CIBC FirstCaribbean International Bank, through its charitable arm the FirstCaribbean International ComTrust Foundation, will help Caribbean countries to procure COVID-19 testing kits with a donation of US$250,000.
The bank will provide the donation to Caribbean territories in which it is domiciled through local operations.
“Our response has been in the spirit of partnership that has always existed between the bank and the people of the region,” CEO of CIBC FirstCaribbean Collette Delaney commented.
She further stated the bank supports testing since it is “one of the main weapons in the arsenal against the spread of the disease…[and] is key to identify, isolate and treat those affected”.
The donation towards purchasing testing kits is the second strategy announced by the regional bank to counter the effects of COVID-19.
Earlier this month CIBC FirstCaribbean announced a sixth-month payment moratoria on existing loans and mortgages, as well as temporary working capital financing options for corporate banking and business banking clients.
“Our response has been in the spirit of partnership that has always existed between the bank and the people of the region.”— Collette Delaney, CEO, CIBC FirstCaribbean
In addition, the banks said it will waive late payment fees and default interest payments on existing loans and mortgages for eligible retail and business banking, corporate investment banking, and wealth management clients over the same period.
Credit cardholders will also benefit from a payment waiver for three months based on their current account standing.
“This two-pronged approach has allowed us to not only contribute to the national response in each of the countries in which we operate, but to directly assist our clients who are affected,” Delaney explained.
The CEO of the bank also thanked employees for making personal contributions to the relief fund, noting that their response, especially during a crisis, is calm and professional. CIBC FirstCaribbean has approximately 3,000 staff members across 16 Caribbean countries.