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CIBC FIRSTCARIBBEAN TO SELL ITS BANKING ASSETS IN CURAÇAO AND ST. MAARTEN Bank completes its programme of country divestitures with the two transactions

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Bridgetown, Barbados 31st October 2023. FirstCaribbean International Bank Limited has announced that its wholly-owned subsidiary, FirstCaribbean International Bank (Cayman) Limited (“FCIB Cayman”), has agreed to sell its banking assets in Curaçao and St. Maarten to the Curaçao-based Orco Bank.

Orco Bank, established in 1986 in Curaçao, is dedicated to serving the communities of Curaçao, Bonaire, and Sint Maarten by providing a comprehensive range of personal and business banking solutions. Originally focused on offshore activities, bond trading, and investment banking, the bank has now broadened its scope to deliver banking products and services to individuals and businesses in the region.


The transactions are subject to regulatory approval, including from the Cayman Islands Monetary Agency, the Central Bank of Barbados, and the Central Bank of Curaçaoand Sint. Maarten, and are expected to be finalized in the coming months.

Orco Bank offers an extensive range of banking solutions designed to meet the unique needs of personal customers. These include a variety of account options such as current accounts and savings accounts, as well as credit and debit card choices. The bank also provides flexible financing options with mortgages, personal loans, and car loans, along with insurance brokerage services.

In announcing that Orco and CIBC FirstCaribbean had reached agreement on the terms of the transaction, CIBC FirstCaribbean’s Chief Executive Officer, Mark St. Hill, noted that: “these transactions are the final ones in our programme of country divestitures that began in 2021 with the sale of our assets in Aruba and some of our OECS territories. This programme began as part of our strategy to enable CIBC FirstCaribbean to optimize and simplify its business, further enhance efficiency and focus on core markets to accelerate growth. When these divestitures are completed, it will allow our bank to turn its full attention to growing our business, consolidating our position in our core markets and optimizing our strategy of providing a second-to-none omni-channel banking service to our clients.”

St. Hill added: A decision to leave a market is never an easy one but we are certain that we are leaving our clients with a competent team, led by Edward Pietersz and Desiree Alberto-Martina of Orco Bank, who will focus on delivering a personalized service and an enhanced customer experience to its customers, to ensure high compliance standards, and portfolio management, to conform with guidelines and regulations of the Central Bank of Curaçao and St. Maarten (CBCS).”

“Acquiring CIBC FirstCaribbean’s banking assets presents an excellent opportunity for Orco Bank,” states Edward Pietersz, Managing Director, and CEO of Orco Bank. “We are thrilled to welcome new customers and remain dedicated to delivering superior service to both our existing and new clientele. With an expanded reach, we are well-positioned to fulfil our mission of being the preferred partner, offering innovative, customer-driven solutions that enable financial freedom in a responsible and sustainable manner while creating shared value for our communities. Both banks are working diligently to ensure a seamless transition for CIBC FirstCaribbean’s customers.”

These transactions are not expected to have a material impact on CIBC FirstCaribbean’s Tier I and Total Capital ratios.

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InvestTCI facilitates the Development Agreement Between TCIG and Molo Hotel Group 

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Providenciales, Turks and Caicos Islands – May 14th, 2024 – The Turks and Caicos Islands Government and Molo Hotel Group reached a pivotal juncture on Monday, May 13th, 2024, with the ceremonial signing of a development agreement at the Premier’s Office on Providenciales. The agreement, which received official Cabinet approval on March 13th, 2024, signifies a steadfast commitment to advancing the economic landscape of the Turks and Caicos Islands.

Molo Hotel Group is a family-owned business, renowned for its distinguished portfolio of high-quality hotels worldwide. The development initiative encompasses the construction of three distinct IHG branded hotels: InterContinental Turks and Caicos, Kimpton Turks and Caicos and Hotel Indigo Turks and Caicos. Scheduled for completion by 2027, each resort boasts a distinctive design from luxury to laidback sophistication spanning across the shores of Grace Bay Beach.

Kimpton Turks and Caicos – an epitome of luxury lifestyle living, will feature 192 guest rooms including three outdoor pools, a luxury spa and a fitness center. Additionally, seven dining options ranging from a beachfront restaurant to a rooftop bar.

Adjacent to the Kimpton, InterContinental Turks and Caicos will offer 59 classic luxury suites with panoramic ocean views. Mirroring its counterpart, this resort will offer an array of dining options and upscale facilities.

Steps away from the Intercontinental and Kimpton resorts, Hotel Indigo Turks and Caicos will embrace a sense of community and contemporary elegance, offering 56 bedrooms. The resort will feature an onsite restaurant, lobby bar, outdoor pool, and fitness room.

