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Zero interest

Zero interest

It is becoming harder for Barbadians to earn any form of interest on their domestic savings accounts. A day after CIBC FirstCaribbean officially slashed its deposits rate to between 0.05 and 0.15 per cent, local customers of Royal Bank of Canada (RBC) said they have also been put on notice that their savings rate is […]

Businessman calls for return of development bank

Businessman calls for return of development bank

Co-owner of Doyle’s Offshore Sails David Staples has made a strong case for the restart of the Barbados Development Bank (BDB). The state-owned financial institution, which provided loans for new business enterprises, was closed in 1996 as part of the then Government’s restructuring of the financial sector. However, while highlighting the importance of such a […]

Bad tax

Bad tax

The local credit union movement is dismissing calls by the commercial banking sector for the recently announced rise in the bank asset tax to be extended to all financial institutions. Soon after Minister of Finance Chris Sinckler announced last week that the tax would increase with immediate effect from 0.2 per cent to 0.35 per […]

Barbados to lead banking study

Barbados to lead banking study

Barbados is to lead a study examining whether Caribbean banks are compliant with international financial guidelines, as part of a Caribbean Community (CARICOM) strategy to counter moves by international banks to end their correspondent relations with the region. The proposal for the study was submitted by Governor of the Central Bank of Barbados Dr Delisle […]

Brown is new FirstCaribbean CEO

Brown is new FirstCaribbean CEO

CIBC FirstCaribbean International Bank recently welcomed its new chief executive officer, Gary Brown, who was appointed to the post effective January 1. He previously served as Global Head of Corporate Banking with the bank’s parent company, CIBC. He was also a member of the Wholesale Banking Management Committee, Investment Committee, as well as CIBC’s Operating […]

Overtaxed

Overtaxed

If there is one wish that president of the Barbados Bankers’ Association Glyne Harrison has for the New Year it is for Government to give commercial banks a tax break. Harrison explained that banks were being good corporate citizens that paid their fair share of “huge” corporate taxes, deposit insurance and the controversial tax on […]

Farewell to “Ty” King

Farewell to “Ty” King

Barbadians’ identification with their African heritage came to the fore this morning when local Pan-Africanists and leaders of Non-Governmental Organisations gathered at the historic Queen’s Park Steel Shed, the City, to celebrate the life of one of their own – the late Roosevelt “Ty” King. The music of the late Jamaican Reggae icon Bob Marley […]

CIBC reports increased earnings

CIBC FirstCaribbean has recorded its highest quarterly net income since the second quarter of fiscal year 2010, improving its net intake by nearly 50 per cent, the bank said in a release announcing its third-quarter performance results for 2015. CIBC said it continued to deliver solid results against its strategic objectives of accelerating profitable revenue […]

FirstCaribbean sells assets in Belize

A major Caribbean bank, which has its head office in Barbados, is divesting its Belize operations and is awaiting regulatory approval from the Central Bank of Barbados, as well as the Central Bank of Belize. CIBC FirstCaribbean International Bank, which is headquartered in Warrens, St Michael, has sold its assets in Belize to the local […]

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