FirstCaribbean International Bank Ltd said today that it will not sell its St Kitts assets to St Kitts-Nevis-Anguilla National Bank Limited (SKNANB).
The Eastern Caribbean Central Bank (ECCB) granted conditional clearance for the transfer of the assets and banking business of FirstCaribbean International Bank (Barbados) Limited (‘FCIB Barbados’) in St Kitts to the St Kitts-Nevis-Anguilla National Bank Limited (‘SKNANB’) on July 15, 2022.
SKNANB told FCIB Barbados that the ECCB had not approved the acquisition.
FCIB Barbados was informed by the ECCB that its Saint Kitts business would not be sold.
Despite the foregoing denial, the ECCB continues to work with FCIB Barbados to analyze its operating footprint in the Eastern Caribbean Currency Union.
FirstCaribbean International Bank (Barbados) Limited will stay in St Kitts and change its business model.
CIBC FirstCaribbean CEO Mark Saint Hill said that while the sale process’s closure is regrettable, the bank would use this opportunity to improve its St Kitts business.
He added: “We are an agile organization and it is our job on behalf of our staff and clients to deliver a steady ship that delivers omni-channel access to banking services in Saint Kitts. We’ll pivot and build our St Kitts business.”
Donna Wellington, the bank’s Barbados and OECS managing director, said the bank will use this chance to revamp its Saint Kitts business. “We want to show the market we’re here. Throughout the previous year-and-a-half, we have been conservative in St Kitts. However, we will now focus on expanding the business, reconnecting with our Retail and Corporate clients in a significant way, and offering them with the greatest products and services CIBC FirstCaribbean has to offer.”
Wellington thanked clients and staff. “Our staff are a significant asset to the business, and we owe them a lot for their grace and professionalism over the past several months. We’ve spoken to some of our clients, and they’ve promised to back us, so we’re going full steam ahead.”
Wellington said the bank aims to install Smart ABMs and other self-serve items in Basseterre to offer St Kitts in-person and digital banking services.
