Canadian Banks Looking Elsewhere to Sustain Profits|Can the Credit Unions Do the Job?

The local credit union has 150,000+ members.

Two articles in the Canadian Globe and Mail newspaper caught the eye of those who are not fixated on navel gazing on the shitty affair ‘unfurling’ on the South Coast.  The obvious question is what does it mean? Clearly CIBC- and we include the other Canadian banks operating in Barbados- are concerned about the current and future state of regional economies and have taken decisions to mitigate risk driven by concerns by shareholders whose concern is always to create share value and to satisfy the forecast of the financial analysts.

Some suggest there are indigenous financial intuitions that can fill the void if the Canadian banks were to withdraw from the Caribbean, the credit union unions come quickly to mind. Some question if the credit union movement in Barbados is ready to operate at the level required to deliver a best in class service in a global market fraught with regulation. We are not questioning if the cooperative model can deliver financial services to participants, a look at the balance sheets of the leading credit unions in Barbados suggest there is work to be done to ensure key acid ratios are met.

The Canadian Globe and Mail articles highlight the level of debt which Barbados has accumulated  and the volatility of oil price that has negatively impacted Trinidad’s economy. These are two of the key markets in the English speaking Caribbean that have undergirded the stability of the regional economy in the post oil-crisis period of the 70s. The trivializing of credit rating downgrades and an inability by regional governments to address structural fault lines in our economies that are known by the policymakers must not instil confidence in the boardrooms in Toronto and elsewhere.

The reality is that replacing international institutions with indigenous ones will not address the underlying factors at the root of failing and poorly performing regional economies. The lack of interest by Canadian financial intuitions is symptomatic of a lack of leadership with the result, conspicuous consumption behaviour driven mainly by the globalization construct. Just look at Barbados to confirm the ease with which we- through our representative the government and private sector- have sold our best companies to non Bajan interest. What assets and symbols do we have left to define who we are as a people? How will our children define success in the context of nurturing Bajan esprit de corps?

The BU household has written voluminously for 10 years about the need to remove the weeds from the lawn. The weeds have sprouted to bush. ALL of the regional economies are now heavily indebted nations with decaying infrastructure and limited fiscal space to drive development. Our politicians who ‘lead’ in the model of government we practice continue to rollout policy directives that pander to feathering popularity and satisfying those behind the curtains with the money to finance political campaigns. The people can be characterized as ‘sheep’ in the process.

History is the teacher to portend how this will play out- Crash, Burn, Rise!

Here are the Canadian Globe and Mail articles.

  • CIBC aims to double share of profits from U.S. operations
  • CIBC mulls offering Caribbean subsidiary on U.S. stock markets Subscriber content

The footnote to this submission is that in Barbados we pride ourselves on being an educated people yet we have demonstrated a lack of ability to manage home grown institutions and to leverage the investment in education to separate Barbados from the rest. Why bother to invest in education if this is the result?


  • Hard to have a viable stock market in a place as small as Bim with few publicly traded companies and an anemic exchange as well as a mostly disinterested public, anyone who thinks otherwise living on “cloud nine”. It is a “meeting turn” and savings account public, same as it always was.


  • @ Tron
    If you convert Barbados into a cooperative, better make sure that it does not end like the “Co-operative Republic of Guyana” ……… However, profit-sharing is a fine principle if you install some watchdog to bite the local elite.
    Thus the value of Caswell (watchdog /oversight /transparency …and with tuff balls)
    and Jeff C, (a genuine gentleman, scholar and patriot.)
    (except when Bushie manages to piss him off 🙂 )

    Do you not yet see that without such assets, even a cooperative approach is useless…
    We are that badly positioned.

    @ Sargeant
    There you go again with your petty NCO limitations…

    The ONLY reason why a local stock market does not work is that there are such THIEVES about, as we have seen in almost every major public fund that we have had EXCEPT …the credit Unions.

    Who will put their pennies in some shiite fund ? -when we cal all see the damn RH prime minister and the central bank protecting the biggest leper and thief in recent local history?

    Who will put their savings in an investment fund – that is run the way that BNB was run before being handed to Trickidadians? ..or the way the NIS is managed?

    Bajans are no ‘disinterested’, they are just not 100% F##&%$! IDIOTS … just hand their saving over to persons who are above the law

    Put justice, transparency and a strong integrity focus in place and Bajans would be some of the VERY BEST investors anywhere….

