FirstCaribbean International Bank Limited has announced that wholly-owned subsidiary FirstCaribbean International Bank (Cayman) Limited has agreed to sell its banking assets in Aruba to Aruba Bank N.V.
At the same time, the bank’s wholly-owned subsidiary in Barbados intends to sell its banking assets in St. Vincent, Grenada, Dominica and St. Kitts to four regional banks: The Bank of St. Vincent and the Grenadines Ltd, Grenada Co-Operative Bank Limited, National Bank of Dominica Ltd., and St. Kitts Nevis Anguilla National Bank Ltd.
The transactions are subject to regulatory approval and expected to be finalised in the coming months.
CIBC FirstCaribbean’s chief executive officer, Colette Delaney, said the transactions enable FirstCaribbean “to optimise and simplify its business, further enhance efficiency and focus on core markets to accelerate growth”.
She said in each case “we chose a partner that is an excellent fit in its respective market, given that its knowledge of the local markets match with our product offerings and client base and strong market positioning”.
Earlier this year, Royal Bank of Canada completed the sale of its Eastern Caribbean banking operations to focus on core markets in the Caribbean.
The bank’s 11 branches in Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines were bought by a consortium of regional banks including 1st National Bank of St. Lucia, Antigua Commercial Bank, Bank of Dominica, Bank of Montserrat, and The Bank of Nevis.
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