CIBC Caribbean successfully transfers assets to Orco Bank N.V. Both sides report a smooth transition

CIBC Caribbean (operating as CIBC FirstCaribbean in the Dutch Caribbean) has announced the successful transfer of its assets to Orco Bank N.V. on Friday May 24, 2024.

Both sides have reported a smooth transition with former CIBC FirstCaribbean clients now conducting transactions seamlessly at Orco Bank N.V. locations.

“Friday May 24 was the very successful culmination of months of planning and hard work by teams of dedicated professionals at our bank and Orco, their sole aim was to ensure an effortless transfer of our assets to Orco Bank N.V. ensuring that our clients experienced no interruption in their ability to do their banking,” said CIBC Caribbean’s Chief Executive Officer Mark St. Hill.

“This was a very complex transaction, and it is thanks to the experienced team members on both sides that we were able to complete it in the time and manner that we did. I’m especially proud of our CIBC Caribbean team,” St. Hill said.

Mark McIntyre, Executive sponsor of the project and Managing Director for the bank’s Cayman Operating company, under which the Curaçao and St. Maarten businesses fall, was also full of praise for the transition team.

“This was indeed a complex transaction involving the conversion of two core banking systems, but our seasoned team were well prepared and met each challenge head-on! The manner in which our team rose to the occasion and overcame each and every obstacle, filled me with immense pride and I wish to thank our team for their perseverance and dedication to the task at hand,” McIntyre said.

“I also wish to thank Team Curacao who completed their journey with CIBC Caribbean on Friday with dignity and grace,” he added.

Following the successful transfer, the bank will shortly commence phase two which is the transfer of its assets in St. Maarten also to Orco Bank N.V.

It is expected that process will be finalized in January 2025.