    F##&%$! – ‘foolish”


  • @Bush Tea

    Many reasons are responsible for a lack of interest by the public in listed companies. There is a degree of illiteracy concerning financial matters, lack of transparency at AGMs, the market is manipulated,,,


  • Here we have a negative mindset by some , who believe that if it is local its is inferior.The credit union and its fore runner the meeting turns and civic societies , have been the major saviours of many, who were in some cases, unattractive to the big international banks. Anybody who has participated in a large meeting, can attest to their success, when properly maintained. I was once advised by a lecturer in economics, that it was better to invest in two pigs than trying to put money in a savings account. The returns , he explained were far more attractive than anything the bank was offering. He was correct. We save millions in banks and then they bluntly refuse to assist with small businesses and so on. Today, we are paying these multi national rapists, all types of “service” fees and they are actually controlling our money like loan sharks. It is time for the credit unions to step into the modern financial world and have their own banks. They must also offer other financial services and invest more in the local economy.
    I heard or read about a black Barbadian, who had started a bank donkey years ago. Old timers still marvel at what he tried to do back then . Imagine with all our education, and high flying lifestyles, we could not expand a national bank but an ordinary citizen, in a harsher time tried to establish a bank.
    I think they refer to it as the “Simmons” bank. Very interesting.


  • @William Skinner

    You need to suppress the self talk. Why is it the second largest credit union and others in the movement have voted against the credit union owned bank? Is COB owned by the BU household? Do you know what the consultant’s report contained? Do have an idea how the regulator views the idea based on the state of Capita’s balance sheet? You like to attack others for asking relevant questions?


  • There goes Bushie proud resident of cloud nine, now what is the working population in Bim? What percentage has disposable income? List the number of companies that have employee purchase plans that encourage employees to invest in company stock through deductions from their earnings? COW was boasting that his companies award employees shares based on their length of service, can these employees liquidate these share into cash on a quick turnaround?

    Barbados is not unique in having citizens who are disinterested in the Stock market, it is just that it has a small population while other countries with a vibrant stock market have millions of people and thousands of companies and this is an arena where size matters.


  • ” the market is manipulated”…..if true, the manipulators would have been buying and selling stocks like C&W and BHL and ‘pumping and dumping’ them? Maybe minimal arbitrage in cross listed stocks.


  • @ David

    “Tron December 16, 2017 at 7:03 AM #
    The local credit unions are useless since they provide local Mickey Mouse dollars. Only the international banks can deliver hard cash.”

    How do you interpret comment above ?


  • @BushTea, your retort re the BSE is absurdly not conforming to reality…viz: “The ONLY reason why a local stock market does not work is that there are such THIEVES about, as we have seen in almost every major public fund that we have had EXCEPT …the credit Unions.”

    That is simply your normal Bush-Speak or Dr. Goebbels fancy talk; sound good as shiitteee (just like a Bitcoin @ $17K) but merely a bubble to be burst.

    Above @2:28 @Sargeant I said it well but please do this for me if you would.

    In NON-Goeebbelesque speak advise a REAL world practical concept on how we can continuously ‘churn’ the sale/purchase of no more than the approximate 35 companies now listed on BSE.

    How do the Bajan investment industry (insurance, pension funds, other companies, folks with discretionary funds, expats etc) pump-up the volume of the BSE on an on going basis to alleviate the anemia mentioned????

    And let’s dismiss that the BSE is ANY MORE crooked than markets the world over.

    @David Mr Blogmaster, and neither is it any more manipulated (comparatively).

    When there can be a LIBOR scandal that clearly showed how those fellas played the game DESPITE all the regulatory agencies in US, England, Europe and Asia it’s rather ‘amusing’ to discuss manipulation of a market the size of Bim’s.

    What type of manipulation are you alleging? How does it adversely impact the trade activity? Who makes money from the manipulation to the market users disadvantage?

    Our BSE market is not unlike in BASIC terms why the Cheapside of Fairchild St markets were founded: to provide a central meeting places that sellers and buyers of products (company shares for BSE of course) could execute business more efficiently in a central spot and have those transactions regulated.

