CIBC FCIB assures orderly transfer of client accounts in SVG, St Kitts

CIBC FirstCaribbean has assured its clients in St Vincent and the Grenadines and St Kitts of an orderly transfer of client accounts between FirstCaribbean and the Bank of St Vincent and the Grenadines as well as between FirstCaribbean and the St Kitts-Nevis-Anguilla National Bank.

This follows last Friday’s announcement that the sale of its business to two indigenous banks in the eastern Caribbean had received approval from the Eastern Caribbean Central Bank.

The bank further announced that it will now begin the process of transferring its clients to the Bank of St Vincent & Grenadines Limited in St Vincent and the St. Kitts, Nevis, Anguilla National Bank in St. Kitts.

“This process is expected to take several months,” the bank said in a release.

A statement posted on Saturday, July 16 on its official Facebook page for its clients in St Vincent and the Grenadines read: “CIBC FirstCaribbean and Bank of St Vincent & the Grenadines Ltd (BOSVG) are pleased to advise that approval has been received for the sale of the assets of FirstCaribbean International Bank (Barbados) Limited in St Vincent & the Grenadines to Bank of St Vincent & the Grenadines Ltd.

“We can give you our assurance that there will be an orderly transfer of client accounts between FirstCaribbean and BOSVG. Our teams have been working closely together to effect the transition which is expected to occur within the coming months.

“We commit to providing you with the necessary communication to ensure you know precisely when CIBC FirstCaribbean’s service ends and BOSVG’s begin and what that means for the management of your accounts.

We thank you for your continuing patronage and for your trust in the transition process.”

A similar statement was posted for clients in St Kitts and Nevis.

The sale of the Caribbean bank’s business in five countries – Aruba, St Vincent, Grenada and St.Kitts & Nevis; and Dominica – was announced in October of 2021.The Aruba sale was completed earlier this year.

“The parties continue to discuss and negotiate key aspects of the transaction in the proposed sale of CIBC FirstCaribbean’s assets to Grenada Co-operative Bank Limited,” the release said.

The bank further announced that the sale of its assets in Dominica to the National Bank of Dominica will not proceed, as NBD has announced a change in its strategic direction, which does not include an acquisition at this time.

Colette Delaney, Chief Executive Officer 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.”