transaction.
“After careful due diligence, we felt that the two banks were very complementary and what we would create is something extremely special,” he said.
The combined institution is expected to have approximately US$29 billion in assets.
“When you look at it, you’re talking about US$29 billion in assets,” St. Hill noted. “This is something great for the Caribbean. A strong independent platform is being created that will provide significant scale to all of the markets that we operate in.”
HOW BIG WILL THE NEW BANK BE?
If completed, the transaction would create one of the largest financial institutions headquartered in the Caribbean.
At approximately US$29 billion in assets, the combined Butterfield-CIBC Caribbean group would be significantly larger than most Caribbean banking groups. For comparison, NCB Financial Group reported assets of roughly US$14 billion at the end of its last financial year, while JMMB Group’s assets are approximately US$7 billion.
The comparison with Sagicor Financial is more complex. Sagicor reported more than US$25 billion in assets under management and operates a broader insurance, pension, investment and banking business spanning the Caribbean, United States and Canada.
As a result, St. Hill’s claim that the combined entity would become the largest bank in the English-speaking Caribbean appears broadly accurate based on total banking assets. However, Sagicor remains one of the region’s largest overall financial services groups when insurance and investment assets are included.
‘BUSINESS AS USUAL’ FOR CUSTOMERS
While the announcement has sparked concerns among customers, particularly those loyal to the CIBC brand, St. Hill said there will be little immediate change.
“In the next 10 to 12 months, it is business as usual,” he said, explaining that the deal must first go through a lengthy regulatory approval process across multiple jurisdictions.
Once the transaction closes, customers will eventually see the Butterfield brand emerge, but St. Hill stressed that operations, management teams and customer relationships will remain largely intact.
“There’s not going to be a massive sea change to our clients, our relationship teams. The management continues, everything continues as is,” he said.
He said the integration process would be gradual, with the Butterfield brand likely being introduced over an 18- to 24-month period following regulatory approval and closing.
NOT A COST-CUTTING EXERCISE
St. Hill repeatedly emphasized that the transaction is not being driven by cost reductions or branch closures.
“This transaction is not driven by large cost synergies. It is about two great institutions coming together and bringing together their special niche,” he said.
Butterfield’s strengths include wealth management, trust services and mortgage lending, while CIBC Caribbean brings significant expertise in commercial and corporate banking.
“We intend that when we combine, especially, to bring a very powerful small business offering to the region,” St. Hill said.
He also revealed that the Caribbean management team will remain in place following the acquisition.
“The management of the Caribbean operations will continue to be run through the Caribbean head office in Barbados,” he said. “They’re not only buying a book, they’re buying the management, the talent, the system, the culture.”
According to St. Hill, commitments have already been made to regulators and governments regarding the maintenance of branches, employment and management structures throughout the region.
DEFENDING THE CARIBBEAN BRAND
The CEO also pushed back against the notion that CIBC Caribbean’s success is primarily the result of Canadian expertise.
“Our own University of the West Indies has produced over 90 per cent of the talent that has created the award-winning app,” he said. “All of these things are built, manufactured and deployed in the Caribbean.”
St. Hill argued that while the CIBC logo may eventually disappear, the people behind the brand will remain.
“What has really made the affection to our Caribbean people… is done by Caribbean people, and those Caribbean people are the ones that are going to go forward with this new entity, Butterfield,” he said.
“I have told repeatedly to my 3,000 staff: brands are the people.”
MORE COMPETITION, NOT LESS
Addressing concerns about consolidation in the regional banking sector, St. Hill said he believes customers will ultimately benefit from increased competition.
“What I will say is that the competition is going to become more fierce amongst the banks and when competition becomes more fierce, I believe the consumer wins,” he said.
Rather than focusing on Canadian banks reducing their footprint in some markets, he pointed to regional players such as Republic Bank and Butterfield that continue to expand.
“This transaction will move us from 10 jurisdictions to 11 in the Caribbean plus another five international markets,” he said.
BUTTERFIELD SHARES OFFERED TO INVESTORS
St. Hill also revealed that minority shareholders will have the option to receive Butterfield stock as part of the takeover process.
