The Eastern Caribbean Central Bank says the Bank of St Vincent and the Grenadines’ has taken over the operations of the First Caribbean International Bank Barbados Limited in Kingstown.

The ECCB, which serves as a central bank for the islands of Antigua and Barbuda, Dominica, Grenada, St. Lucia, St. Vincent and the Grenadines, and St. Kitts-Nevis, said the takeover goes into effect on Friday.

The bank says in accordance with these approvals, it has issued an updated banking license to the Bank of St. Vincent.

The bank also disclosed that the Banking Business Vesting Orders have been signed and gazetted in St. Vincent and the Grenadines.

In 2021, a consortium of banks in the Eastern Caribbean Currency Union announced that it had entered into a definitive agreement to acquire the branches and banking operations of CIBC FirstCaribbean in Dominica, Grenada, St. Kitts-Nevis, and St. Vincent and the Grenadines.

The four members of the Consortium are the National Bank of Dominica Limited; Grenada Co-operative Bank Limited; Kitts-Nevis-Anguilla National Bank Limited; and the Bank of St. Vincent and the Grenadines Limited.