AFTER not meeting all of the stipulated conditions of sale, the St. Kitts-Nevis Anguilla National Bank has failed in its quest to acquire the assets of CIBC First Caribbean International Bank Limited in St. Kitts and Nevis.
In a media statement issued late this afternoon (Apr. 6), FirstCaribbean International Bank Limited announced that the sale of its assets of FirstCaribbean International Bank (Barbados) Limited in St. Kitts to St. Kitts Nevis-Anguilla National Bank Limited (SKNANB) will not go ahead.
In October 2021, under certain conditions, the Central Bank had approved the sale of CIBC FirstCaribbean assets in several territories across the Eastern Caribbean, including St. Kitts-Nevis and St. Vincent and the Grenadines.
“The Eastern Caribbean Central Bank (‘ECCB’) provided conditional approval for the sale 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, subject to certain conditions.