The banks further announced that the process of transferring FirstCaribbean’s clients to Grenada Co-Operative Bank Limited is expected to be completed by July 14, 2023.
Donna Wellington, CIBC FirstCaribbean’s Managing Director for Barbados & OECS, noted: “We are pleased at the approval of the sale in Grenada. This helps us deliver on our strategy of simplifying our business. 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.
Larry Lawrence, Managing Director of Grenada Co-Operative Bank Limited, commented, “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 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.
CBIC also has banking operations in the [British] Virgin Islands and announced the proposed divestiture of its business in St. Vincent, Grenada, St. Kitts & Nevis, and Dominica in October of 2021.
The bank successfully transferred its St. Vincent clients to Bank of St. Vincent & Grenadines in April 2023.