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Money & Business

In this week’s Money and Business report, a business manager at CUC is getting a new role, Consolidated Water is waiting to hear whether its project in Mexico is moving forward, and a bank is adding insurance products to its loan offerings.

At Caribbean Utilities Company (CUC), Sacha Tibbetts has been named to the newly created post of Vice President for Customer Service and Technology. Mr. Tibbetts will be in charge of getting the utility to meet new goals that include increasing the amount of electricity generated from renewable sources and implementing information technology that improves customer service.

Consolidated Water is one of three companies in the running to build the largest water desalination project in the Western Hemisphere. Government officials in Baja California, Mexico are reviewing technical and financial proposals. They could announce a winning bid at any time. When built, the plant near Rosarito Beach would desalinate 100 million gallons of ocean water per day. Some of the water could be sold across the border to supply San Diego, California.

CIBC First Caribbean Bank recently unveiled a package of insurance coverage that is available for its loans. The underwriting will be done by Massy United Insurance.

“Loans are a key part of our business,” said Mark St. Hill, a managing director at CIBC. “In managing the full end-to-end experience for the client, we have found it necessary to own all aspects of the experience in terms of getting a loan. And we’ve seen a key opportunity in being more responsive to the client in showing that we can disperse those funds and offer a one-stop sales process where we also arrange the insurance.”

The bank is now working on new products that include banking apps on smartphones.

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Angela Sevilla

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