“What we are going to provide is the option… to elect to receive 100 per cent of their consideration in Butterfield shares,” he said.
Butterfield is listed on the New York Stock Exchange under the ticker NTB, giving Caribbean investors exposure to a larger regional banking group through an internationally traded stock.
The transaction remains subject to regulatory approvals across multiple jurisdictions and is expected to take approximately 10 to 12 months before closing. During that period, St. Hill said customers should expect business as usual while the two institutions work toward creating what he described as “something very great” for the Caribbean.
Missing Acquisition Slows GK’s US$2 Billion Push
GraceKennedy remains committed to its ambitious goal of becoming a US$2 billion revenue company, but the conglomerate says a key part of that strategy has yet to fall into place.
Speaking on Taking Stock with Kalilah Reynolds, Group CEO Frank James said the company continues to see strong organic growth across its operations, but acknowledged that the timeline for achieving the target has been affected by the absence of a major international acquisition.
“We remain confident that we will continue to grow our top line,” James said.
According to James, the US$2 billion revenue target was built on two primary assumptions: continued growth from GraceKennedy’s existing businesses and the acquisition of a significant food company outside Jamaica.
“Where the timeline has somewhat shifted is our acquisition of a large international food business,” he explained.
GraceKennedy has been active in the mergers and acquisitions space but has so far declined to pursue deals that do not align with its long-term strategy.
“It’s important for us that we’re not just going to do an M&A for ticking a box. It has to be the right strategic and cultural fit,” James said.
Despite the delay in securing a major acquisition, the company is continuing to expand through its existing operations.
James outlined a vision of transforming GraceKennedy into what he described as “the number one Caribbean brand in the world,” built around two core pillars: food and financial services.
The company has gradually streamlined its operations over the years, exiting businesses such as shipping, motor vehicle dealerships and travel agencies to focus on those two areas.
While food remains GraceKennedy’s largest source of revenue, James revealed that financial services has become an increasingly important profit driver.
“Our financial services group contributes about 20 per cent of our revenue but over 40 per cent of our profits,” he said.
The company is pursuing growth opportunities in both divisions, including expansion into new geographic markets, product innovation and digital transformation.
James highlighted growth in GraceKennedy’s insurance partnerships, expansion of its food distribution network in North America and continued investment in brands such as Caribbean Choice.
The comments come after a challenging 2025 for the company.
GraceKennedy reported record revenues of J$177.8 billion last year, surpassing US$1.1 billion for the first time. However, profits declined due largely to the impact of Hurricane Melissa, which disrupted operations at one of the company’s manufacturing facilities and generated significant insurance claims.
Additional pressures included higher logistics costs, increased provisions for credit losses and challenges within the remittance business.
James said many of those issues have now been addressed.
“The good news is that we have been addressing all of those matters,” he said.
He noted that the company returned to profit growth in the fourth quarter of 2025 after adjusting for hurricane-related losses and carried that momentum into the first quarter of 2026.
For the first quarter of 2026, GraceKennedy reported revenue growth of 7.5 per cent and pre-tax profit growth of approximately 12 per cent.
James also argued that the company’s stock is currently undervalued.
“We believe that the GraceKennedy stock is undervalued today,” he said, pointing to the group’s diversified operations, strong customer base and consistent revenue growth.
While he acknowledged that broader market conditions have weighed on the share price in recent years, he said management remains focused on executing its strategy, improving profitability and creating long-term value for shareholders.
For now, GraceKennedy’s path to US$2 billion appears to rest on a combination of continued organic growth and the possibility of a future acquisition.
Whether that milestone is achieved by 2030 may ultimately depend on when the company finds the right deal.
📌Click here to learn how to invest in companies like GraceKennedy.
The Biggest Funding Mistake Entrepreneurs Make
One of the biggest challenges facing entrepreneurs isn’t coming up with a great business idea. It’s figuring out how to pay for it.
Should you use your own savings? Apply for grants? Take out a loan? Bring in investors? Launch a crowdfunding campaign?
According to Shani Duncan Falconer, Senior Corporate Manager of the Group SME Resource Centre at JMMB, the answer depends largely on where a business is in its growth journey.
