While at least one Canadian bank is pulling out its wealth management operations in Barbados, the island’s largest privately-owned international bank has no such plans, according to its co-founder.
“We have been here for 16 years, and we intend to stay because it makes sense for us to be here,” says Adrian Meyer, deputy chairman of Cidel Bank & Trust Inc. “If anything, we are pushing our roots even deeper.”
Meyer points out that Cidel recently purchased the building it occupies at One Financial Place, Lower Collymore Rock, and plans to spend a further $2 million on improvements. “You don’t make this kind of investment unless you are in for the long haul,” he says.
Cidel’s president, Ryle Weekes, said the improvements will include the installation of a large photovoltaic plant on the roof that will help transform the bank’s headquarters into a “green” building. “In addition, we will be installing state-of-the-art, energy-efficient lighting and air-conditioning equipment,” he said.
Weekes adds that the refurbished building will accommodate the bank’s steadily increasing workforce, which currently stands at 67. There will also be additional office space the bank can rent out.
With assets under administration of US$10 billion, Cidel provides investment advisory and wealth management planning services to individuals and businesses around the world. In addition to its head office in Barbados, it maintains operations in Canada, South America, South Africa and Bermuda. (PR)
