Question 1

What is Capita Financial Services?

Accepted Answer

Capita Financial Services is a trust, finance, and merchant banking institution licensed under the Financial Institutions Act, Cap 324A in Barbados. As a wholly-owned subsidiary of the Barbados Public Workers' Cooperative Credit Union Limited (BPWCCUL) through BPW Financial Holdings Inc., Capita operates as a full-service financial institution providing banking and investment solutions to individuals and businesses across Barbados.

The institution is licensed by the Central Bank of Barbados and operates as a member institution of the Barbados Deposit Insurance Corporation, ensuring deposit protection for eligible accounts.

Question 2

When was Capita Financial Services founded?

Accepted Answer

Capita Financial Services was originally incorporated in May 1984 under the name Caribbean Commercial Trust Company. For over two decades, the institution operated independently as a trust and finance company serving the Barbadian market.

In 2010, the company underwent a transformative change when it was acquired by BPWCCUL, the largest credit union in Barbados. Following the acquisition, the institution was rebranded as Capita Financial Services Inc. in September 2010, marking the beginning of a new era of innovation and regional expansion under the cooperative credit union model.

Question 3

Where is Capita Financial Services headquartered?

Accepted Answer

Capita Financial Services is headquartered on the 2nd Floor of the Co-operators General Insurance Building, Upper Collymore Rock, St. Michael, Barbados. The company also maintains an office location on Walrond Street in Bridgetown, Saint Michael.

As part of the BPWCCUL Group, Capita benefits from the parent organization's network while maintaining its distinct operational presence.

Question 4

Where does Capita Financial Services operate?

Accepted Answer

While headquartered in Barbados, Capita Financial Services maintains a regional footprint with operations in Saint Lucia. The St. Lucia branch was acquired in August 2010, shortly after BPWCCUL's acquisition of the company, as part of a strategic regional expansion initiative.

The institution serves clients throughout Barbados from its St. Michael locations, with the St. Lucia operations managed as a separate regional branch to serve the Eastern Caribbean market.

Question 5

What services does Capita Financial Services offer?

Accepted Answer

Capita Financial Services offers a comprehensive portfolio of financial products and services including:

Lending Services: Long-term mortgage financing, short-term and lease financing, vehicle loans (auto loans with up to 10 years terms and 100% financing available), land loans, and real estate-related lending solutions.

Investment and Savings: Stock brokerage services, foreign exchange transactions, and various savings and investment deposit products protected by Barbados Deposit Insurance Corporation coverage.

Insurance Services: Through its subsidiary Capita Insurance Brokers Inc., the company provides composite insurance brokerage services, registered under the Insurance Act, Cap 310.

Digital Services: Online loan applications, payment calculators, and digital account management tools through their website platform.

Question 6

What makes Capita Financial Services unique?

Accepted Answer

Capita Financial Services stands out as a unique hybrid institution that combines the cooperative values of its credit union parent organization with the commercial capabilities of a licensed trust and merchant bank. This structure allows it to serve both BPWCCUL members and the broader public.

The institution's acquisition and successful integration into the BPWCCUL Group represents one of the most significant consolidation moves in Barbadian financial services history, demonstrating the growing influence of credit unions in the Caribbean banking sector. As part of a Systematically Important Financial Institution (SIFI), Capita operates with enhanced regulatory oversight and stability.

Additionally, Capita has positioned itself as an innovator in the Eastern Caribbean payments ecosystem, partnering with cooperative and credit union leagues in both Barbados and St. Lucia to advance digital payment solutions.

Question 7

What type of financial institution is Capita Financial Services?

Accepted Answer

Capita Financial Services is classified as a trust, finance, and merchant bank in Barbados, operating under a license granted by the Central Bank of Barbados pursuant to the Financial Institutions Act, Cap 324A.

This classification distinguishes Capita from traditional commercial banks and credit unions, allowing it to provide specialized financial services including trust management, merchant banking activities, and commercial lending. As a subsidiary of BPWCCUL, it operates with a focus on shareholder return while maintaining alignment with cooperative principles, providing competitive financial products to both individual and corporate clients.

Capita Financial Services

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About Capita Financial Services in Barbados