(CMC) — The Grenada Co-operative Bank Limited (GCBL) Friday took over the operations of FirstCaribbean International Bank Limited (FirstCaribbean) in Grenada following approval from the St Kitts-based Eastern Caribbean Central Bank (ECCB).
In a statement, the two banks said that the process of transferring FirstCaribbean’s clients to GCBL is expected to be completed by July 14 this year.
CIBC FirstCaribbean announced the proposed divestiture of its business in St Vincent, Grenada, St Kitts & Nevis and Dominica in October last year, with assets estimated at US$20.7 million. Since then it has successfully transferred its operations to the Bank of St Vincent & Grenadines.
“We are pleased at the approval of the sale in Grenada. This helps us deliver on our strategy of simplifying our business,” said Donna Wellington, CIBC FirstCaribbean’s managing director for Barbados and the Organisation of Eastern Caribbean States (OECS).
“We give our clients in Grenada our commitment that while we are working with Grenada Co-operative Bank Limited to complete the transfer, we will continue to provide them with first-class service right until the moment we close our doors for the last time; and our employees with the best possible work experience,” she added.
GCBL managing director, Larry Lawrence, said “we wish to thank all the stakeholders involved in this process thus far and express our delight in having received the approval of the sale.
“We are working assiduously to ensure a smooth transition of FirstCaribbean’s customers and look forward to welcoming them to the Co-op Bank family,” he added.
The statement said that the two banks will shortly begin communicating to clients about the plans and dates for the withdrawal of services from CIBC FirstCaribbean and the transfer of client information to GCBL, as part of the transition process.