A Consortium of Indigenous Caribbean Banks is poised to acquire the banking operations of CIBC First Caribbean in Dominica, Grenada, St. Kitts & Nevis, and St Vincent & the Grenadines
Tuesday, a Consortium of leading Banks in the Eastern Caribbean Currency Union announced that it has entered into a definitive agreement to acquire the branches and banking operations of CIBC First Caribbean in Dominica, Grenada, St. Kitts and Nevis, and St. Vincent and the Grenadines.The agreement executed on 12 October 2021 is subject to regulatory approval and customary closing conditions.
Commenting on the transaction, Consortium Lead, and Managing Director of The Bank of St. Vincent and the Grenadines Limited, Derry Williams asserted, "This acquisition by the Consortium represents a significant development in the evolution of the Banking System of the ECCU. Once approved by the regulators, we are very confident that it will lay the basis for further enhanced value creation in these economies and greater prosperity for our society. "
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; and,
4. The Bank of St. Vincent & the Grenadines Limited (Agent of the Consortium)
This acquisition expands the Consortium's loan base by more than XCD 600 million, net, the deposit portfolio by XCD1.5b; and provides the additional scale to better service the Consortium's respective communities and contribute to the region's economic and social advancement.
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