Beyond the realm of hospitality, this development agreement underscores the government’s commitment to fostering economic growth and enhancing employment opportunities in the Turks and Caicos Islands. Molo is partnering with the Turks and Caicos Islands Community College (TCICC) to actively promote hospitality as a career choice and support in developing training programs, career fairs, seminars, workshops, and events to raise awareness about hospitality careers. Molo has committed to provide employment and apprentice opportunities to TCICC students and provide mentoring and practical on property training to students.

The signing event was graced by Hon. Charles Washington Missick, Premier of the Turks and Caicos Islands, Hon. Jamell Robinson, Deputy Premier, Hon. Kyle Knowles, Minister of Public Safety and Utilities, Hon. Rachel Taylor, Minister of Education, Youth, Sports and Culture, Łukasz and Marcin Slominski, Owners of Molo, Ross Morrow, Managing Director Molo, Arik Kono, Vice President Upscale Development for IHG, Dr. Candice Williams, President and CEO of the Turks and Caicos Islands Community College, Angela Musgrove, InvestTCI CEO, Dr. Barbara Ambrister, Chairperson of the Turks and Caicos Islands Community College, Dr. Delores Stapleton- Harris, Vice President of Academic, Vocational and Student Affairs for the Turks and Caicos Islands Community College, Mr. Kevin Baxter, Dean of Technical Vocational Education Training (TVET) and Sheryl McLaughlin, InvestTCI Investment Services Executive.

Commenting on the development agreement, Premier, Hon. Misick, stated “The Memorandum of Understanding (MOU) signing of IHG/Molo Hotels is a significant step towards a sustainable future for hospitality in the Turks and Caicos Islands. Three hotels, Kimpton, Intercontinental, and Hotel Indigo, will be introduced, enhancing our tourism product and creating employment opportunities.”

He further added, “Partnerships with the Turks and Caicos Islands Community College and Turks and Caicos Islands Sports Commission are underway, demonstrating the Government’s commitment to developing human capital and elevating tourism offerings. This project will bring economic growth, embrace local talent, and enrich our economy.”

Additionally, Mrs. Angela Musgrove, CEO of Invest Turks and Caicos Islands, emphasized “This collaboration confirms our commitment to fostering economic growth and prosperity within our country. We have worked closely with Molo Hotel Group, and we are confident that this transformative project will further position the Turks and Caicos Islands as a premier destination for travel and investment. Much to our delight, it will also provide opportunities for engagement with our Community College and small business community.”

The Government of the Turks and Caicos Islands, operating through its primary Investment Promotion

Agency, Invest Turks and Caicos Islands, remains committed to attracting and facilitating Foreign Direct Investments to the country by providing a comprehensive suite of services. Through strategic initiatives and targeted promotion, the agency catalyzes sustainable development, driving innovation and small business opportunities across various sectors of the economy.

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Crime

Male Charged with Robbery

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#TurksandCaicos, May 13, 2024 – Detectives of the Serious Crime Unit of the Royal Turks and Caicos Islands Police Force have charged a man who allegedly stole a vehicle.

The accused, DANVANTE  BRISCO, 30,  of  Kew Town, Providenciales, was charged with:

  • One Count: Robbery
  • One Count: Taking Motor Vehicle Without Authority
  • One Count: Using Offensive Weapon to cause fear

Mr. BRISCO appeared in court today (May 13 ) and was granted bail of $7500.00 with one surety.

The matter was adjourned to July 05 for a Sufficiency Hearing.

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Crime

Dock Yard Male Charged  

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#TurksandCaicos, May 13, 2024 – A 20-year-old Dock Yard male appeared in court today (May 13th) charged with a series of firearm-related offences.

The accused, JAMES SIMON, was denied bail and remanded into custody pending a Sufficiency Hearing scheduled for July 05th, 2024.

Mr. SIMON faces the following charges: 

  • One Count: Robbery;
  • One Count: Gang Membership
  • One Count: Possession of a Firearm for the Benefit of a Gang
  • One Count: Possession of Ammunition for the Benefit of a Gang.

The charges against Mr. Simon followed investigations by officers of the Royal Turks and Caicos Islands Police Force into a robbery at the parking lot of a Casino where three males robbed a victim.

Additionally, Mr. Simon is charged with the following offences, having been arrested on May 02nd, 2024, along South Dock Road.

  • One Count: Possession of a Firearm
  • One Count: Possession of Ammunition
  • One Count: Unlawful Entry

Officers also charged a teenage minor who was in the company of  Mr. Simon on May 02nd with One Count of UNLAWFUL ENTRY. 

The accused, seventeen and from Kew Town, Providenciales, pleaded guilty and will be sentenced on May 20th.

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