Thu | Aug 22, 2019

Closure of CIBC in Santa Cruz

Published:Saturday | February 9, 2019 | 1:17 AM


Yesterday, I found out that CIBC FirstCaribbean will be closing its agency in Santa Cruz on June 30, just about four years after its opening.

I was saddened by this news because I found this agency very convenient. It is located on Main Street, not far from the Mandeville taxi stand.

I understand that this is a move at regularising the branches, and Mandeville will be the branch in the area. My questions, though, are: What market research did the bank do before deciding to open an agency in Santa Cruz? (An ATM existed for years at that location). What kind of promotional campaign did they put in place?

Now a number of financial institutions exist in the town of 13,000. You have to create your niche. I find St Elizabeth people conservative and Santa Cruz already has NCB, Scotia, JN, VMBS, the PC Bank and at least one credit union. RBTT was there earlier, but had to close its doors. The question remains: What kind of market research did the bank do? Or, was it mere hope?

I am also interested in finding out what other branches will be closed in Jamaica.

The sad thing is that CIBC FirstCaribbean will not even have an ATM in Santa Cruz. Junction will continue to have its ATM, but Santa Cruz will move from agency to zero presence. Our only option will be to use MultiLink services.

I implore the bank, on behalf of residents of Santa Cruz and its environs, to keep an ATM in the town.