CIBC Opens Banking Centre In Providenciales
CIBC (Bahamas) Ltd opened
a new branch in Providenciales last week. The firm is a subsidiary
of CIBC West Indian Holdings, which is owned in turn by Canadian
Imperial Bank of Commerce, and is a newcomer to the Turks and
Caicos Islands. The branch was opened by Hilly Ewing, Deputy Chief
Minister of the Islands, and will provide domestic as well as
offshore banking services. The Mauritian Industry Commerce
and Financial Services Minister, Xavier-Luc Deval, announced on
Thursday that the Government was strengthening its package of
inward investment incentives by offering a 10-year tax holiday
to multinationals setting up in the country. The tax holiday is
in addition to existing incentives allowing duty-free importation
and freedom from withholding taxes for companies setting up in
the country's various free trade zones. The Minister said that
the Mauritius Export Development and Industry Authority would
be marketing the incentive package world-wide. .
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