News
CIBC Country Manager announces Expansions, Access to loans and new Credit Card during TCI Business Outlook
Danae Dennie
Staff Writer
#TurksandCaicos, June 18, 2024 – On June 7th 2024 CIBC’s Country Head, Terrance Gibson, shared that CIBC will be expanding their ABM Network in Grand Turk and South Caicos, modernizing banking and doing a rebrand of the company, at the Inaugural Turks and Caicos Business Outlook.
The theme for this event was “Opportunities for Growth and Inclusion for All TCI Stakeholders.”
Gibson expressed that CIBC will be exploring new financial products and payment solutions. They plan to expand their ABM Network footprint by adding an ABM at the Grand Turk Branch.
When asked about bringing a bank to South Caicos, Gibson said CIBC will mainly be focusing on improving banking services in Grand Turk and Providenciales however an ABM has been approved for South Caicos but a specific timeframe was not given.
He shared that they will be improving their diversity initiatives by allowing their ABMs to have Spanish and Creole language options.
Gibson shared that all banks will engage in electronic funds transfer, to assist with the electronic transfer of money from one bank to the other via computer based systems without direct human intervention.
“This will be a concrete step in transforming TCI into a more cashless society, TCI right now is heavily cash intensive,” said Gibson.
He also shared that the Financial Services Commission (FSC) will be reviewing legislation to ensure financial institutions are provided with regulatory capabilities in order to keep pace with the changes in the global financial sector.
Gibson, during his presentation expressed satisfaction with the goal of CIBC loan stores which allow loans to be applied for and received within minutes. These loan stores have been in operation since last year and the company hopes to allow more consumers to tap into the opportunities at the bank.
Additionally, CIBC plans to launch a Prepaid debit MasterCard in the latter part of the year.
Gibson said “This will be a game changer for companies that issue a large number of cheques to the same persons on weekly or monthly basis, they will be able to obtain a number of prepaid cards for their businesses and assign them to workers and vendors… this will facilitate less administrative work and reduce time lost.”
Gibson shared recent rebranding of the bank is a testament to CIBC’s dedication to adapting to the evolving needs of their clients and the dynamic landscape of the financial service industry, which he also identified will come through growth, innovation and service excellence as part of adopting the CIBC brand.
Gibson encouraged clients to be confident in CIBC’s ability to meet their financial goals and thanked the TCI community for their continued trust and partnership.