Speaking on Taking Stock with Kalilah Reynolds, Duncan Falconer described business financing as a “funding menu,” arguing that entrepreneurs should think carefully before selecting the type of funding they pursue.
“Just like a restaurant menu, funding isn’t a one-size-fits-all,” she explained. “You have to choose based on where you are and what your needs are right now.”
She warned that many entrepreneurs immediately turn to debt financing when it may not be the best fit for their stage of development.
“The menu kind of works as a framework because it helps you ask: What am I ready for? And what can I actually afford?” she said. “Just like a real menu, if you order the wrong thing, you’re going to end up paying dearly for it.”
Bootstrapping Is a Good Start — But Not Forever
Duncan Falconer said many successful Jamaican businesses began through bootstrapping, where entrepreneurs use their own savings and resources to get started.
“Bootstrapping is actually a powerful starting point because it allows you to stay in control and it allows you to stay lean,” she said.
However, she cautioned against relying on self-funding indefinitely.
“The danger is when you continue to bootstrap out of fear — fear of owing, fear of investors, fear of people owning your business,” she said.
“Bootstrapping is good to start, but it’s just a step on the ladder. It gets you off the ground, but you can’t stay on that ladder forever. At some point, you now have to go inside the building.”
Grants Are Underused
Duncan Falconer believes grants remain one of the most underutilized funding options available to Jamaican entrepreneurs.
“Grants are the most underused option in the SME space, and it’s a shame because that’s when real money is on the table,” she said.
She pointed to organizations such as the Development Bank of Jamaica, JAMPRO and the Caribbean Development Bank as examples of institutions that regularly offer grant programmes.
While grants do not require repayment, she stressed that they are far from free.
“It comes with accountability. It comes with reporting. It comes with deliverables and sometimes even audits. So you actually have to earn it,” she explained.
She also warned entrepreneurs to be wary of grant scams.
“If they’re telling you there’s a charge to access a government grant, walk away from that because that’s not how it should be,” she said.
Crowdfunding Can Raise More Than Money
Although crowdfunding remains relatively uncommon in Jamaica, Duncan Falconer said it can be particularly effective for businesses with strong cultural or emotional appeal.
“It works best when your product or story has a sort of emotional pull,” she said, citing Jamaican food brands, cultural products and tourism experiences as examples.
She noted that crowdfunding platforms such as GoFundMe, Kickstarter and Indiegogo can also help entrepreneurs build an audience and validate demand before launching a product.
“You’re not just raising money. You’re going to build an audience,” she said.
Debt vs Equity
One of the most important decisions entrepreneurs face is whether to raise debt or equity financing.
Duncan Falconer offered a simple distinction.
“Debt financing is you go into a bank or you go and you get money and you pay it back with interest,” she explained. “You keep ownership of your business, but you owe.”
Equity financing, on the other hand, involves selling a stake in the company to an investor.
“Somebody gives you money in exchange for a piece of your company,” she said. “You don’t have any monthly payments, but they now own a share of your future.”
While many entrepreneurs resist giving up ownership, she said the right investor can bring more than capital.
“The right investor brings expertise, networks and opens doors.”
Borrow to Grow, Not to Survive
Asked about the biggest financing mistake entrepreneurs make, Duncan Falconer pointed to one issue above all others: borrowing to cover day-to-day operations.
“The biggest mistake that they make is really borrowing to fund operations and not growth,” she said.
“If you’re using a loan to pay salaries every month and if you have a cash flow problem, that is not proper funding.”
She urged business owners to think carefully about whether debt is helping their businesses expand or simply delaying deeper problems.
“You have to make sure when you’re looking into debt financing, you ask the question: Is it something that’s going to build me or is it something that’s going to drown me?” she said.
Choose Wisely
For entrepreneurs seeking funding, Duncan Falconer’s final advice was simple.
“Pick wisely,” she said.
“Don’t pick what’s easiest. Pick what fits where you are, where you’re going, and what you want to handle right now.”
She added that the real question is not whether entrepreneurs should seek funding, but how they should do it.
“The question isn’t if you should seek funding. It is how you should seek it and how to do it wisely.”
