Caribbean News

CIBC and GNB Financial Group Limited reach agreement for purchase of shares in FirstCaribbean International Bank Limited

Published

4 years ago

November 11, 2019

#Bridgetown, November 11, 2019 – Barbados – 8CIBC today announced that they have reached agreement on the purchase of a portion of CIBC’s shares in its Caribbean entity, FirstCaribbean International Bank Limited (“FirstCaribbean”) by GNB Financial Group Limited. (“GNB”). GNB will purchase 66.73% of the shares of FirstCaribbean, subject to the approval of local regulators, while CIBC will retain a 24.9% interest in the Caribbean bank.

“FirstCaribbean is a strong, well-performing business that continues to grow across the region. FirstCaribbean remains laser focused on delivering on its strategy – providing its clients with first class service through a modern everyday banking experience and providing its employees with the best possible work experience,” said Colette Delaney, CEO, FirstCaribbean.

“FirstCaribbean will remain the strong entity it is today, committed to servicing its clients in the region,” said Jaime Gilinski, Chairman of GNB Financial Group Limited. “I have been impressed by the strength and stability of FirstCaribbean and am excited about its prospects for the future.”

GNB is wholly owned by Starmites Corporation S.ar.L, the financial holding company of the Gilinski Group. The Gilinski Group has banking operations in Colombia, Peru, Paraguay, Panama, and Cayman Islands with approximately US $15 billion in combined assets.

FirstCaribbean is one of the largest regionally listed financial services institutions in the English and Dutch speaking Caribbean, with US$11.5 billion in assets and market capitalization of US$2.1 billion, as at 31^st July 2019. FirstCaribbean also has a representative office in Hong Kong providing business development, relationship management and fund administration.

Release: FirstCaribbean International Bank

Caribbean News

Barbados recognizes Palestine as sovereign

Published

23 hours ago

April 23, 2024

Shanieka

Rashaed Esson

Staff Writer

Barbados has made a huge diplomatic move, recognizing Palestine as a sovereign state, as announced by Minister of Foreign Affairs, Kerrie Symmonds, according to a report from CBC News Barbados on Saturday April 20. This now aligns Barbados with other UN Member states which also recognise Palestine.

Caribbean News

Haiti death toll rises

Published

23 hours ago

April 23, 2024

Shanieka

Rashaed Esson

Staff Writer

Haiti’s death toll is now up 53 percent with more than 2,500 people killed from January through March 2024, compared to the same time last year. This was reported by the United Nations Integrated Office in Haiti (BINUH), on Friday April 19. The organization expressed that gangs have changed their tactics, now targeting public institutions and important infrastructure such as the main Airport. Most of the violence is reportedly in the Capital Port Au Prince.

Caribbean News

U.S. VIRGIN ISLANDS SHINES AS A PREMIER DESTINATION AT THE 2024 SEATRADE CRUISE GLOBAL CONFERENCE

Published

2 days ago

April 22, 2024

Shanieka

St. Thomas, U.S. Virgin Islands (USVI) –April 11, 2024—The U.S. Virgin Islands Department of Tourism, led by Commissioner Joseph Boschulte, Assistant Commissioner Alani Henneman, and Deputy Commissioner RoseAnne Farrington, traveled to Miami, Florida, to support Governor Albert Bryan Jr. and other local partners agencies for the 2024 Seatrade Cruise Global Conference.

To kick off the week-long event, the Department of Tourism sponsored the highly anticipated Florida-Caribbean Cruise Association (FCCA) barbecue, which was hosted by Governor Bryan.

Revered as a steady leader in the Caribbean tourism industry, the USVI delegation, which also included the Legislature of the Virgin Islands, the Virgin Islands Port Authority, West Indian Company Limited, Magens Bay Authority, and the U.S. Virgin Islands Government Employee Retirement System, showcased the territory and its growing accessibility around the cruise industry to key operators and businesses.

“Cruise has been and continues to be a leading entryway for visitors into the territory, and Seatrade allows representatives from the USVI to interface with and share pertinent updates needed to continue fostering positive relationships throughout the industry,” explains Commissioner Boschulte.

Commissioner Boschulte was featured on the Caribbean Spotlight panel moderated by renowned industry leader and FCCA CEO Michelle Paige, who referenced the Commissioner being named the 2023 Caribbean Tourism Executive of the Year by Caribbean Journal and shared how exceptional the publication’s acknowledgment of his accolades are. Paige referenced Caribbean Journal’s spotlight paragraph reading, “No Caribbean destination has seen more growth in the last three years than the U.S. Virgin Islands, which kicked off a full-fledged tourism renaissance just after the onset of the pandemic and hasn’t looked back. And so much of that growth can be directly tied to the expert stewardship of Boschulte, who helped craft an innovative, flexible response to the challenges of the pandemic and has continued to drive the USVI’s performance with a data-driven, creative approach to modern tourism.”

Commissioner Boschulte and Deputy Commissioner Farrington joined Governor Bryan for meetings with leading cruise lines, including Disney Cruise Line, Norwegian Cruise Line, and Carnival Corporation & plc, amongst others, to discuss continued partnerships, expansion opportunities, and industry updates.

As the global cruise industry continues to restabilize following challenges incurred during the COVID-19 pandemic, St. Thomas and St. Croix experienced a 13% growth in 2023 over 2019, with West Indian Company Dock, Crown Bay Dock, and E. Abramson Marine Facility welcoming more than 1,600,000 passengers from 495 total calls for the year. With a 58% year-over-year passenger increase from 2022 to 2023, the USVI continues to grow and is projected to experience another 5% increase in cruise passenger arrivals in 2024.

Commissioner Boschulte also highlighted the remarkable success of the USVI and Caribbean region, stating, “I am proud to see the Caribbean’s appeal continue to captivate travelers. Our collaborative efforts with partners like FCCA and the Caribbean Tourism Organization underscore the unity of our region, ensuring unforgettable experiences for visitors while highlighting the unique strengths of the U.S. Virgin Islands. With a safe, welcoming destination and a shared commitment to tourism, we embrace our role as an integral part of the Caribbean community.”

For more information about the U.S. Virgin Islands, please visit https://www.visitusvi.com/.