Consortium of Eastern Caribbean Banks Obtains Approval for the Acquisition of CIBC FirstCaribbean Banking Operations in Two OECS Territories

Kingstown, St. Vincent and the Grenadines, July 22, 2022 (CIBC FCIB): 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.” 

ABOUT THE CONSORTIUM 

The four members of the Consortium are: 

  1. The National Bank of Dominica Limited 
  2. Grenada Co-operative Bank Limited 
  3. St. Kitts-Nevis-Anguilla National Bank Limited 
  4. The Bank of St. Vincent and the Grenadines Limited 

The Consortium members are market leaders in their respective territories, which offer the full spectrum of commercial banking services and electronic channels. As of June 30, 2022, the Consortium members held an aggregate deposit base of XCD $7 billion. Collectively, they have been serving the people 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 to helping their customers succeed. 

For general enquiries, please contact: 

National Bank of Dominica  Limited 

Phone:  

Flow: (767) 255-2300 

Digicel: (767) 315-0000 

US: +1 (443) 267-4300  

Email: customersupport@nbd.dm 

Grenada Co-operative Bank  Limited 

Phone:  

(473) 440-2111 

Email: info@grenadaco-opbank.com 

St. Kitts-Nevis-Anguilla National  Bank Limited 

Phone:  

(869) 465-2204 

+1 (877) 787-8158 

Email: nbfirst@sknanb.com 

Bank of St. Vincent and the  Grenadines Limited 

Phone (Call-Centre Team):  (784) 452-4375 

Email: info@bosvg.com

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