CIBC FirstCaribbean set to sell some assets

Today, FirstCaribbean International Bank Limited stated that the Eastern Caribbean Central Bank had approved the sale of its company to two local banks in the eastern Caribbean.

The bank also disclosed that it will immediately start the process of moving its clients to St. Kitts, Nevis, and Anguilla National Bank in St. Kitts and the Bank of St. Vincent & Grenadines Limited in St. Vincent.

Many months are anticipated for this process. In October 2021, it was revealed that the Caribbean bank would be selling its operations in Aruba, St. Vincent, Grenada, St. Kitts and Nevis, and Dominica.

The sale of Aruba was finished earlier this year. The proposed transfer of the assets of CIBC FirstCaribbean to Grenada Co-operative Bank Limited is still under discussion and negotiation by the parties.

The National Bank of Dominica has declared a shift in its strategic direction, which at this moment does not include an acquisition, therefore the bank’s planned sale of its assets in Dominica to NBD will not go through.

Colette Delaney, Chief Executive Officer of CIBC FirstCaribbean, noted: “We are pleased with the approval of the sales in St Vincent and St Kitts. This helps us deliver on our strategy of simplifying our business.”