23 March 2023, Basseterre, Saint Christopher (St Kitts) and Nevis – The Eastern Caribbean Central Bank (ECCB) hereby advises that effective 24 March 2023, theoperations of FirstCaribbean International Bank (Barbados) Limited (FCIB) in Saint Vincent and the Grenadines will cease, and will now be subsumed as part of the Bank of St Vincent and the Grenadines’ (BOSVG) operations.
The ECCB, in consultation with the ECCB Monetary Council, 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, pursuant to Section 43 of the Banking Act, 2015 of Saint Vincent and the Grenadines (No 4of 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 and the Grenadines.
The ECCB remains resolute in its mandate to supervise all licensed financial institutions under the Banking Act, 2015.
The financial sector in the Eastern Caribbean Currency Union is evolving. Citizens and residents in our Currency Union are encouraged to stay abreast of developments.