Barbados’ largest privately-owned international Bank, Cidel Bank & Trust, plans to remain in the country “for the long haul”.
According to deputy chairman Adrian Meyer, Cidel Bank & Trust recently purchased the building in which it currently occupies at One Financial Place, Collymore Rock, St. Michael, and plans to spend a further $2 million on improvements.
“We have been here for 16 years and we intend to stay because it makes sense for us to be here, said Meyer. “If anything, we are pushing our roots even deeper.” He continued, “You don’t make this kind of investment unless you are in for the long haul.”
President of Cidel Bank & Trust, Ryle Weekes, noted that among some of the changes which the organisation intends to embark 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 added that the refurbished building will accommodate the bank’s steadily increasing workforce, which currently stands at 67. There will also be additional office space that the bank can rent out.
With assets under administration of US$10 billion, Cidel Bank & Trust 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.