International Banking Group (IBG), the newest bank in the Turks and Caicos Islands (TCI), and a subsidiary of the Cayman Islands Cayman National Corporation, will cease retail operations, effective today Tuesday August 14th.

Chris Johnson, managing partner of Chris Johnson Associates, who is currently working extensively in the TCI said to iNews Cayman:

“An incredibly poor decision to open in the TCI in July 2010 after the downturn in the worldwide economy and the problems surrounding the TCI premier and his henchmen.

“By that time there were already five banks in Providenciales, including RBC, First Caribbean Bank and Scotia serving a population far less than that of Grand Cayman. Moreover, TCI Bank had just two months earlier gone into compulsory liquidation.

“IBG Bank could not have chosen a worse time to open its doors and clearly they could not have commissioned an independent feasibility study.”

For more on this breaking story see tomorrow’s iNews Cayman