Categories: Press Release

BOSVG acquisition of CIBC will expand its asset base by over EC 500 million

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Bank of St Vincent and the Grenadines Ltd announced that it is the agent and member of a Consortium of leading Indigenous Banks in the Eastern Caribbean Currency Union (ECCU) that 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 executed on October 12, 2021 is subject to regulatory approval and customary closing conditions.

Managing Director of Bank of St Vincent and the Grenadines Ltd, Derry Williams in making the announcement stated, “This acquisition represents a significant development in the evolution of the Banking System of St. Vincent and the Grenadines. Once approved by the regulators, we are very confident that it will lay the basis for further enhanced value creation in the local economy and greater prosperity for our society. “

The other members of the Consortium are:

National Bank of Dominica Limited

St. Kitts-Nevis-Anguilla National Bank Limited

Grenada Co-operative Bank Limited

This acquisition will expand BOSVG’s asset base by more than XCD 500 million and will provide additional scale to better service the Bank’s respective communities.

BOSVG looks forward to working with CIBC FirstCaribbean to finalize the transaction over the coming months, with both working diligently to ensure the transition is seamless for all stakeholders.

BOSVG is committed to recruiting the staff of CIBC FirstCaribbean to maintain and even improve the level and quality of service that CIBC FirstCaribbean customers are accustomed to.

Until regulatory approvals are obtained and the transaction closes, operations at both institutions will continue as they currently do.

The Consortium is being advised by Deloitte & Touche in Barbados (Lead Advisor) led by Mr. Raymond Haynes, Director, Financial Advisory; and Lex Caribbean (Lead Legal Advisor) led by Mrs. Mary Mahabir Q.C. Senior Partner and Ms. Onika Stewart, Partner.

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