Editor’s Note: The earlier headline suggested that the bank in Barbados is being acquired. This not the case. The notice and the transaction it cites apply only to in St. Vincent. Barbados business is not, and has never been, a part of the sale.
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.
See also
Editor’s Note: The earlier headline suggested that the bank in Barbados is being acquired. This not the case. The notice and the transaction it cites apply only to in St. Vincent. Barbados business is not, and has never been, a part of the sale.
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