FirstCaribbean International Bank Ltd yesterday announced that the sale of its business in Grenada to Grenada Co-operative Bank Ltd had received approval from the Eastern Caribbean Central Bank.
The banks said the process of transferring FirstCaribbean’s clients to Grenada Co-Operative Bank Ltd is expected to be completed by July 14, 2023.
CIBC FirstCaribbean announced the proposed divestiture of its business in St Vincent, Grenada, St Kitts and Nevis and Dominica in October of 2021.
CIBC FirstCaribbean successfully transferred its St Vincent clients to Bank of St Vincent and the Grenadines last month.
Speaking on the transaction Donna Wellington, CIBC FirstCaribbean’s Managing Director for Barbados and OECS said, “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 Ltd 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.”
Managing Director of Grenada Co-Operative Bank Ltd Larry Lawrence also commented said the organisation is working to ensure a smooth transition of FirstCaribbean’s customers and looks forward to welcoming them to the Co-op Bank family.
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.
In October 2021, FirstCaribbean announced the sale of its operations in five countries—Aruba, St Vincent, Grenada and St Kitts & Nevis & Dominica.
In July 2022, former CEO of CIBC FirstCaribbean noted, “We are pleased at the approval of the sales in St Vincent and St Kitts. This helps us deliver on our strategy of simplifying our business.
“It’s a complex set of transactions and it will be some months before we complete the transfer of client accounts over to the purchasing banks.
“In the interim, we will continue to provide our clients with first class service through a modern everyday banking experience and our employees with the best possible work experience.”
But in April this year, FirstCaribbean announced that it did not receive final approval for the sale of its operations in St Kitts.