by Devonne Cornelius
St. Kitts and Nevis (WINN): CIBC FirstCaribbean International Bank Limited (FCIB) is selling its St. Kitts branch to the St. Kitts Nevis Anguilla National Bank Limited.
In a statement from CIBC FCIB dated October 12, it said CIBC FirstCaribbean International Bank (Barbados) Limited (“CIBC FCIB Barbados”), has agreed to sell its banking assets in St. Kitts as well as St. Vincent, Grenada and Dominica.
The transactions are all subject to regulatory approval, including from the Central Bank of Barbados, and are expected to be finalized in the coming months.
The transaction in Aruba is subject to regulatory approval by the Central Bank of Aruba.
In announcing that the applications will be submitted shortly to the various regulatory bodies, CIBC FirstCaribbean’s Chief Executive Officer, Colette Delaney, said that: “these transactions enable FirstCaribbean to optimize and simplify its business, further enhance efficiency and focus on core markets to accelerate growth.
The CIBC FCIB branch in St. Vincent will be sold to The Bank of St. Vincent and the Grenadines Ltd.; the Grenada branch will be sold to the Grenada Co-Operative Bank Limited and the Dominica branch will be sold to the National Bank of Dominica Ltd and the Aruba branch, which is owned by CIBC FCIB Cayman will be sold to Aruba Bank N.V.