CIBC To Close Bay Street Branch

NASSAU, BAHAMAS – CIBC Caribbean announced that its Bay Street branch will close permanently on May 31st, 2024.

CIBC Caribbean’s Managing Director, Dr. Jacqui Bend, in making the announcement said: “We regret this development; however, our bank recognizes that our clients’ needs are changing, and we remain committed to meeting these evolving needs. We are even more focused within the climate of evolving technology advancements on creating product options that focus on security, convenience, and ease of doing business.”

Dr. Bend noted that there will be no job losses as a result of this closure and employees will be redeployed to other branches.  

She observed, “Additionally, the closure of the Bay Street branch represents a continuation of the work previously started to repurpose our branch network to serve our clients more efficiently across the region.”  

Dr. Bend said the decision to end operations at Bay Street was made with the knowledge that clients will continue to be adequately serviced by a strong branch presence that already exists in The Bahamas. She said the bank has written to its Bay Street clients informing them of the closure and has outlined their future banking options. 

“We understand that the closure of Bay Street may be inconvenient to our some of our clients, but we hope that this will be tempered by the knowledge that they have many more avenues available to conduct their banking that are also convenient, safe and practical, using our mobile or online banking platforms or our other branch locations.”