CEO (Caribbean Union Bank (CUB))

The Caribbean is a highly attractive destination for foreign direct investment. However, there is intense competition among countries in the region to secure increased foreign contribution. What, in your opinion, are Antigua & Barbuda’s most significant advantages compared to other countries in the region?

I think Antigua has always had a unique position in the Caribbean, primarily because of its location. Antigua is just about central in terms of its location in the Caribbean and it is a hub for a number of large international airlines.  In terms of tourism, we always had that competitive edge because literally we could accept some of the largest planes directly from the UK or from the US.  From that perspective, we have always been one of the strongest Caribbean islands in terms of tourism. We are also known for our beautiful white sandy beaches, which is our biggest tourist “magnet”, so to speak.. In fact we have coined as our mantra: "the beach is just the beginning".  At the center of our promotion is our beautiful beaches and as a result we have received a very positive feedback from visitors to our beaches and shores.  In terms of safety, Antigua is a relatively safe island. The crime rate is not significantly high so you find that visitors actually feel comfortable just leaving the hotel and going  for a walk in the surrounds.  In addition because of our location, Antigua a hub for cruise lines and as a result, the island has seen a  number of cruise lines call at its port. As a country we have invested heavily in  marketing internationally and I believe  we have  benefitted from that as well. If I could sum it up, I believe the keys to our success are our marketing, our natural resources and our prime location. There is no doubt that  Antigua is one of the most competitive locations in the region.


The banking sector in the Caribbean in general is very competitive, with a range of financial services offered in the Bahamas, in Barbados as well as in many other well-known Caribbean jurisdictions. What sets Antigua & Barbuda’s banking sector apart?

I think that the financial sector in Antigua is very competitive compared to the other jurisdictions in terms of bank to population ratio. I think we have probably one of the highest ratios of banks to persons in the region. Because of that, there is a high intensity of competition which benefits the residents as the banks  are competing on rates and on products. If I could compare Antigua as a whole to other islands in different regions, I would say that we are probably on the same page when it relates to product offerings. I think that banking in the Caribbean as a whole hasn’t quite transitioned  to a very digital platform yet. That being said, specifically among the strategies of Caribbean Union Bank is  to become the trendsetters in technology innovations in the banking sector. We believe that if we bring that to the market, then the banking sector in Antigua would definitely be differentiated from the other jurisdictions.


Mrs. Harris-Quinland, the financial sector in Antigua is diversified and competitive. Why choose the Caribbean Union Bank? What are the bank’s competitive advantages over other players in the sector?

Our tag line says it all: Banking....the better way. We are changing our business model and our strategic vision as we are trying to canvass the technology that is out there and become the premier Engagement Bank in the Caribbean. We believe that our Engagement Banking strategy will set us apart from the competition as it looks at the transformation of persons, products and processes. Customers will naturally choose Caribbean Union Bank as the first choice as we see the need for comprehensive financial engagement at the retail and commercial level. We make the entire customer experience an engagement affair from on-boarding to education about new products and services to self- service banking and reporting. We customise information to suit each customer and we engage our customers by giving them more control with digitalised self-service tools. Our goal is to bring banking to our customers how they want and when they want. You find that lots of customers go away from the hassle of the big banks and go into the credit unions for their banking business. So what  Caribbean Union Bank has been doing is actually engaging with customers and trying to create a more personalized touch.  We create that "at- home" environment and we are able to retain not only our customers but we are also able to attract other customers.


The Gaston Browne Administration is making a lot of efforts to reach out to new investors in the Middle East and China, through deals signed with the UAE, the Callaloo Cay project, the Yida development and the Citizenship by Investment Program in general. Do you have a specific strategy to capitalize on these new opportunities for the country, and is the CUB itself also reaching out to international investors? If so, how?

One of the strategic partners that we have  taken on board is the Government itself. Therefore, we are hoping that because of this strategic alliance with the government that other counterparties would see that we have our governments’ support and it is a key player as an investor.  We believe that the investment by the government will serve to strengthen our capital and overall financial position thus making Caribbean Union Bank more attractive to other investors. We welcome new  investors as part of our aim to continue to grow and fulfill our vision.  Of course, we have a sound due diligence process regarding potential investors and our regulations assign the final approval of the investors to our regulatory agency. As an intermediary in the economy, our bank stands to benefit from any increased economic activity on the island. To the extent that these projects require local banking relationships, Caribbean Union Bank stands ready to play its part within our own strategic parameters.


There’s been a lot of hype recently about the government’s equity stake in the CUB. Prime Minister Browne said, “there was a notion that CUB was not healthy and needed a bailout.” How has this affected CUB, and in what way are you healthier today that before the government’s involvement?

