BASSETERRE, ST. KITTS (April 6, 2023) – The acquisition of FCIB Barbados’ operations in St Kitts and Nevis by the St. Kitts Nevis Anguilla National Bank Limited (SKNANB) will not be moving forward as planned.
This is due to the decision of the Eastern Caribbean Central Bank (ECCB) not to grant final approval for the acquisition.
The ECCB’s decision was predicated on certain regulatory requirements and took cognizance of the negative impact on international and regional investments occasioned by unprecedented hikes in interest rates by the Federal Reserve (the US Central Bank).
We will respectfully comply with the ECCB’s decision and have obtained the release from the sale transaction by FCIB Barbados.
SKNANB continues to grow and has recorded a positive year-to-date financial position (unaudited) in our profitability for this current year.
