Consortium of Banks Acquires the Operations of FirstCaribbean International Bank
NBD is among a group of banks within the Eastern Caribbean that has agreed to acquire the operations of FirstCaribbean International Bank in its respective country.
The National Bank of Dominica along with Bank of St. Vincent and the Grenadines, Grenada Co-operative Bank, and the St. Kitts Nevis Anguilla National Bank entered into the agreement on October twelfth. The agreement is subject to regulatory approval and customary closing conditions.
The Consortium of banks, in a press release, stated that it looks forward to working with CIBC FirstCaribbean to finalize the transaction over the coming months to facilitate a seamless transition for all stakeholders.
The Consortium members are committed to recruiting staff of CIBCFirstCaribbean, as required, to maintain and even improve the level and quality of service that CIBCFirstCaribbean customers are accustomed to.
Chairperson of the NBD Urania Williams says the acquisition is a continuation of the bank’s growth strategy.
This acquisition expands the Consortium’s loan base by more than XCD 600 million, net, the deposit portfolio by one point five billion dollars, and provides the additional scale to better service the Consortium’s respective communities and contribute to the region’s economic and social advancement.