    Those produce markets could never aspire to be a big farmers’ mart like in UK or US and I see no rational reason why we should ever expect our BSE market to be anything other than the small practical meeting place for share buyers and sellers as it is.

    Anyone who wants to do exotic financial dealing whether its bonds (not an Exchange items really), the new fangled ‘Initial Coin Offers’ and other stuff will do so under auspices specific to that.

    And our populace is as literate financially as they WANT to be. We do Bajans a disservice by presuming that they are less au fait than the average American, Brit or Frenchy for that matter on fundamental matters of finance.


  • Sargeant
    The size of our market is a hindrance to our development.That along with our traditional insularity makes us vulnerable to the bigger players.We are takers and always will be given our size and that stupid word and experience called “independence”, a farce if ever there was one.


  • @ Sargeant and Dribbles
    Look, Bushie don’t normally argue about finance with poor people… for obvious reasons. But the size of the market is IRRELEVANT since the ‘size’ of the demand side is matched with the size of the ‘supply’ side. Wunna just hear people using shiite terms and think that it sound impressive.
    In the final analysis, only the liquidity potential of the market is important, and if you look at the SAVINGS accumulated by Bajans, then the stock market does NOT suffer from any size constraints.

    Put it this way. Perhaps only $2B can be squeezed out of the investment market, but the economy is so SMALL that $2B is more than adequate investment resources.

    Black Bajans do NOT invest in Barbados because the situation is such that people of the ilk of Allan Fields, Baloney, McConney, Bizzy etc are the ones that ALWAYS end up in control of the funds.
    They always end up rich, ….while the investors end up holding shiite, and foreigners owning the asset.
    ..Cable &Wireless / Bartel
    …the list is ENDLESS

    If the damn government had control of the credit unions, as we speak, COB would likely be the “Port of Spain Credit Union” and PWCCUL would be the “T&T Oilfield Workers Barbados Branch”.

    Who the hell but Hal would invest in such a climate?
    …except for Hal in his Bajan time-share scheme….?
    ha ha ha


  • Take a look at the ‘Stock Exchanges’ daily report on CBC TV.Its a huge joke that Barbados got the nerve to report activity.What activity?Place too damn small and forsaken by proper leadership.


  • Theophilius Gazerts 101 and 233

    Just read Gabriel post and it was exactly what I was thinking.

    Our mindset is what is killing us.

    We talk as if we are big players on the world stage when in reality we are just a small island with a minute economy. There is only so much that you can thief and mismanage in such a small economy before things start to fall apart. This is exactly what we are now experiencing.

    Stinkliar failure may simply be a result of him lacking the engine to move the economy where he wants it to be. The poor fool feel he is driving Porsche when in fact he is riding a stationary bike

    This is not doom and gloom, but cold hard facts.

    I had difficulty explaining to a young lady that although tourism was our number 1 industry, we were minor players in the tourist game. Our 0.5M annual visitors was a drop in the bucket compared to those on the move and who call themselves tourists.

    We have no sense of proportions, we do not know our limitations. We compare ourselves to the US but we are Lilliputians who look at Gulliver and think that we see our own reflection.

    Sadly, changing from a B to D administration is not the solution. To quote a well known phrase, we are simply rearranging chairs on the deck of the titanic. A population of 260K divided into two warring factions, a prescription for failure.

    B&D politics will be our death. We have to find away to engage the whole island and not just 50%.


  • Barbadians who are financially literate prefer to be day traders playing the US markets.


  • Goddards used to cater Air Canada from the Crane hotel for many years.As opportunities arose to cater chartered aircraft coming into Barbados from the US and in particular the U.K. Goddards saw and seized the moment that gave rise to the Barbados Flight Kitchen.Other scheduled carriers joined Air Canada and the many chartered operators to have BFK provision their passengers.The BFK did well but there was only so much they were able to achieve.Seawell was the only airport, Goddards now had expertise and what ever else it took to look regional and then international.A success story.

    Liked by 1 person

  • Bushie, it is so difficult for you to speak in real terms!!

    Forget what I or Sargeant or anyone else sounds like or dat I poor as shiiteee or that we “hear people using shiite terms and think that it sound impressive”. Good Gosh my bro…cut the BS Goebbels fancy talk and be REAL.

    You said “Perhaps only $2B can be squeezed out of the investment market, but the economy is so SMALL that $2B is more than adequate investment resources”… Why yah PERHAPSING.

