On 17 July 2023, Grenada Co-operative Bank Limited (Co-op Bank), announced the successful transfer of assets and liabilities of CIBC FirstCaribbean, Grenada branch.
Customers are now able to access Co-op Bank’s full suite of financial solutions through its conveniently located Retail Banking Units, CONNEX ATMs and eBanking (online) platform.
An acquisition of this magnitude marks a significant milestone in the Bank’s 90-year history. It involved the migration of over 13,000 customers, Loans valued at EC$154 million and Deposits totalling EC$398.6 million. This was a major undertaking for Grenada’s lone indigenous commercial bank and is testament to the experience and quality of its staff.
Customers are advised that the Bank is working assiduously to rectify any issues and challenges and wishes to thank all customers for their patience and understanding. Noteworthy, during this process, the Bank rolled out many strategic initiatives that new and existing customers can now enjoy. These include:
- An enhanced suite of credit cards with an attractive rewards programme
- Upgrades to the eBanking (online) platform
- Creation of a customer contact centre to assist with the transition and provide virtual and real-time responses to customers’ queries
The Bank has prioritised a few post-acquisition initiatives, which will be undertaken in the coming weeks, including:
- Implementing further enhancements to its eBanking and digital platforms to allow for more seamless and efficient user experiences
- Embarking on updating customer records to comply with Anti-Money Laundering (AML) and other regulatory standards
Further, the Bank is pleased to announce that several former CIBC FirstCaribbean employees have joined the Co-op Bank family. This will provide customers with familiar faces as they become accustomed to doing business with the Bank and to further improve customer service delivery.
Co-op Bank remains committed to providing excellent customer experiences each and every time and wishes to thank all stakeholders involved in making this acquisition a success.