Business

CIBC Caribbean announces a change to its Country Management Structure

New structure is expected to place renewed emphasis on employee, community and client relationships as bank harnesses internal talent to lead new phase

The Caribbean’s leading financial services company, CIBC Caribbean, has announced a change to its Country Management, that will place greater emphasis on relationships with key stakeholder groups, including its employees, clients and the community. The bank currently operates in 10 Caribbean countries, having reduced its geographical footprint from 17 countries to 10 over the past three years.

In making the announcement today, Chief Executive Officer, Mark St. Hill, noted that leading the regional Country Management team, is the bank’s newly appointed Chief Country Management Officer, Ms. Donna Wellington, formerly Managing Director for Barbados & OECS, under whom all country-related activities will be aligned.

Donna Wellington is no stranger to Caribbean banking, having joined CIBC 20 years ago, holding progressively senior roles in the bank. She served as CIBC Caribbean’s Managing Director for the eastern Caribbean region since 2013, and between 2016 and 2021 was President of the Barbados Bankers Association, Director in the Barbados Private Sector Association (BPSA) and an active participant in the Barbados Social Partnership. In this regard she represents the BPSA as a participant in the Social Partnership Oversight Committee tasked with oversight of the Sustainable Recovery Plan for Barbados.

Mr. St. Hill noted: “Donna’s vast knowledge of banking and her commitment to client service makes her the perfect choice for this role. We know that she will bring the same energy to developing our business in the rest of the region that she brought to managing our operations in Barbados and the OECS.”

He added: “This change to the organization’s structure will mean that our other current Managing Directors with responsibility for the bank’s Operating Companies will transition to different types of roles in the organisation. CIBC Caribbean’s Managing Directors in The Cayman Islands and Jamaica, Mark McIntyre and Nigel Holness will be appointed the Chairmen of the Cayman and Jamaica businesses respectively, while taking early retirement from their day-to-day duties.

“Additionally, our MD in the Bahamas, Dr. Jacqui Bend, will take early retirement and transition to an assignment designed to assist us in our transformation & governance programme, while our MD in Trinidad, Anthony Seeraj, will remain with the bank until the end of fiscal. During this time his new remit will be to help us secure a new Head of Country for Trinidad, while assisting in a number of business development activities in Trinidad, after which he too will take retirement. We are also undertaking a search for a new Head of Country in The Bahamas to succeed Dr. Bend.”

Mr. St. Hill went on to add: “We feel extremely fortunate that these hugely experienced individuals will continue to be a part of our team, albeit in different capacities. We are also excited to announce a further evolution of our talent of professionals, to meet the demands of the new CIBC Caribbean, as we have appointed a new crop of Heads of Country to take over in five of our jurisdictions.

Mr. Kemar Polius will succeed Ms. Wellington at the helm of the bank’s Barbados operations;
Mr. Gemel Sobers has been appointed the Head of Country for The Cayman Islands;
Ms. Annique Dawkins is the Head of Country for Jamaica;

All Heads of Country will report to our newly appointed Chief Country Management Officer.”

All appointments are subject to regulatory approval. St. Hill added: “We are shifting to a more country-focused performance model, having successfully optimized our geographical footprint from 17 countries to 10 and from 72 to 45 branches. This alignment emphasizes, at the country level, business development and performance, client facing activities and people leadership as we continue to embed our new corporate culture, which we started work on over the past year.”

He further explained that the new Heads of Country will prioritize the development of relationships, with staff, clients and within the community. “Our stated goal is to make our clients ambitions into reality. To do this, we must be closer to our clients, learning what they want from us and finding the best way to make it happen. A key component of that is ensuring our employees have the right tools, and the best working environment to deliver for our clients, so our Heads of Country will focus heavily on that, while ensuring we keep our commitment to contributing to the development of our communities.”

The CIBC Caribbean CEO went on to list a number of major accomplishments of the regional bank over the past few years. “We have rationalized and consolidated our geographical footprint since 2016. We have enhanced our client experience and made several other structural adjustments such as integrating all our business segments under one Chief Commercial Officer, centralized key functions, launched an Agile way of working to give us a greater competitive edge, centralized our digital sales through our LoanStore, and revamped our Call Centers into Contact Centers. This is one more piece of the puzzle as we continue to develop our business capabilities and effectiveness.”

The new changes to the organization become effective on 1^st March 2025. (PR)

Business

Statement On Acceptance Of US $1 Notes In Barbados

The Central Bank of Barbados has acknowledged public concerns regarding some businesses refusing to accept US $1 notes. While the Bank understands the frustration this may cause, it clarifies that, by law, the acceptance of foreign currency by the public falls outside its jurisdiction. Therefore, it cannot intervene in matters concerning local businesses’ non-acceptance of US $1 notes.

However, the Bank assures the public that it continues to accept US $1 notes from commercial banks. Additionally, commercial banks have informed the Bank that they regularly accept US $1 notes from the public.

It’s important to note that in Barbados, the Barbadian dollar (BBD) is the sole legal tender. While businesses may choose to accept foreign currencies like the U.S. dollar, they are not legally obligated to do so. This discretionary acceptance can lead to inconsistencies, especially concerning smaller denominations such as the US $1 note.

For individuals possessing US $1 notes, the recommended course of action is to exchange them at local commercial banks, which have indicated their willingness to accept these notes. This approach ensures that foreign currency can be converted into Barbadian dollars, facilitating seamless transactions within the local economy. (PR)

Business

GAIA Marks A Historic Milestone With 54 Flights In One Day

The Grantley Adams International Airport (GAIA) and the tourism industry marked a historic milestone on Saturday, December 21, with the arrival of 54 flights.

