Bank of St Vincent Acquires FCIB In Barbados and Saint Vincent and the Grenadines Branch

The content originally appeared on: Antigua News Room

The Eastern Caribbean Central Bank (ECCB) hereby advises that effective 24 March 2023, the operations of FirstCaribbean International Bank (Barbados) Limited (FCIB) in SaintVincent and the Grenadines will cease, and will now be subsumed as part of the Bank of StVincent and the Grenadines’ (BOSVG) operations.

The ECCB, in consultation with the ECCB Monetary Council, approved the application forthe transfer of the assets and liabilities of FCIB, Saint Vincent and the Grenadines branch toBOSVG on 15 July 2022, pursuant to Section 43 of the Banking Act, 2015 of Saint Vincentand the Grenadines (No 4 of 2015), as amended.In accordance with these approvals, the ECCB issued an updated banking license to BOSVG.

The Banking Business Vesting Orders have been signed and gazetted in Saint Vincent andthe Grenadines.

The ECCB remains resolute in its mandate to supervise all licensed financial institutionsunder the Banking Act, 2015.

The financial sector in the Eastern Caribbean Currency Union is evolving. Citizens andresidents in our Currency Union are encouraged to stay abreast of developments.

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