PRESS RELEASE – ON September 29, the Caribbean Association of Banks (CAB) unveiled their new brand to an audience of specially-invited guests at the Tapas on the Bay Restaurant in Rodney Bay, Saint Lucia.
The event, attended by several members of the Board of Directors and members, was described as an “auspicious moment in the history of the CAB”.
Director, Rolf Phillips, was given the task of unveiling the Association’s new logo, calling it a “new evolution in the life of CAB”. Harkening back to the Association’s initial mandate from CARICOM, Phillips noted that as the sector evolved, the services CAB provided to its members did also.
Not only did CAB continue to be proactive about the needs of its expanding membership, but the Association became the driver of implementing efficiencies and introducing new products and services across the sector.
The branding exercise is part of a comprehensive strategy outlined by Board Chairperson, Joanna Charles. Other components of CAB’s refreshed outlook include:
• Advancing discussions on the development of a centralized compliance hub for the region to reduce compliance costs across the sector
• Continuing advocacy work on issues such as the harmonisation of legislation and regulation across the region, de-risking, foreclosure legislation, and credit reporting
• Continuing to build on internal and external capacity for advocacy, communication, and training.
In service of the fulfilment of the last goal outlined by Charles (i.e. using up-to-date technology to deliver training and education to the banking sector), the launch also saw the unveiling of the Association’s new website. The site’s new layout presents information to Association members and the public about issues facing the sector, activities being organized by the Association, as well as important information for consumers or end users of banking services in the region.
Speaking to the need for an organization such as the Caribbean Association of Banks in small, vulnerable markets such as the ones in which Association members operate, Saint Lucia’s Minister in the Ministry of Finance, Dr.Ubaldus Raymond, outlined some of the hurdles facing members of CAB, including excessive liquidity, lowered lending rates, heightened international scrutiny and capital adequacy concerns. Despite the issues, Minister Raymond said there is reason to feel optimistic that these challenges are being collectively tackled by the Caribbean Association of Banks in a manner that will result in a stronger, more resilient, and more responsive regional banking system.