    As @Gabrel says above the daily trading volume is small. The total market value per the BSE is around $7 Bil I believe.

    Thus can you PLEASE (still) tell the blog how that is not small? Can you please explain how churning BS&T or EMERA or Goddards et al to only the so many interested participants can ever make us NOT anemic????

    The simple point @Sargeant made – and the others above @Gabriel and @Gazers – remains clear: we are a Cheapside market talking shiiittee as if we are the NY Stock Exchange or some such…

    You dismissed the man and that idea only to come back @ 7:11 PM to affirm that we small as a gnat.

    Look, enjoy your Gobble-gobble. It’s always awesome to see you use the Queens’ English so deftly to talk through both sides of your mouth so sweetly…no one does it better bro.

    And incidentally Black Bajans would be foolish to use your dictum re the white folks “ALWAYS end up in control of the funds…”

    The white boys got the funds now and had it before ANYHOW.

    If we invested in BS&T shares back in 90s or if we did NOT that would certainly not have stopped Fields one iota…he wud still drive bout that Beemer M5 he had and Doug Lynch would still have had big houses and cuss we asses in his racist way.

    If we Black folks had NOT invested the only jackasses to lose out wud be WE…certainly not Fields et al.

    In this zero Interest rate environment and badly devalued BDS $$ do tell oh wise one any of 10 investments (yah got lotta latitude to find a few) besides BL&P and C&W that returned a better value than a BS&T share bought over 20 years ago…

    NO BS…Just REAL talk!

    Your argument sounds absolutely absurd to me….but sweet as shiiittteee for your albino-centric Sat night corn and bread-fruit roasting session!

    Incidentally, I like my corn medium done …not too Black – that must be the albino side of me taking hold – soon come!


  • @Dee Word

    Read the financial pages, scan the media, what do you conclude?


  • @ David
    Dribbles has no clue of reality in Barbados….
    He run up in Canada – where brass bowlery has been patented, and trying to psychoanalyse us back here …where the national psyche has been conditioned by 400 years of the Barbados Slave code.

    @ Dribbler
    Look boss, investment can be successful, active, dynamic and positive EVEN within an extended family. If someone could establish a bond scheme where 300 people of various means could invest in a single family fund, that is then invested in transparent, productive, well managed, and high quality niche areas, then a VERY dynamic investment climate can be created.

    There are Indians all over the damn place that demonstrate this constantly.

    In any damn case, what is an” impressively sized” market to you in Canada p- looks like shit against a current Chinese investment fund….. so what is the difference if a Barbados fund pales into insignificance compared to yours?

    The POINT is that the market NEEDS will also be COMPARABLY sized to the funds that can be generated. The KEY DIFFERENCE in Barbados is the closed-door, secret, dishonest, under-handed REALITY of such operations.

    If fund managers in the US could CASUALLY rob clients like a certain leper did in Barbados – and walk ’bout free as a bird….do you think people would continue to invest in such funds?

    If Boards could CASUALLY sell assets for WAY below value to foreigners – resulting in HUGE dividend losses to shareholders, and then be found to have become millionaires via the deal .. do you think that US citizens would continue to invest?



  • @ Hal

    “The Bajan disease is that everybody is an expert, and quite vocal with it. Credit union banks will simply provide a service to local people, they do not have to compete with international banks.
    Sometimes if you do not know what you are talking about just keep quiet.”

    You are correct. What we have here is a negative mind set that is clothed in so-called facts that cannot stand up to serious scrutiny. Hence the object is to ridicule rather than discuss. There is no reason why credit unions cannot set up banks. Its really a natural progression and the negativity of one or two members should not be allowed to determine its growth.
    The argument that banks set up by credit unions cannot “compete” with multi nationals is nothing more than a red herring because the credit unions already have a solid consumer base that will welcome the offer of other services including banking. The growth of the credit unions knocks that silly argument about competing way over the boundary for six !!
    It is money deposited in the credit unions not peas and corn.


  • You guys just don’t get it. Nobody is opposed to credit unions owning banks in Barbados. We have gone to the next step to identity concerns/questions. The total credit union movement in Barbados in asset size compares to the smallest bank in Barbados. Secondly we have already discussed that the movement is split on the idea and some of us have asked why. Does it make sense to add the concerns repeated above? Get a grip, we are pass the concept of diverse ownership and onto the next stage of how do we operationalize.


