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| Mar 27, 2023

ECCB approves Bank of St Vincent and the Grenadines acquisition of FirstCaribbean International Bank in Saint Vincent

/ Our Today

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General view of CIBC First Caribbean International Bank’s Bridgetown branch in Barbados. (Photo: Wikipedia.com)

The Bank of St Vincent and the Grenadines’ (BOSVG) has taken over operations of FirstCaribbean International Bank (Barbados) Limited (FCIB) in Saint Vincent and the Grenadines.

The Eastern Caribbean Central Bank (ECCB), the central bank of the Eastern Caribbean dollar and the monetary authority for members of the Organisation of Eastern Caribbean States (OECS) announced that FirstCaribbean International Bank (Barbados) Limited (FCIB) in Saint Vincent and the Grenadines will cease operations effective Friday (March 24).

The ECCB in a statement said that: 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.

The Eastern Caribbean Central Bank.

The ECCB have also 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 said.

The ECCB said that it 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.

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Bank of St Vincent and the Grenadines ECCB advisory FirstCaribbean International Bank in St Vincent and the Grenadines

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