Problems associated with Correspondent Banking and related De-Risking continue haunting Caribbean banks. They are appealing to corresponding banking institutions in the USA to do more to clear the air on worrying factors.
But the region’s banks are also taking urgent steps at home and across the region to address other ongoing issues, including enabling small businesses to think bigger – and become bankable.
Those and other issues grabbed the attention of members of the Caribbean Association of Banks (CAB) during their 51st Annual General Meeting and Conference in Barbados this week, where banks, bankers and related professionals focused on current and future challenges and opportunities in the ever-changing regional and international banking and finance landscape.
The theme for the CAB’s 2024 AGM and Conference was ‘50 Years Strong: Celebrating Our Journey, Building Resilience, Securing Tomorrow”. The keynote address was delivered by Dr Armstrong Alexis, Deputy Secretary General of the Caribbean Community (CARICOM) Secretariat.
The ‘History of the CAB’s Transition from (the originally-named) Caribbean Association of Indigenous Banks (CAIB)’ was accounted for by former CAB Chair and poet Mc Donald Dixon and Consultant Mary Popo.
The parley also heard presentations by experts and panels on a wide range of topical banking issues.
Director General of the OECS Dr Didacus Jules presented on ‘Africa-Caribbean Partnership – Role of Caribbean Banks in Building Trans-Atlantic Bridges.’
‘The Changing Tide of Regulation’ was addressed by Schawbach Caines, Acting Director of the Financial Sector Supervision Department of the Eastern Caribbean Central Bank (ECCB).
‘The Evolution of Banking: A Caribbean Perspective’ was addressed by a panel including CEO of the National Bank of the Virgin Islands Joy Penn, Director of the Bank of Nevis Rawlinson Isaac and CEO of the National Commercial Bank of Anguilla Victor Boyce.
A panel on ‘BCP in the Wake of the Climate Crisis’ was addressed by Executive Director for Corporate Banking & Sustainable Finance at CIBC Caribbean Gillian Charles-Gollop, Director and Head of the Financial Sector in Caribbean Countries for IDB Invest Stephen Thomas and CEO of Caribbean Climate-Smart Accelerator Racquel Moses.
‘At the Intersection: Digitization, Productivity and AI’ was presented by Chief Operations Officer of Belize Bank Agata Ruta and Business Development Lead at the MSR Group Jacob Malcolm, while ‘Customer Retention in the Digital Age’ was addressed by Senior Vice President for Product Development and lead Specialist at Citi Latam Carolina Marino and CEO of Databoulos Analytix Ltd. Rawati Heeraman.
‘Risk Management for Success’ was presented by the Head of Risk Management, Corporate Governance and Policy Insights at ACCA Rachel Johnson and Lead Consultant at Prestige Accounting David Simpson.
The Saint Lucia-based CAB – established in 1974 — is also celebrating five decades and according to CEO Wendy Delmar, the Barbados conference paid attention to “both our history and our accomplishments,” in the process also honouring its original nine founding members.
According to Ms Delmar, the discussions on Correspondent Banking and De-Risking followed earlier major interventions by CAB before the US Congress and through the Congressional Black Caucus in 2022, where the regional banks’ representatives went heads-over-heels “to provide accurate answers during interviews that sometimes (even understandably) felt like interrogations…”
She says CAB members continue trying to lessen the related risks and pitfalls associated with regional banks’ failure to comply as expected by regulators.
The 51st CAB AGM featured an annual workshop and showcase for small businesses from across the region, which, according to CEO Delmar, “sought to reframe the discussion and dialogue between small businesses and banks, from the usual repeated identification of problems to offering working solutions and training the small businesses to become bankable.”
Some 13 small businesses participated in the Barbados showcase, the third of its kind and which, Ms Delmar says, “drew favourable participation and response.”
The Barbados conference honoured and acknowledged nine of its founding members, who’ve remained with the entity from way back when it was born as the CAIB.
The CAB today continues to offer reliable representation to its member banks and Ms Delmar indicated that as a result of their appreciation of the leadership offered by directors and administrators, “the AGM re-elected the entire Board of Directors…”
Leeesa Kow, Managing Director of Jamaica’s National Bank (JN Bank) is back in the CAB Chairman’s seat and Ms Delmar continues as CEO.
Local banks represented included 1st National Bank (St. Lucia) Limited and Bank of Saint Lucia (BOSL) Ltd.
The conference ends today.