No layoffs are expected at CIBC Caribbean as a result of its planned acquisition by The Bank of N.T. Butterfield & Son Limited, according to Prime Minister Gaston Browne.
Speaking on the Browne and Browne Show on Pointe FM on Saturday, Browne said he had been assured that employees would not be displaced by the transaction.
“The staff will be fine,” he said.
His comments follow concerns raised by the Antigua and Barbuda Workers’ Union, which has called for full protection of employees’ rights as Butterfield moves to acquire CIBC’s 91.7 percent stake in CIBC Caribbean Bank Limited.
The proposed deal, valued at about US$1.8 billion, would create one of the region’s largest banking institutions. Butterfield has indicated that it plans to maintain CIBC Caribbean’s regional operations, including its Barbados-based headquarters.
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GASTON BROWNE,YOU CAN SAY ANYTHING ABOUT MOST THINGS.HOWEVER,YOU CANNOT TELL A COMPANY WHAT TO DO IN TERMS OF THERE OPERATIONS.FOR AS AN EXAMPLE.BUTTERFIELD BANK COULD FIND MANY DUPLICATED POSITIONS AND DO A LAYOFF.
They say that all the time when there is a takeover. History has shown that often times there are layoffs.
New leader, new people will be brought in.
Of course there will be people that are let go.
You are no fool PM, but you sure have a way of twisting reality to fit your fragile ego.
You do not have a monopoly on the truth sir..far from it.
Gossh! Don’t want this to happen again and Gaston.jump up yapping his mouth and cause the banks concessions to the employees and customers to become diminished, please stop Gaston, I want to give you the respect as an elected animal in governmental financial operations oversight of any civilize nation, but not to act as though you have the managerial and academic qualifications superior to these CEO of these private banking institution, you made a mess causing us to be stuck with ECAB bank with the least of concessions to it customers, had republic bank taken over Scotia bank we would have been in a better position, but wait I am at lost here! What is it again that caused the bank of nova Scotia to leave Antigua but remain functional in Barbados and other Caribbean countries again after Gaston and ALP coming to office in 2014 when we had the temper tantrum of Gaston cursing the banks CEO?