The operations of FirstCaribbean International Bank (Barbados) Limited (FCIB) in Saint Vincent and the Grenadines have ceased, and will now be subsumed as part of the Bank of St Vincent and the Grenadines’ (BOSVG) operations, effective today Friday March 24th.
The Eastern Caribbean Central Bank (ECCB) approved the application for the transfer of the assets and liabilities of FCIB, Saint Vincent and the Grenadines branch to BOSVG on 15 July 2022.
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 and the Grenadines.
The ECCB in an official release said that it remains resolute in its mandate to supervise all licensed financial institutions under the Banking Act, 2015.
The ECCB noted that the financial sector in the Eastern Caribbean Currency Union is evolving, and encouraged citizens and residents within the Currency Union to stay abreast of developments.