KINGSTOWN, St. Vincent and the Grenadines (12 October 2021) — A consortium of four leading banks in the Eastern Caribbean Currency Union has announced it has entered into 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. The agreement is subject to regulatory approval and customary closing conditions. The four consortium members are: The National Bank of Dominica Limited; Grenada Co-operative Bank Limited; St. Kitts-Nevis-Anguilla National Bank Limited; and The Bank of St. Vincent and the Grenadines Limited (Agent of the Consortium).
Managing Director of National Bank of St. Kitts-Nevis-Anguilla Dr. Analdo Bailey said: “This acquisition is in keeping with our strategic vision to expand regionally and globally. We see this acquisition as a way to grow our corporate, insurance and investment services. As the Bank continues its jubilee celebrations, we remain committed to building a world class financial institution that redounds to the benefit of shareholders, customers, employees and all other stakeholders.” National Bank has been serving St. Kitts and Nevis since 1971 and is currently celebrating its 50th anniversary, having surpassed EC$3 billion in assets. The acquisition expands the consortium’s loan base by more than XCD$600 million net, and the deposit portfolio by XCD$1.5 billion. CIBC FirstCaribbean CEO Colette Delaney said the four indigenous banks are “an excellent fit” given their deep knowledge of local markets. Operations at both institutions will continue normally until regulatory approvals are obtained and the transaction closes.