Consortium of Eastern Caribbean banks obtains approval for the acquisition of CIBC FirstCaribbean banking operations in two OECS territories.

On 12 October 2021, The Consortium of banks signed a definitive agreement to acquire the branches and banking operations of CIBC FirstCaribbean in Dominica, Grenada, St. Kitts and Nevis, and St. Vincent and the Grenadines.

Following regulatory applications to the Eastern Caribbean Central Bank (ECCB), the Consortium now further advises that:

Today, the ECCB notified the parties of its decisions regarding the applications to acquire the branches and banking operations in St. Vincent & the Grenadines and St. Kitts & Nevis.

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.

The Consortium further announces that the sale of the assets of CIBC FirstCaribbean in Dominica to the National Bank of Dominica Ltd. (NBD) will not proceed as NBD has announced a change in its strategic direction.

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