Prime Minister Dr. Ralph Gonsalves has described the acquisition of the branches and banking operations of CIBC First Caribbean Bank by a consortium of leading banks in the Eastern Caribbean Currency Union including BOSVG as an amazing feat.
The announcement of the acquisition was made in a news release Wednesday afternoon, which said the agreement to acquire CIBC First Caribbean branches and banking operations in St.Vincent and the Grenadines, Dominica, Grenada and St. Kitts and Nevis is subject to regulatory approval and customary closing conditions.
Speaking on the matter in parliament yesterday PM Gonsalves said that the acquisition will increase the assets of BOSVG and that looking ahead it will be of benefit to all Vincentians.
The prime minister also noted that the Bank of SVG is undergoing some major upgrades including the move to have digital cash.
It was also pointed out by Prime Minister Gonsalves that as part of the acquistion of CIBC First Caribbean Bank the staff in the respective countries will be retained.
The consortium lead, and Managing Director of the BOSVG, Derry Williams asserted, that “the acquisition represents a significant development in the evolution of the banking system of the ECCU and that once approved by the regulators, they are very confident that it will lay the basis for further enhanced value creation in these economies and greater prosperity for the society. ”
