Fri | Jan 17, 2020

Unions representing CIBC FirstCaribbean workers want rights protected

Published:Wednesday | January 15, 2020 | 11:08 AM
Kavan Gayle, President General of the Bustamante Industrial Trade Union - File photo

Unions representing workers across the region who are employed by CIBC FirstCaribbean say they are closely monitoring the majority sale of the bank to Colombia-based Gilinski Group.

Further, the unions are calling for the respective regulatory authorities within each country to ensure proper due diligence and that the workers’ rights and interests are protected and preserved. 

Gilinski Group, headed by Jamie Gilinski, is reportedly seeking to acquire 70 per cent of CIBC FirstCaribbean for US$2.2 billion.

READ: Colombia Group acquiring CIBC FirstCaribbean

Leaders of trade unions from Antigua and Barbuda, Bahamas, Barbados, Dominica, Grenada, Jamaica, St Maarten & Curacao, St Vincent and the Grenadines and Trinidad & Tobago on Friday met with the top executive management team from CIBC FCIB to discuss the sale.

Kavan Gayle, President General of the Bustamante Industrial Trade Union, which represents CIBC workers in the Jamaican, indicates that reports had surfaced late in 2019 indicating that the majority shareholding of the bank had been sold to the Gilinski Group, which he said was later confirmed by a letter to the trade unions in November 2019.

“The trade unions had demanded a meeting with the bank based on numerous concerns raised by workers around the region. Among the concerns raised were job security, possible changes in work structure and the future of the Regional Framework Partnership Agreement between the bank and the respective trade unions,” Gayle said in a statement.

It is reported that during the meeting, the unions expressed the need for better communication and the provision of any detailed plans regarding the future structure and operations of the bank.

They also expressed their willingness to engage in discussions with Gilinski bearing in mind the banks intent to have him meet directly with the employees across the region. 

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