Question 1

What is Caribbean Commercial Bank?

Accepted Answer

Caribbean Commercial Bank (Anguilla) Ltd. was one of two indigenous locally-owned banks in Anguilla, a British Overseas Territory in the Eastern Caribbean. The bank served the local community of Anguilla, providing retail and commercial banking services to individuals and businesses on the island.

As a community-focused institution, Caribbean Commercial Bank operated alongside National Bank of Anguilla Ltd. as one of the territory's homegrown financial institutions, distinct from the international banks that also served the market.

Question 2

When was Caribbean Commercial Bank founded?

Accepted Answer

[Information not publicly available]

The exact founding date of Caribbean Commercial Bank (Anguilla) Ltd. has not been documented in publicly available sources. The bank operated as an indigenous Anguillian institution for several decades before encountering financial difficulties in the early 2010s.

Question 3

When did Caribbean Commercial Bank close?

Accepted Answer

Caribbean Commercial Bank ceased banking operations on April 22, 2016. The bank was placed under receivership by the Eastern Caribbean Central Bank (ECCB) in August 2013 due to financial difficulties.

In December 2015, the Government of Anguilla incorporated National Commercial Bank of Anguilla Ltd. (NCBA) specifically to purchase and assume the assets and liabilities of both Caribbean Commercial Bank and National Bank of Anguilla Ltd. The resolution aimed to protect depositors and ensure continuity of local banking services.

NCBA officially commenced operations on April 25, 2016, effectively merging the two indigenous banks into a single government-owned institution. This resolution was supported by multiple international organizations including the International Monetary Fund, World Bank, Caribbean Development Bank, and the United Kingdom government.

Question 4

Where was Caribbean Commercial Bank headquartered?

Accepted Answer

Caribbean Commercial Bank (Anguilla) Ltd. was headquartered in Anguilla, a small island territory in the Eastern Caribbean with an estimated population of 15,000. The bank's premises were later utilized by the successor institution, National Commercial Bank of Anguilla Ltd.

Anguilla is located in the Leeward Islands and uses the Eastern Caribbean Dollar (XCD) as its currency.

Question 5

Where did Caribbean Commercial Bank operate?

Accepted Answer

Caribbean Commercial Bank operated exclusively in Anguilla, serving the local population and businesses across the island territory. As an indigenous bank, it focused on meeting the financial needs of Anguillian residents and contributing to the economic development of the local community.

The bank maintained branch locations within Anguilla to serve customers throughout the territory.

Question 6

What services did Caribbean Commercial Bank offer?

Accepted Answer

Caribbean Commercial Bank provided a full range of retail banking services to the Anguillian community, including:

Personal Banking: Current accounts, savings accounts, and time deposit accounts for individuals and families.

Lending Services: Mortgage loans for home purchases, personal loans, vehicle financing, education loans, and overdraft facilities.

Business Banking: Commercial lending and banking services for small and medium-sized enterprises operating in Anguilla.

The bank played an important role in providing first home mortgages, education financing for overseas study, health-related financial assistance, and other personal development loans to local residents.

Question 7

What makes Caribbean Commercial Bank unique?

Accepted Answer

Caribbean Commercial Bank was distinguished as one of only two indigenous, locally-owned banks in Anguilla, demonstrating a strong commitment to the island's economic development and community welfare. The bank was known for being "patriotic to the cause of Anguilla's development," supporting local families and businesses through various life stages.

Its legacy as a community-focused institution was preserved through the creation of National Commercial Bank of Anguilla Ltd., which maintained the same commitment to local service while ensuring 100% protection of customer deposits during the banking resolution.

The bank's resolution in 2016 represented one of the most significant banking sector challenges in Anguilla's history, requiring coordination between multiple international financial institutions and government entities.

Question 8

What type of financial institution is Caribbean Commercial Bank?

Accepted Answer

Caribbean Commercial Bank (Anguilla) Ltd. was a retail and commercial bank that operated under the regulatory oversight of the Eastern Caribbean Central Bank (ECCB). As an indigenous institution, it was locally incorporated under the laws of Anguilla and focused on serving the domestic market.

The bank operated within the Eastern Caribbean Currency Union, using the Eastern Caribbean Dollar as its operating currency and adhering to the monetary policies established by the ECCB for the eight member territories of the currency union.

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About Caribbean Commercial Bank in Anguilla