Two new banks in SFM’s bank portfolio with the addition of CIBC First Caribbean International Bank and Pacific Private Bank.

9 October 2017

CIBC Bank of the British Virgin Islands and Pacific Private Bank of Vanuatu are both among the latest additions to the SFM bank portfolio after both banks confirmed their interest in servicing SFM clients.
While CIBC was launched in 2002 by Barclays Bank PLC of London and the Canadian Imperial Bank of Commerce of Toronto to combine several of their banking operations in the Caribbean markets, it is truly the legatee of a long-established Caribbean banking tradition which history dates back to 1836.
The British Virgin Islands is only one of the 17 regions covered by the bank which boasts more than 2,700 staff members, 59 branches, and 22 banking centres.
Located at the antipodes of the British Virgin Islands, Pacific Private Bank is the very first addition of a Vanuatu-based bank to added to SFM’s portfolio.
Foreign investors’ interest in Vanuatu has been steadily growing with the Island earning a reputation of its own as an international financial centre due to the efforts of the Vanuatu Financial Services Commission to overhaul the jurisdiction legal framework.
Pacific Private Bank itself was founded in 1997, and though it is focused on wealth and asset management, it is also addressing the corporate clients market.
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