CIBC Caribbean, which operates as CIBC FirstCaribbean in the Dutch Caribbean, has been given the greenlight to sell its assets in Sint Maarten to the locally based Orco Bank.

In a statement today, CIBC Caribbean said the “Centrale Bank van Curaçao en Sint Maarten has approved the transactions that will allow Orco Bank Limited to purchase the assets of FirstCaribbean International Bank (Cayman) Limited in Curaçao and St Maarten”.

“This approval is the start of a complex process involving two territories and several thousand accounts. It is to be expected, therefore, the transition from one financial services company to the other will take several months to complete,” CIBC Caribbean added.

The Canadian bank, which recently completed a rebranding of its Caribbean operations, said teams from both banks are working together in earnest to complete the two transactions. In the interim, CIBC Caribbean said it will continue to provide its clients in both Curaçao and St Maarten with the same level of professional, leading-edge service they have become used to.

“Our first priority is to discuss with our staff in both territories what we are planning as a transition schedule, followed by communications to our clients setting out precisely the detailed schedule by which we will begin transitioning their accounts to Orco Bank,” assured Mark McIntyre, managing director for the CIBC’s Cayman operating company, under which the Curaçao and St Maarten businesses fall.

McIntyre added that Orco Bank will also begin communicating with clients, but cautioned that it will take some time before all details of the services is worked out between the two banks.

He said further: “Our clients can rest assured that we will keep them informed at every step of the process and we will work together as a team to ensure this transition is seamless, with minimum disruption for our clients. We will make full use of our social media channels, letters via post and traditional media to communicate our plans to our clients. We will leave no stone unturned to ensure this process is as smooth as possible for all involved.”

McIntyre assured that the bank is committed to treating all employees with dignity and respect during this period while providing excellent customer service to clients.