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CIBC Country Manager announces Expansions, Access to loans and new Credit Card during TCI Business Outlook

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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.

News

ELECTRICITY BILL SHOCKER: PELICAN ENERGY WARNED GOV’T

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TCIG knew from April that fuel factor could surge almost 80%; Minister says $500 cost-of-living payment was part of Government’s response

PROVIDENCIALES — The Turks and Caicos Government knew months before July’s shocking electricity bills that consumers faced a potentially massive increase in the fuel factor.

Minister of Information Technology and Energy E. Jay Saunders revealed Friday that Pelican Energy warned his Ministry in April that generation fuel costs were projected to rise from $3.09 per gallon in May to $4.79 in June and July.

That translated into a projected fuel factor jump from about 17.5 cents to 31 cents per kilowatt-hour — an increase of almost 80%.

Saunders said he personally advised Cabinet of the projected increase and presented options for cushioning the impact.

He characterised Government’s $500 cost-of-living payment as its “initial response” to rising fuel costs, before a separate fuel-factor subsidy was approved.

Cabinet records show Government agreed on June 24 to provide funding to mitigate the fuel-factor impact, with the relief programme approved July 8.

Eligible residential customers — those averaging less than $1,500 monthly over the previous three bills — are capped at 22 cents per kWh from July through October.

Pelican confirmed Friday that Government’s contribution was already applied to July bills, meaning the bills now triggering widespread public outrage would have been even higher without the subsidy.

Saunders did not disclose the programme’s total cost.

His admission that Government knew since April, however, raises another question amid the backlash: why were consumers not directly warned by Government about the scale of the approaching increase?

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Bahamas News

More Bahamians Accessing HIV, STI Care Through NHI

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NASSAU, Bahamas — More Bahamians are accessing HIV and sexually transmitted infection-related healthcare through National Health Insurance, a trend the NHI Authority says should be viewed positively.

NHIA stressed in an August 6 statement that its 2025 figures measure healthcare utilisation, not newly diagnosed infections. They include beneficiaries screened, treated, monitored or receiving follow-up care, including people diagnosed previously.

“Increased utilisation of these services should be viewed as a positive development,” NHIA said.

The Authority pointed to “greater enrolment and use of NHI, improved access to screening and testing, continued treatment and monitoring of existing conditions, and increased willingness to seek medical care.”

The development comes amid a mixed three-year HIV picture. New diagnoses rose from 130 in 2023 to 156 in 2024, before declining to 142 in 2025.

NHIA said increased utilisation demonstrates that more beneficiaries are accessing needed healthcare and actively managing their health, reinforcing the importance of screening, early diagnosis and continued treatment.

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Health

47,459 MEASLES CASES, 44 DEATHS ACROSS AMERICAS  

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WASHINGTON, D.C. — The Americas has recorded 47,459 confirmed measles cases and 44 deaths in 2026, the region’s highest case count in 22 years, prompting the Pan American Health Organization (PAHO) to urge stronger vaccination, surveillance and rapid outbreak response.

As of July 18, cases were already more than triple the 15,011 recorded during all of 2025. Guatemala, Mexico, the United States and Peru account for 95% of confirmed cases. Guatemala leads with 30,371 cases and 26 deaths, followed by Mexico with 12,255 cases and 17 deaths.

PAHO classifies the regional public health risk as very high, citing active outbreaks, immunity gaps, international travel and populations with inadequate vaccination coverage.

The organization says prevention starts with vaccination. Countries are being urged to achieve and maintain at least 95% coverage with two doses of measles-containing vaccine, particularly protecting children and under-vaccinated communities.

Measles spreads through the air when an infected person breathes, coughs or sneezes. Symptoms can include fever, cough, runny nose, red eyes and a rash.

PAHO is urging health authorities to detect suspected cases early and respond rapidly to stop transmission. Unvaccinated and under-vaccinated people, young children and communities with limited healthcare access face increased risk of severe illness and death.

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