West Indian Traders Bets on Growth as Trinidad Distributor Launches IPO
Trinidad-based distributor West Indian Traders (WIT) is looking to raise approximately TT$10.1 million through an initial public offering, as the company seeks to accelerate expansion plans and position itself among the country’s largest consumer goods distributors.
The company, which distributes brands such as Hyper Malt, Festival Cookies, Daisy Coconut Oil and Nestlé products in Tobago, is offering just over five million shares at TT$2 each and plans to list on the SME Market of the Trinidad and Tobago Stock Exchange.
According to Managing Director Jake Gillette, the IPO marks the next phase of growth for a business that began 30 years ago as a single-van operation.
“We started 30 years ago from a single van operation, from a husband and wife story,” Gillette said during an interview on Taking Stock. “We’re very excited from where we came from 30 years ago, growing from a single van operation, growing through the years, learning the whole distribution business and becoming quite an established player here in Trinidad.”
Gillette said the company services approximately 2,500 customers weekly and has built its reputation on customer service and efficient distribution.
“We service 2,500 customers on a weekly basis,” he said. “We have over 99% accuracy in reaching our customers with the correct amount of goods and items.”
Rapid Growth Since Acquisition
West Indian Traders was acquired by the Gillette family in 2021. Since then, the company has nearly doubled its revenue.
Gillette revealed that annual sales increased from TT$44 million in 2021 to approximately TT$85 million by 2025.
“We’re growing quite fast,” he said. “We thought it was the right time because we want our stakeholders, especially our staff and our management, to be part of that growth story.”
A major contributor to that growth has been the company’s distribution relationship with Nestlé.
In 2023, WIT secured distribution rights for Nestlé’s downtrade products in Tobago and later expanded that relationship.
“A huge part of our growth has been a combination of our traditional portfolio … and then adding in the Nestlé portfolio,” Gillette said.
New Warehouse at Centre of Expansion Plans
Part of the IPO proceeds will be used to repay approximately TT$4.6 million in debt, freeing up cash flow as the company moves ahead with plans to construct a new 40,000-square-foot warehouse.
Gillette said the facility will allow WIT to improve operational efficiency and expand into new product categories, including chilled and frozen foods.
“We recently purchased two acres of land in the El Socorro area and we have started plans to construct our 40,000-foot warehouse,” he said.
“It frees up our cash flow coming up here into this period where we go into building our new warehouse, and the new warehouse would allow us to optimize and become more efficient as a distributor and expand our portfolio.”
The company believes the new facility could significantly expand its product offering and support future growth.
Why Investors Are Paying Above Book Value
One of the key questions raised during the interview concerned the IPO pricing.
The shares are being offered at TT$2 each, compared with a book value of approximately TT$0.93 per share.
Marli Creese, Chief Executive Officer of NCB Merchant Bank Trinidad and Tobago, defended the valuation, arguing that investors are paying for growth rather than historical asset values.
“When you are looking at a nominal share price that is being offered at a premium to book value, it is because investors are being expected to anticipate a growth premium,” Creese said.
She noted that the company achieved compound annual revenue growth of more than 13% between 2020 and 2025, while profitability grew by more than 8% annually over the same period.
“The premium to the book value is a function of the growth, the demonstrated growth of the company and the reasonable expectations that we have in terms of growth for the future,” she said.
Dividend Expectations
West Indian Traders has indicated a dividend payout ratio of between 25% and 35% of profits, subject to liquidity and profitability.
Gillette said management expects the company to begin paying dividends before the end of the year.
“We believe quite strongly that we’ll be able to do our first dividend before the end of the year,” he said, citing debt reduction, improved cash flow and tax incentives available through the SME market.
Long-Term Ambitions
Despite competing against larger regional distributors such as Massy and Bryden pi, Gillette believes WIT’s smaller size gives it a strategic advantage.
“Because we are smaller, we can be more agile, we can be more flexible,” he said.
Looking ahead, he sees the IPO as the beginning rather than the culmination of the company’s growth story.
“We’re now at the beginning of that journey where 30 years young, 30 years more to go, where we could really start skyrocketing and becoming like a Massy or Bryden’s,” Gillette said.
