CIBC JAMAICA has announced that it will cut its prime rate to 24.75 per cent, effective tomorrow.
This will be CIBC's third reduction in its prime rate in the last 18 months. The rate cut from 35 per cent to 31 per cent in October 1999 and then to 26 per cent in June last year.
CIBC'S vice-president Ray-mond Campbell said: "Our cut in the interest rate is in keeping with our commitment to maintain efficient operations and to pass on the benefits to our customers while ensuring an adequate return to our shareholders.
"We will continue to monitor the marketplace and to evaluate our performance with a view towards ensuring that our customers receive competitively priced products at all times."
Mr. Campbell also said that CIBC has committed initiatives to assist the bank in meeting its customer's needs more effectively. One of these is CIBC's Capital Market & Financial Management Forum Series through which the bank's customers are able to explore their own financial planning and management requirements with leading experts in the fields in areas such as risk management, pension fund management and international money.
