Editor’s Note: The earlier headline suggested that the bank in Barbados is being acquired. This not the case. The notice and the transaction it cites apply only to in St. Vincent. Barbados business is not, and has never been, a part of the sale.
The Eastern Caribbean Central Bank (ECCB) hereby advises that effective 24 March 2023, the operations of FirstCaribbean International Bank (Barbados) Limited (FCIB) in Saint
Vincent and the Grenadines will cease, and will now be subsumed as part of the Bank of St
Vincent and the Grenadines’ (BOSVG) operations.
The ECCB, in consultation with the ECCB Monetary Council, approved the application for
the transfer of the assets and liabilities of FCIB, Saint Vincent and the Grenadines branch to
BOSVG on 15 July 2022, pursuant to Section 43 of the Banking Act, 2015 of Saint Vincent
and the Grenadines (No 4 of 2015), as amended.In accordance with these approvals, the ECCB issued an updated banking license to BOSVG.
The Banking Business Vesting Orders have been signed and gazetted in Saint Vincent and
the Grenadines.
The ECCB remains resolute in its mandate to supervise all licensed financial institutions
under the Banking Act, 2015.
The financial sector in the Eastern Caribbean Currency Union is evolving. Citizens and
residents in our Currency Union are encouraged to stay abreast of developments.
Editor’s Note: The earlier headline suggested that the bank in Barbados is being acquired. This not the case. The notice and the transaction it cites apply only to in St. Vincent. Barbados business is not, and has never been, a part of the sale.
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CIBC First Caribbean really diminishing . By the look of things they now only have foot prints in Jamaica, Turks & Caicos, BVI, Antigua, St. Lucia and Cayman I wonder how much longer they will last in those areas.
This is exactly what Gaston Browne has fought for. FCIB/CIBC has gotten the message and is selling to locally owned banks, just like RBC and Scotia had to do in Antigua and Barbuda. The only sad thing is that ECAB didn’t handle this merger well at all. I really think the manager needs to go after he has cleaned up the mess he made. The bank’s reputation has been badly damaged by many many customers.
Thank you to the Hon. GASTON A. BROWNE for setting the trend. Local banks must receive first preference!
Only the haters would not give him his Jacket. The man is a real leader. He set the trend. And others will follow. If it were up to the small thinkers at the UPP side, our banking sector would be in Trinidadian hands today. And now they want to blame Gaston for the failure of ECAB to have a seamless transfer of the Scotia Bank Customers’ Accounts. Something that is in the hands of the management to execute. Thanks to Gaston’s policy they are now a much bigger bank.
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