The IPO closes on June 5.
Why CIBC is Leaving the Caribbean
New wave of consolidation, says TS Analyst
The planned sale of CIBC’s Caribbean operations to Bermuda-based Bank of N.T. Butterfield may be the clearest sign yet that Canadian banks are continuing to retreat from the region, according to Taking Stock analyst David Rose.
Speaking on Taking Stock, Rose described the transaction as the latest chapter in a years-long trend that has seen major Canadian financial institutions reduce their Caribbean exposure.
“This is basically the second major attempt in the last five years by CIBC, the Canadian Imperial Bank of Commerce, to in a sense reduce their exposure in the Caribbean,” Rose said.
The proposed transaction, valued at approximately US$1.8 billion, would see Butterfield acquire CIBC Caribbean through a combination of cash and shares. The deal includes roughly US$1.09 billion in cash, with the balance paid through newly issued Butterfield shares that would make CIBC one of the bank’s largest shareholders.
According to Rose, the move reflects broader strategic shifts among Canadian banks.
“CIBC has alongside other Canadian banks been seeking to reduce their carrying cost and their capital cost with respect to the Caribbean markets,” he said.
Part of a Larger Trend
The transaction follows similar moves by other Canadian financial institutions over the past several years.
Rose pointed to Royal Bank of Canada’s exit from several Eastern Caribbean markets and Scotiabank’s sale of operations in multiple Caribbean territories to Republic Financial Holdings.
“We’ve been seeing the Canadian banks try to step away,” he said. “It’s just been a reduction in exposure to the Caribbean markets for the Canadian banks.”
While Canadian parent companies are seeking to reduce capital requirements and improve profitability, Rose believes the deal also highlights changing dynamics within Caribbean banking itself.
“What you’re seeing is greater market consolidation,” he said. “It’s getting a lot more expensive to operate in our domestic market.”
He noted that increasing regulatory requirements, higher compliance costs and evolving capital standards are making it more difficult for smaller financial institutions to compete independently.
What Changes for Customers?
For customers, Rose does not expect immediate changes to banking relationships.
According to disclosures surrounding the transaction, the CIBC Caribbean brand is expected to remain in place for a transitional period before eventually being replaced by the Butterfield brand.
“There wouldn’t be a change in the relationship with you as a customer,” Rose said. “What would change though is the branding and the potential strategy of the new majority owners.”
However, he believes the long-term strategic direction of the bank could shift.
Butterfield is best known for its presence in offshore financial centres such as Bermuda and the Cayman Islands, with a strong focus on wealth management and high-net-worth clients.
“The Bank of Butterfield has specialised in Cayman, Bermuda, offshore markets, specialising in high-net-worth and high-wealth clients,” Rose explained.
One key question, he said, is whether Jamaica will continue serving as the growth engine of the Caribbean business or whether Butterfield will use the acquisition to create stronger links between Caribbean clients and its offshore wealth management operations.
New Opportunities for Investors
Rose also highlighted a potentially overlooked aspect of the transaction.
Because Butterfield is listed on the New York Stock Exchange and the Bermuda Stock Exchange, shareholders of CIBC Caribbean could eventually gain access to NYSE-listed shares through the takeover process.
“If you’re someone that is buying on the Barbados or Trinidad stock exchange, it creates a backward linkage whereby you have the potential opportunity to get Butterfield shares and then transfer those shares to the New York Stock Exchange and sell there if you so please,” he said.
He added that the structure could be particularly attractive in markets such as Trinidad and Tobago, where foreign exchange access remains a challenge.
More Consolidation Ahead
Looking ahead, Rose expects consolidation across the Caribbean banking sector to continue.
“You’re going to see more consolidation in the Caribbean banking sector,” he said. “You’re probably going to see two or three major players in some of the Eastern Caribbean markets because of how small they are.”
He also warned that new regulatory requirements, including Basel III capital standards, could place additional pressure on smaller institutions and accelerate merger activity.
For Caribbean consumers, the immediate impact of the Butterfield transaction may be limited. But for the region’s banking industry, the deal may represent another step toward a more concentrated financial landscape dominated by fewer, larger players.
