CIBC First Caribbean International Bank is closing its Anguilla office early in the new year.
This from Managing Director of Barbados and the EC Islands, Donna Wellington.
She notes that the decision was made after the company conducted a strategic review of the business across the region.
According to Ms. Wellington, since the economic downturn, the business in Anguilla has been experiencing operational losses.
The banking executive says the operation is a small one accounting for just five per cent of overall market share there.
Ms. Wellington says CIBC First Caribbean has held discussions with the Government of Anguilla and the Eastern Caribbean Central Bank, as the regulator, and all parties have agreed to work to ensure the transition can take place in an orderly manner.
She says the bank's employees in Anguilla will be offered separation packages consistent with the bank's policy.
Ms. Wellington adds that branch operations will cease on 31st January next year.