The Tribune

By NATARIO McKENZIE

Tribune Business

Reporter

nmckenzie@tribunemedia.net

CIBC First Caribbean (Bahamas) managing director says no jobs were lost from the consolidation of its three north Abaco branches, with the bank hoping to increase its "alternate footprint".

Marie Rodland-Allen, in an e-mailed response to Tribune Business queries, confirmed that with effect from May 31, 2017, CIBC First Caribbean's Green Turtle Cay, Hope Town and Man-O-War Cay agencies were closed and consolidated with its Marsh Harbour Branch. Those three locations had only operated one day a week.

"No jobs were impacted and CIBC FirstCaribbean is committed to ensuring that this consolidation is completed with as little inconvenience to our valued customers as possible," said Mrs Rodland-Allen.

"We have also recently installed a new dual currency Instant Teller machine in the departure lounge at the Leonard M. Thompson International Airport in Marsh Harbour, and are hoping to increase our alternate banking footprint by installing another one at the Marsh Harbour Ferry terminal."

Businesses and residents in northern Abaco were said to be "extremely disappointed" over CIBC FirstCaribbean's decision to close the three branches, with community leaders warning the move will have a "devastating effect on commerce".

Matthew Lowe, Green Turtle Cay's chief councillor, told Tribune Business: "It is very disappointing. We can only assume that they did this to cut back on expenses, but we don't know; they didn't say why other than that they were consolidating."

Mr Lowe said there were two resorts and several marinas on Green Turtle Cay, as well as several second home rentals that cater to a high volume of tourist throughout the year. In a letter to the Abaco Chamber of Commerce, he argued that not having a branch on Green Turtle Cay puts the future of several businesses, which have to secure large amounts of cash, at risk, with the nearest bank a 10-minute ferry ride, then a 30-minute drive to Mash Harbour.

The move by CIBC FirstCaribbean comes on the heels of Royal Bank of Canada's (RBC) decision to close branches in Spanish Wells, Bimini and Treasure Cay. The bank, back in March also unveiled its plans to close its its location at Lynden Pindling International Airport (LPIA) in Nassau. Scotiabank, too, has reduced its Family Island branch presence in recent years as the Canadian-owned commercial banks seek to cut costs and drive customers to online and electronic banking channels.