    Liked by 1 person

  • William Skinner December 17, 2017 at 1:31 PM #

    Here is the UK, after the 2008 crisis, we have had a number of what we call challenger banks – small banks that compete for customers with the big high street banks that were (and are) closing branches and forcing people on to internet banking.
    They are doing very well. Some local authorities (Essex, Cambridge, eetc) even wanted to re-introduce mortgage banks.
    @William, all it takes in Barbados is an amendment to existing legislation. Nothing more. The political class has a failure of imagination and their stubbornness won’t allow them to take proper advice.
    A few years ago Invest Barbados organised a London seminar on financial services in Barbados and I introduced them to the director of our most successful challenger bank – a man who loves Barbados and stays at Sandy Lane every year. It was pushing against an open door, trying to get them to open a branch in Barbados. The chairman even visited Barbados on a recce. The whole thing was messed up.


  • @Hah
    ….all it takes in Barbados is an amendment to existing legislation. Nothing more.
    What legislation needs to be amended?


  • @ Hal
    We are challenged by our lack of vision. We want change but we wish things to remain the same. In many countries there are small banks serving communities. In our minds the only banks that exist are Nova Scotia, Barclays and Canadian Imperial. Many of the ” experts” on BU will be shocked to learn that small businesses drive the U.S. economy.
    We seem to be permanently shackled by our minds and like to spout forth a whole heap of recycled garbage about the IMF and so on , not realizing the time has come to be “craftsmen of our own fate”.


  • A parallel story in today’s Nation:-

    Rate blow
    Added 17 December 2017

    The decision by a commercial bank to lower the interest rate on savings deposits to a paltry 0.01 per cent could eventually have a serious effect on the cost of living in Barbados.
    Bemoaning the move by Scotiabank to reduce its interest rate on deposit savings from early next year, former president of the Barbados Economic Society, Jeremy Stephen also believes it could have a long-lasting effect on Barbados’ credit union membership, which also saves heavily at commercial banks.
    “With the high level of taxation in Barbados, the cost of doing business will continue to grow. The cost of goods in this country will continue to rise, so people could expect to pay more for goods and services in the coming year simply due to this move by the banks,” Stephen told the SUNDAY SUN in a recent interview.
    “This is of a great concern to many who are considered savers, especially in an economy where liquidity continues to climb. If there is excess liquidity in the banking sector and profitability is low, you try to save where you can,” he added.
    Last week, Scotiabank informed its customers that come January 7, 2018, it would be reducing the interest rate on savings deposits to 0.01 per cent, but would be willing to meet with them to discuss their savings plans. (BA)
    Please read the full story in today’s Sunday Sun, or in the eNATION edition.


  • Many of the ” experts” on BU will be shocked to learn that small businesses drive the U.S. economy.

    Not just the US, but the global economy That is the damage that Owen Arthur as inflicted on the Barbados economy by selling BNB. By the way, has the small business unit ever set up or funded any small businesses? If so, how many since it was created?


  • @ Hal
    “By the way, has the small business unit ever set up or funded any small businesses? If so, how many since it was created?”

    I think there was some movement but in terms of actual activity , I really don’t know.

    BTW, Arthur argued and convinced his followers, that it was in our interest (more profitable) to sell the bank. You notice that Arthur is now talking about creating cities. I recall about two or three years ago, you mentioned , right here on BU,creating a large economic zone in the area of Weymouth, Roebuck Street etc.
    What Arthur and the apologists are refusing to say is that the corporate big boys already build their city in Warrens and will build more. They watched, Bridgetown and Speightstown deteriorate. They will keep pushing toward the north and create a new economic zone, while we argue about the IMF and play “experts”. Sooner or later we will have a country within a country and the game will go on and on……….
    It was Errol Barrow, who warned that one of these mornings we will wake up and find we have no country. He knew exactly what he was saying but……….


  • @William,

    Poverty of ideas, like of material possessions, leads to people pilfering other people’s. I have often on this blog raised the issue of the waste of Weymouth, including the Transport Board site, one of the most valuable real estate sites on the island.
    It is a site that can be used to develop residential, leisure and commercial businesses, from apartments, shops, offices, a medical and dental centre, to a swimming pool and gym. And, with the use of the playing field (instead of the current wasteful use by the police), can turn that part of the city in to a top class location.
    In the meantime, the Transport Board could be moved to St John, the poorest parish in the country, bringing with it new jobs and businesses.

