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FIRSTCARIBBEAN INTERNATIONAL BANK LIMITED HAS ANNOUNCED ST. KITTS SALE WILL NOT GO AHEAD

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Bank pledges to refine and transform its business in St Kitts introducing smart ABMs and other enhanced digital services.  

 

#Bridgetown Barbados, April 11, 2023 – FirstCaribbean International Bank Limited has announced today that the sale of its assets of FirstCaribbean International Bank (Barbados) Limited in St. Kitts to St. Kitts-Nevis-Anguilla National Bank Limited (SKNANB) will not now go ahead.

The Eastern Caribbean Central Bank (‘ECCB’) provided conditional approval for the sale of the assets and banking business of FirstCaribbean International Bank (Barbados) Limited (‘FCIB Barbados’) in St. Kitts to the St. Kitts-Nevis-Anguilla National Bank Limited (‘SKNANB’) on July 15, 2022, subject to certain conditions.

SKNANB recently informed FCIB Barbados that it has not secured final approval from the ECCB to conclude the acquisition.  The ECCB subsequently notified FCIB Barbados of its decision to not grant final approval for the sale of its operations in St. Kitts.

Notwithstanding the denial of approval outlined above, the ECCB remains fully engaged with FCIB Barbados as it continues to assess its operational footprint in the Eastern Caribbean Currency Union.

This means that FirstCaribbean International Bank (Barbados) Limited will retain its presence in St. Kitts and has announced plans to transform the way it does business in St. Kitts.

Chief Executive Officer of CIBC FirstCaribbean, Mark St. Hill, noted that while the ending of the sale process is disappointing for the bank, CIBC FirstCaribbean will take advantage of this opportunity to refine its business in St. Kitts. He added: “We are an agile organisation and it is our duty on behalf of our employees and clients to ensure that we deliver a steady ship that provides omni-channel access to banking services in St. Kitts. We are prepared to pivot and look towards growing our business in St. Kitts into the future.”

Managing Director for the bank in Barbados and the OECS countries, Donna Wellington, noted that the bank will take this opportunity to transform its business in St. Kitts. “Our priority is to signal to the market that we are staying and open for business. We have been conservative in the St. Kitts market over the past year-and-a-half as we prepared the business for sale. However, we will now concentrate our effort on building the business, reconnecting with both our Retail and Corporate clients in a big way and providing them with the best products and services CIBC FirstCaribbean has to offer.”

Ms. Wellington went on to thank both staff and clients for their commitment to the bank. “Our employees are a huge asset to the business, and we owe them a huge debt of gratitude for the grace and professionalism they have exhibited over the past several months. As for our clients, we have already spoken to some of them and they have assured us of their continuing support for us, so it is full steam ahead.”

Ms. Wellington noted that the bank plans to eventually transform its branch and network in Basseterre to be able to provide access to both in person and digital banking services to St. Kitts, with the installation of Smart ABMs, and other self-serve products that will allow customers to choose how and where they bank with CIBC FirstCaribbean.

Bahamas News

Bahamas Government and Grand Bahamas Port Authority in squabble over millions allegedly owed

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Rashaed Esson

Staff Writer

 

#TheBahamas#DavisAdministration#PortAuthority, April 9, 2024– The Bahamas Government according to reports, says the Grand Bahama Port Authority owes 357 million dollars in back payments over the last five fiscal years, 2018 to 2022, and in a letter sent to the Port Authority last week by the Davis Administration, the government is giving them 30 days to pay up. However, the Port Authority clapped back in a statement, denying the government’s claim saying that they do not owe the sum of 357 million dollars

 

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Bahamas News

$36 Million Dollar Upgrade for World Athletics Relays in Nassau, Bahamas

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Rashaed Esson

Staff Writer 

 

After years of thorough maintenance, The Thomas A Robinson National Stadium in The Bahamas is finally getting a multi-million dollar makeover, readying the 10 year old facility ahead of the World Athletics Relays on May  5, 2024; it is being staged in Nassau for the fourth time. 

 

This $36 million refurbishment is being funded by the Chinese Government, as part of a vision to enhance the country’s sport infrastructure to benefit youths in athletics. The stadium was gifted to The Bahamas in 2012 by the Chinese.

 

The relay is the qualifying event for the 2024 Summer Olympic Games and there will be 32 national teams, in each relay event, and 20 races on both days of competition, according to World Athletics. 

Day 1, will have 20 heats across the five olympic events (4 heats each for 4×100, 4×400, men, women and mixed) and will qualify 40 teams for the Summer Olympics.  The top two teams from each heat will directly qualify for the Games.

On day 2, 30 more national teams will be qualified through 15 repechage heats and five finals, across those five events.

 

The upgrades which include new trusses, rooftops, seats, the lawn, score boards, LED displays and more, are expected to be complete at least two weeks before the relays, being held under the theme: ‘Chase the  Sun’. 

 

In a special ceremony on Monday April 8, The Bahamas Prime Minister, Philip Davis said:

 

In December 2023, our shared vision took shape, as the government of the Commonwealth of The Bahamas, and the government of the People’s Republic of China, inked an implementation agreement for the renovation of the stadium. This gesture of goodwill and friendship, from the Chinese government to undertake the China Aid Maintenance and Renovation project of our national stadium, stands as a testament to the strong bonds that unite our countries. This project, executed by China Urban Construction Research Institute Company Limited, and the China Machinery Industry Construction Group Company Limited, reflects our shared commitment to excellence, innovation and mutual development.”

 

Additionally, H.E Dai Qingli, outgoing Chinese Ambassador to The Bahamas who also attended that ceremony, spoke. 

 

“At the end of the project, the Bahamian people will get a fully renewed and modern world class stadium because everything is going to be either renewed or repaired,” she said.

Some 1600 athletes will be in The Bahamas for the World Athletics relays, with five events.  The Bahamas won the bid over Lausanne, Rome in 2022.

 

 Mario Bowleg,  Minister of Youth, Sports and Culture in reports, thanked China for their contribution to the redevelopment of the stadium. 

 

“We thank them for their commitment to ensuring that they bring this facility back up to A1 standard so that we can continue holding international events and using these facilities as a development of our young people.”

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Bahamas News

Grand Bahama Airport Demolition

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BIS Photo: Lisa Davis

Rashaed Esson

Staff Writer

TheBahamas#TheGrandBahamaAirportDemolition, April 10, 2024 – The demolition of the Grand Bahama International Airport has begun, to start transformative construction as previously announced by Minister with responsibility for Tourism, Aviation and Investments, Chester Cooper, last month. Cooper says a new state of the art facility will be created to redefine Grand Bahama’s access to global opportunities and meet international standards.

 

 

 

 

 

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