FirstCaribbean International Bank Limited says the sale of its business assets in Grenada to Grenada Co-operative Bank Limited has received approval from the Eastern Caribbean Central Bank.
In a statement earlier this week, the banks jointly announced that the process of transferring FirstCaribbean’s clients to Grenada Co-Operative Bank Limited is expected to be completed by July 14.
CIBC FirstCaribbean announced the proposed divestiture of its business in St Vincent, Grenada, St Kitts & Nevis and Dominica in October of 2021. CIBC FirstCaribbean successfully transferred its St Vincent clients to Bank of St Vincent & Grenadines last month.
Donna Wellington, CIBC FirstCaribbean’s managing director for Barbados & OECS, noted: “We are pleased at the approval of the sale in Grenada. This helps us deliver on our strategy of simplifying our business. We give our clients in Grenada our commitment that while we are working with Grenada Co-operative Bank Limited to complete the transfer, we will continue to provide them with first class service right until the moment we close our doors for the last time; and our employees with the best possible work experience.”
The two banks will shortly begin communicating to clients about the plans and dates for the withdrawal of services from CIBC FirstCaribbean and the transfer of client information to GCBL, as part of the transition process.
For his part, Larry Lawrence, managing director of Grenada Co-Operative Bank Limited, commented: “We wish to thank all the stakeholders involved in this process thus far and express our delight in having received the approval of the sale. We are working assiduously to ensure a smooth transition of FirstCaribbean’s customers and look forward to welcoming them to the Co-op Bank family.”