The sale of assets of FirstCaribbean International Bank (Barbados) Ltd in St Kitts to St Kitts-Nevis-Anguilla National Bank Ltd (SKNANB) will not now go ahead.
The Eastern Caribbean Central Bank provided conditional approval for the sale of the assets and banking business of FirstCaribbean International Bank (Barbados) Ltd. in St Kitts to the St Kitts-Nevis-Anguilla National Bank Ltd on July 15, 2022, subject to certain conditions.
However, SKNANB recently informed FCIB Barbados that it has not secured final approval to conclude the acquisition.
The ECCB then subsequently notified FCIB Barbados of its decision to not grant final approval for the sale of its operations in St. Kitts.
Despite the deal falling through, the ECCB remains fully engaged with FCIB Barbados as it continues to assess its operational footprint in the Eastern Caribbean Currency Union, the organisation said in a statement.
FirstCaribbean International Bank (Barbados) Ltd will, therefore, retain its presence in St Kitts and has announced plans to transform the way it does business in St Kitts.
Chief Executive Officer of CIBC FirstCaribbean, Mark St Hill said while the outcome is disappointing for the bank, CIBC FirstCaribbean will take advantage of this opportunity to refine its business in St Kitts.