The First Caribbean Bank has issued a press release indicating that come January 31, 2023, it will close its operations in Dominica.
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Well, what I will say that this is a hopeless piece of journalism, but a fine piece of public relations for First Caribbean Bank. As can be expected from most press releases, they are not written to high journalistic standards, and are mostly used to push the organisation’s image in a positive light. The release tells us nothing of how long the bank was established in Dominica, how many staff members and customers will be affected by the closure January 31, 2033. If you can read it, it tells us why it is closing its Dominica branch: due to “simplifying its structure due to the selling off of its concerns in St Kitts, St. Vincent and Aruba. And the release states that the bank has set in motion procedures to round up its affairs in Dominica and ends with a footnote with its claim to fame strapline, I suppose. “CIBC FirstCaribbean is a relation bank offering a full range of market leading financial services through our corporate and investment Banking, REtail and Business Banking and Wealth Management segments.” The footnote ends saying they are located in 15 countries in the Caribbean; with around 2,800 employees in 64 branches and offices. It also boasts that it is one of the largest regionally listed financial services institution in the English and Dutch speaking CAribbean with over US$13 billion in assets and a market capitalisation of US$1.3 million, and that it has a representative office in Hong Kong… But all this tells us nothing about its success or failure in Dominica. The journalist has not inquired, or none reported, of an inquiry into other facets of the announcements that will affect its Dominica base. In my days, we shunned printing press releases verbatim. I really expect more investigative reporting from journalist to bring out the story. Interview staff and customers, regulators etc, and make the press release be used as a tip-off, albeit from a reliable source, that the bank is due to close, rather and not an end in itself.