First of all, I believe that the true nature of the relationship was not accurately reflected as there was no bailout of  the institution. What we did was actively approach the Government for assistance by becoming an equity investor in our bank. We are not bankrupt nor on the verge of failure. What we needed was a boost to our capital base in light of new regulations and to fund our new strategic direction. We look at this as an opportunity that we didn’t have before and because our existing shareholders were not able to inject any further funds, we welcomed the opportunity for  someone who was willing to invest a significant sum of money. The comments in the media, however, have been unsettling for our staff  and customers and introduced a level of uncertainty regarding the direction of the Bank. However, we have been able to alleviate these uncertainties as it became known that this was an opportunity for Caribbean Union Bank to chart a new path to success. As a result, our staff and customers continued to stand with us and we are very appreciative of this. While the investment is still in its early stages, we have been able to right size the business model for the Bank. We are in a position to compete on a larger scale and we have the capital to fund our critical infrastructure changes that will allow us to transform our platforms to truly embrace digital banking. Apart from the capital, we are expecting to  benefit from increased business from government agencies. This has augmented our customer base and improved the potential for additional revenue as we begin to provide customised banking services to this sector. We have definitely bolstered our financial position and outlook as a result of the government involvement.


What is your relationship today with the Eastern Caribbean Amalgamated Bank (ECAB)?

We are both members of the Antigua and Barbuda Banking Association. From that end, we collaborate on issues facing the Banking sector together with the other members of the Association and we share a good cordial relationship. However, we do not have a business relationship.


In a world that is exponentially more universal and competitive, innovation is crucial for any company’s future survival.  How does Caribbean Union Bank incorporate innovation into its work?

That is actually a key part of our strategy. One of the areas that we have been trying to look at critically is how we can significantly improve our client relationship. Our bank was not meant to be the traditional bank where you stand in the line for hours and hours or where you feel as if your are just a number in the sea of faces. We believe that the heart of this engagement is the capitalisation of technology which will allow our customers to have banking at their finger tips. We are looking at solutions which will make the application process for our products fast and efficient. These solutions will create a seamless integration of our processes from the front office to the back end. We believe that the benefits will be tremendous: not only will we be able to offer the services that our customers desire, our employees will be empowered with the right tools in performing their tasks and the end result will be increased revenue generation and cost savings to the Bank. Through innovation we create a 'win-win' experience. The Board and management of Caribbean Union Bank have recognised that amidst the presence of other disrupters in the financial industy, that it is imperative to embrace and perfect digital banking if we are to become the market leaders. Our Engagement Banking strategy therefore sees a suite of products being rolled out to accomplish this objective.


Mrs. Harris-Quinland, CSR is a useful measure for helping the communities in which you work and giving back to your hard working personnel. Is the company involved in any kind of CSR projects or programs here in Antigua?

Caribbean Union Bank is definitely invested in the community. One of our core standards is the enrichment of the wider community. We are therefore engaged in a number of initiatives. We have a named cricket and football team in two villages and we have reaped the benefits from those relationships. We have also supported initiatives in health, having partnered with the government ministry with responsibility of health in its nationwide fitness challenge. We are also supportive of our charity organisations and their causes towards cancer and other volunteer work etc. We also  support school initiatives as well as the small businesses. Caribbean Union Bank takes its responsibility as a good Corporate Citizen very seriously.


On a more personal note, Mrs. Harris-Quinland, what in your opinion have been the most challenges experiences and the most successful moments during your career?

I think the most challenging experience has been within the last 2 years at the bank as a result of the transition process. It has been a period of critically reviewing our strategic direction and charting the way forward. This process was quite demanding in all respects and it continues as we are in our embryonic stages of the new path. This new strategy and our new partnerships have meant a paradigm shift will be required in Caribbean Union Bank and hence change management comes with its own challenges. That being said, I find the challenges to be a rewarding experience as well as I feel as if I have been given the opportunity to make an impact in not only a developing institution but in the lives of the team, customers, shareholders and the wider community. My ability to do this I believe has come from the strong background I received in my career development. I had the opportunity to work with PricewaterhouseCoopers in Antigua ( now Grant Thornton) and have a very rewarding career which allowed me to ascend the ranks to Manager 2. This laid the foundation for charting a new path for me as the Chief Financial Officer of Caribbean Union Bank, and now its General Manager.   As the first woman General Manager of the Bank, I believe that I can be a role model for other young females as I inspire confidence in their ability to become leaders in whatever their career paths may be.  Whatever my challenges and successes have been I am grateful that I have had the strength of God keeping me through my journey.


The readers of Harvard Business Review include many of the world’s most powerful influential businessmen/women. What message would you like to send them?

Our aim is to make Caribbean Union Bank known for excellent customer service,  known for being trend setters,  known for enriching our stakeholders and  known for enriching the community. In fact, in can be summarized in four words: Empower, Excel, Engage and Enrich. We focus on empowering our employees, because we believe that our employees are not able to fully function if they are not given the correct resources. Once our employees are empowered, then they will excel, and as a bank we can function as team effectively. Once our employees are excelling in  their processes, we will see a high level of service excellence to our customers. By doing that, we are engaging our customers. The more costumers that become engaged, the more we would see growth, not only financially but also in terms of making differences in the lives with others. So we call it Enrich: Enrich the life of our stakeholders and, overall, our community. We therefore encourage other firms to follow these mandates, as we believe that they form the foundation of any successful business. We would also wish to encourage the development of strategic partnerships amongst the investment and business community and we therefore welcome those interactions.