Some Intl banks operating locally have formed Dominica International Banking Association (DIBA)

Some International banks operating locally, have formed themselves into a Dominica International Banking Association (DIBA).
 
The Dominica International Banking Association (DIBA) was officially launched last Friday evening, encompassing six banks on the island: Barnett Capital Bank, Arton Bank, Bandenia Bank, Standard Commerce Bank, Zuma Bank, and Ibank.
 
At the launching ceremony, Venezuela-based President of DIBA, Carlos Colimodio, revealed that one of the association’s main objectives is to promote Dominica as a business centre and to attract investors.
 
He said “an objective we have envisioned, is to promote Dominica as a business center. We, as banks, manage customers, many of them are high net worth individuals that are seeking for business opportunities. We are committed to promote Dominica when it makes sense for them, for us, and for the people of Dominica.”
 
Colimodio noted that the materialization of these investments will “have a direct and positive impact in the economy of Dominica by increasing jobs, taxes and commercial activity.” DIBA, he stated, will also help in supporting the financial authorities in strengthening Dominica in becoming a robust financial centre and jurisdiction in the Caribbean.
 
However, he remarked that in order for the endeavor to be successful, it must be marketed globally. He also divulged that the association intends to integrate, not only more international banks, but entities from other financial sectors registered in the island, as well as local banks, and insurance companies, among others. DIBA identified the ability to have access to correspondent banking services, as the most important challenge faced by the association.