Minister of Tourism and International Transport, Ian Gooding-Edghill, who was present for the arrival of the inaugural Delta Saturday-only flight out of John F. Kennedy’s Airport, stated that from the 54 flights, approximately 8,000 passengers would have arrived on the island, with 2,200 of those passengers being air-to-sea transfers.

Mr. Gooding-Edghill noted that the milestone proved that the efforts of the Ministry and the Barbados Tourism Marketing Inc.’s (BTMI) airlift strategy had been successful and gave a breakdown of the type of aircraft that landed at GAIA.

“Our airlift strategy has been successful in getting more airlift and visitors to Barbados…. Today is also a very historic day for the Grantley Adams International Airport. I must tell you that today this airport will witness 54 flights, 15 wide body flights, 15 narrow bodies, and 24 regional,” Minister Gooding-Edghill said.

He expressed thanks to the staff of the Ministry, the BTMI, those in the aviation sector, tourism stakeholders, and notably, BTMI’s Director for the USA, Peter Mayers.

“Let me also thank the wonderful team that is the Barbados Tourism Marketing Inc.’s wonderful team that they have based in the United States of America. It is this team that journeyed with us and helped us when we were negotiating with the airlines to achieve the success that we are achieving with our airline strategy. It is the team led by our Director, Peter Mayers.

“Peter, I want to say thank you, not only on the behalf of the Barbados Tourism Marketing Inc., not only on behalf of the Ministry of Tourism but certainly on behalf of the Government and the people of Barbados, for your continuing service excellence and your dedication to the development of Barbados as a tourism destination, I really want to say that to you,” the Tourism Minister stated.

He noted that the increase in airlifts was reflected in the statistics regarding visitor arrivals when compared to 2019. “Another very interesting statistic is that the Grantley Adams International Airport is projecting to have 2.35 million passengers by the end of this calendar year. This is certainly up from the 2019 figure, which I’m advised, was 2.29 million passengers,” Mr. Gooding-Edghill reported.

The Minister added that the Ministry intends to ensure that more airlift comes to the island from the United States and Europe.

Also giving an update on the operations at the GAIA was its Chief Executive Officer, Hadley Bourne. He shared that one of the initiatives to enhance the experience at the airport was the operationalisation of the Concorde Experience.

“So, we would have heard the Minister speak about his tourism strategy and growth that we are seeing in all the various markets and even on the air-to-sea side, and one of those pretty good initiatives that we would have also engaged in to enhance the overall experience at the Grantley Adams International Airport is the opening of the Concord experience.

“It’s been open now roughly six weeks, and we’ve been having fantastic feedback from all stakeholders, whether it be the passengers or the cruise personnel, and even local stakeholders. And on any given Friday or Saturday, there’s a throughput through that facility in excess of 1,500 passengers. This takes a significant load off the main terminal, which allows for the Minister to then exceed his commercial activity and that is just one of the initiatives that we’ve seen. Because for us, customer experience is key to maintaining and keeping the tourism product that we are promoting,” Mr. Bourne stated. (PR/GIS)

Business

Trust Fund Ltd. To Launch New Initiative Early Next Year

The Barbados Trust Fund Limited (BTFL) will launch a new initiative early next year to empower its clients in the services sector.

General Manager of the BTFL, Jerry Amos, made the disclosure on Friday afternoon as he addressed the Staff Luncheon and Awards Ceremony for some clients, at Accra Beach Hotel and Spa.

Mr. Amos told the gathering: “Starting in the first quarter of the next financial year, we will launch STI-FEST – Service Technology Innovation Fest.
This initiative will blend technology and innovation to empower our clients in the services sector, equipping them with tools and insight to thrive in a rapidly evolving market.”

In highlighting some of the Fund’s accomplishments over its six years of existence, he pointed out that an online Loans Management System (LMS) was launched in 2024. He said the system has transformed the operations of the BTFL, as the loans process has been streamlined and is entirely online.

“Once the payment sections are completed, we will have a complete end-to-end system, making it easier for our clients to access and manage their financial services with us….

“We are not stopping there. In the second phase of development of the LMS solution, we will introduce artificial intelligence and data analytics to enhance the system’s capabilities.

“These advancements will allow us to better anticipate and respond to clients’ needs, as well as provide valuable insight that will help us refine and improve our services. This is about more than technology; it’s about using innovation to deliver even greater value to our clients,” he stressed.

Mr. Amos said recent public discussions about the Fund’s $5,000 loan offering had sparked reflection within the organisation. He insisted that such an amount could deliver the remarkable outcomes showcased by BTFL.

“When paired with guidance and resources, $5,000 can be the seed that transforms a dream into reality. That being said, we also recognise that some businesses require more than the $10,000 that we offer as a second loan, after the first $5000.00 loan is successfully repaid.

“We will continue to champion grant funding for potential entrepreneurs at the pre-seed stage, ensuring that ideas can grow into enterprises. Our work must not only fund businesses but nurture them to succeed,” he emphasised.

The General Manager praised the staff for their commitment, describing them as enablers of dreams, architects of change, and the backbone of the organisation’s success. He also congratulated the 27 clients who received awards for their hard work and dedication.

Permanent Secretary in the Ministry of Energy and Business, Kevin Hunte, underscored the importance of the entrepreneurs and Trust Fund celebrating their achievements. He encouraged them to map out and list their achievements.

“We need to wave them high, especially in these days where negative news seems to be taking the predominance. And, so I want to encourage you both – Trust Fund as well as the awardees – to tell your story … as widely as you can, as loudly as you can, and with as much detail as you can, because your success is Barbados’ success,” Mr. Hunte said. (PR/GIS)

Caption: Collis Lowe of Gratitude Enterprises accepting her award from Permanent Secretary in the Ministry of Energy and Business, Kevin Hunte