Clients of CIBC FirstCaribbean International Bank (CIBC FCIB) in St Vincent and the Grenadines have been advised that in-branch retail operations will end on March 22 to facilitate the transition of accounts to the Bank of St Vincent and the Grenadines (BOSVG).
Derry Williams, Managing Director of the BOSVG in a letter to prospective clients, said the sale of operations of CIBC FCIB will conclude on March 24, 2023, at which time, the BOSVG will acquire the business.
“We would therefore like to inform you of the arrangements which have been made in order to make your transition to our platform as smooth as possible,” the letter dated January 24, 2023 said.
Williams informed that all account numbers will remain unchanged after the transition is completed and all Fixed Deposit accounts will be automatically transferred to the BOSVG.
Clients’ existing scheduled payments / standing orders will also be automatically transferred to the BOSVG platform.
The Managing Director said existing loan terms will remain in effect following the transition and online banking accounts will be transferred automatically, with credentials being sent to clients prior to the date of transition.
“BOSVG branded cards will be available for distribution to customers during the month of January 2023. These cards will replace your CIBC FCIB debit and credit cards and can be activated commencing 27th March 2023. Further communication relating to the time and place for collection will be provided.
“While your cards will work at all BOSVG ATMs and Point of Sale machines throughout St Vincent and the Grenadines, we will be working to ensure that CIBC FCIB machines become available soon after the transition,” the letter said.
The letter also gave details about the transition arrangements relating to Electronic Funds Transfers (EFT), clearing of cheques, cheque books and wire transfers.
“All other products and services provided by the BOSVG will become available to you on Monday, 27th March 2023,” Williams said.
Only July 15, 2022, CIBC FCIB announced that the sale of its business in SVG and St Kitts and Nevis to the Bank of St Vincent and the Grenadines and the St Kitts-Nevis-Anguilla National Bank respectively had received approval from the Eastern Caribbean Central Bank.