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FirstCaribbean International Bank in Kingstown. (iWN file photo)

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The Eastern Caribbean Central Bank (ECCB) has given regulatory approval to a consortium of banks acquiring the branches and banking operations of CIBC FirstCaribbean in St. Vincent and the Grenadines and St. Kitts and Nevis.

The four members of the consortium are National Bank of Dominica Ltd., Grenada Co-operative Bank Ltd., St. Kitts-Nevis-Anguilla National Bank Ltd. and Bank of St. Vincent and the Grenadines Ltd.

The consortium signed a definitive agreement on Oct. 12, 2021 and the ECCB handed down its approval of the acquisition today (Friday).

“The parties continue to discuss and negotiate key aspects of the transaction in the proposed sale of CIBC FirstCaribbean’s assets to the Grenada Co-operative Bank Limited,” a press release said.

The consortium also announced that the sale of the assets of CIBC FirstCaribbean in Dominica to the National Bank of Dominica Ltd. will not proceed as NBD has announced a change in its strategic direction.

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Commenting on the transaction, Consortium Lead, and Managing Director of The Bank of St. Vincent and the Grenadines Limited, Derry Williams said:

“We have made considerable progress having received approval of the acquisition of CIBC FirstCaribbean’s businesses in St. Vincent and the Grenadines and St. Kitts and Nevis. Our efforts are ongoing to complete the Grenada transaction and we support the decision made by the National Bank of Dominica Limited and CIBC FirstCaribbean in relation to the branch and operations in Dominica.”

“The Consortium members are market leaders in their respective territories, which offer the full spectrum of commercial banking services and electronic channels. As at June 30, 2022, the Consortium members held an aggregate deposit base of EC$7 billion,” a press release said.

“Collectively, they have been serving the peoples of the ECCU for a combined period of over 200 years. The Consortium’s customer base includes consumers, small and middle-market businesses, large corporations, statutory bodies and Central Governments; and remain committed in helping their customers succeed.”