Two Canadian banks with ties to the Caribbean are contributing a total of $150,000 towards relief efforts throughout the region in the aftermath of Hurricane Frances and Hurricane Ivan.

The Bank of Nova Scotia said it was donating $50,000 to the Canadian Red Cross towards relief efforts in Grenada in the aftermath of Hurricane Ivan. The bank has operated in Grenada since 1963, and currently has three branches and more than 60 employees in the country.

CIBC is sending $100,000 to the Canadian Red Cross to help out in wake of the two hurricanes that have hit the region.

“Our thoughts are with the people of Grenada and we hope that this donation will help alleviate some of the misfortune suffered during this difficult period,” said Rick Waugh, Scotiabank president and CEO. “We are pleased to support the Red Cross in their efforts to provide this much needed assistance.”

In addition to the corporate contribution, CIBC branches across Canada are accepting donations for Caribbean recovery efforts on behalf of the Red Cross.

FirstCaribbean International Bank, a joint venture between CIBC and Barclays Bank plc, operates about 80 branches in 15 Caribbean countries, including Grenada, The Bahamas, the Cayman Islands and Jamaica.

“With banking operations in the Caribbean dating back to 1920, CIBC has deep and strong bonds to the people of the Caribbean,” said John Hunkin, president and CEO of CIBC. “On behalf of all employees of CIBC around the world, we offer our prayers and support to our colleagues in the region, and to all the victims of these two recent natural disasters.”

On Tuesday, RBC Centura Banks, a North Carolina-based unit of RBC Financial Group, said it was contributing US$50,000 to help the residents of central and southeastern Florida in the aftermath of Hurricane Frances.