    I have also on a number of occasions suggested the development of at least two new towns – Six Roads (or Four Roads) and Boscobel, with government moving some public offices to such developments and incentivising the private sector to move to those new towns.. Such a move would also temper the chaotic rush-hour traffic heading in to town.
    On another occasion I have suggested the development of a Seawell New Town, with a three-star hotel, new shops, restaurants, bars, clubs, making the area around the airport a central entertainment destination.
    Poverty of thought is as much a crisis as the mentally lazy hysterical obsession with an economic orthodoxy, which leads the unthinking to talk nonsense about how developing Weymouth could lead to structural thinking, or talk about linear thinking, a concept they do not fully understand. Or some political party talking vaguely about a creative economy. I think first they should develop creative minds.

    It is also the outcome of a lack of dealing with ideas, preferring the cheap noise of party political abuse and cynicism. It is also the outcome of people not demanding more from their media, public intellectuals and politicians.
    @William, the government is using Bds$240m to put the Sam Lord’s Castle development back in use, it is also about to use a similar sum to put the so-called national stadium back in proper use.
    @William, that $500m could be used to do a hell of a lot more for the nation. In economic theory it is called choice theory, the rational use of limited resources.
    I have said before, Barbados is a failed state. Look around you for any number of examples of this: from Arthur’s sabotaging of the economy by selling off our state-owned financial institutions, to the abuse of the NIS fund, to our educational collapse, to the decay of public morals.
    What else do you expect from a society that cannot even remove excrement from the streets?


  • @BU

    You continue to state COB has issues with the concept pf a Co-operative bank and we are divided , what are those concerns that you know about. The biggest concern COB has is the issue of credit unions cannibalizing the services which they provide but the commercial banks are already doing that with the same deposits from COB and and targeting their members . Christmas and back to school loans .

    The commercial banks are saying to credit union members bring your deposits from the credit union to access loans .

    The credit union movement is the natural progression to a Local bank , they jointly have the capital in fact the largest one has the capacity to go alone if necessary. The skills to run the institution is in barbados .

    The largest credit union started very small , people had no confidence in themselves and like we as a people don’t trust each other ,it is now a billion dollar institution after 46 years .

    The agreement is we will provide banking services through an independent entity at minimal cost to credit union members and Barbadians generally . There is no fundamental divide in the movement on the issue of the Bank it is the approach and the progression to that state of readiness to the Co-Op bank . Take some comfort from the model the credit union insurance company ( Co- operators General Insurance ) ., History will show that company started with the some credit union not being on board from the inception , now its fully owned by all members in the credit union movement . STAY TUNED

    Liked by 1 person

  • CREDITUNIONIST December 18, 2017 at 10:36 AM #

    The only legitimate argument against a credit union bank is that it will be managed by black Barbadians, which among the political class is the ultimate risk.


  • @creditunionist

    Glad to hear there is movement, BU will stay ‘tuned’.



    Thanks for debunking the propaganda that there is widespread resistance to the credit unions having banks. It is amazing that some people who constantly attack the political class for propagating falsehoods, would engage in the same activity, and then proceed to denigrate those who call them out.


  • St. Vincent & the Grenadines has a Co-operative Bank located at the Corner of South River Road & Bay Street, Kingstown, which has been servicing Vincentians from around (circa) 1945.


  • St. Vincent & the Grenadines has a Co-operative Bank
    They may not have enjoyed the same blessing that Barbados has over the years, but they are not brass bowls.


  • St. Vincent’s Co-operative Bank does not offer all the services as commercial banks…….however, similarly to the credit unions, interest on loans is calculated on the reducing balance.



    Too many of us arrive at conclusions based on misinformation. I know of one credit union that was built by those who were philosophically in tune with the basic concepts. Many evenings they hopped into one car and drove the length and breath of the island selling the concept and building membership. Today, that credit union has millions of dollars and its own corporate building. Those who are active participants in change think differently.


  • @Artax

    It may not be widely known but many small banks and credit unions are being supported by “bailout support” in the OECS.


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