Consortium of Banks to acquire the banking operations of CIBC FirstCaribbean in Dominica and three other OECS countries
On Tuesday, October 13, 2021, a consortium of major banks in the Eastern Caribbean Monetary Union announced that it had reached a definitive agreement to acquire the branches and banking operations of CIBC FirstCaribbean in Dominica, Grenada, Saint Kitts and -Nevis and St. Vincent and the Grenadines.
Agreement signed on October 12, 2021 is subject to regulatory approval and customary close
Commenting on the transaction, head of the consortium and managing director of Banque de Saint-Vincent
and the Grenadines Limited, said Derry Williams: “This acquisition by the Consortium represents a
significant development in the evolution of the ECCU banking system. Once approved by the
regulators, we are convinced that it will lay the foundations for even greater value creation in these
savings and greater prosperity for our society. “
The four members of the Consortium are:
1. The National Bank of Dominica Limited;
2. Grenada Co-operative Bank Limited;
3. St. Kitts-Nevis-Anguilla National Bank Limited; and,
4. The Bank of Saint Vincent and the Grenadines Limited (Agent of the Consortium)
“The four native banks are a perfect fit for the banks of St. Vincent, Grenada, Dominica and St.
Kitts’ business, as their knowledge of local markets matches our product offerings and our customers
base and strong market positioning. They bring in-depth knowledge of the local market and the
needs of our clients there… ”said Colette Delaney, CEO of CIBC FirstCaribbean
The four OECS banks are market leaders in their respective territories, offering the full range of commercial banking services and electronic channels. They are overseen by the Eastern Caribbean Central Bank and require its regulatory approval. Collectively, they have served the peoples of the ECCU for a combined period of over 200 years. Their clientele includes consumers, small and medium-sized businesses, large businesses, statutory bodies and central governments; and remain committed to helping their clients succeed.
This acquisition expands the Consortium’s loan base to over XCD 600 million, net, the deposit
wallet by XCD1.5b; and provides the additional scale to better serve the respective activities of the consortium
communities and contribute to the economic and social development of the region.
The Consortium looks forward to working with CIBC FirstCaribbean to complete the transaction during the
months ahead, both working diligently to ensure the smooth transition for all stakeholders.
Until regulatory approvals are obtained and the transaction closed, the operations of all institutions will be
continue as they do now.
Consortium members agree to recruit CIBCFirstCaribbean staff, as needed, to
maintain and even improve the level and quality of service that CIBCFirstCaribbean clients are
The consortium is advised by Deloitte & Touche in Barbados (senior advisor) led by Mr. Raymond
Haynes, Director, Financial Advisory; and Lex Caribbean (Senior Legal Advisor) led by Ms. Mary Mahabir, Senior Partner.
ABOUT THE CONSORTIUM
Consortium members are market leaders in their respective territories, which offer the full spectrum
commercial banking services and electronic channels. As of June 30, 2021, the members of the Consortium
had an aggregate deposit base of $ 6.4 billion, representing a 53% market share in their
markets. Collectively, they served the peoples of the ECCU for a combined period of over 200
years. The Consortium’s clientele includes consumers, small and medium-sized businesses, large
companies, statutory bodies and central governments; and remain committed to helping their
the client succeeds.