PR – Today October 14, 2021, Grenada Co-operative Bank Limited announced that it is a member of a Consortium of leading Indigenous Banks in the Eastern Caribbean Currency Union (ECCU) that has entered into a definitive agreement to acquire the branches and banking operations of CIBC FirstCaribbean in Dominica, Grenada, St. Kitts and Nevis, and St. Vincent and the Grenadines.
The agreement executed on 12 October 2021 is subject to regulatory approval and customary closing conditions.
Managing Director of Grenada Co-operative Bank Limited, Richard W. Duncan in making the announcement stated, “This acquisition by Co-op Bank represents a significant development in the evolution of the Banking System of Grenada, Carriacou and Peite Martinique. The Bank will acquire a lean book of business that bolts on well to our current business model. We get to offer our high-quality products, services, and efficient electronic channels to a larger pool of borrowers and depositors. Once approved by the regulators, we are very confident that it will lay the basis for further enhanced value creation in the Grenada economy and greater prosperity for our society. ”
The other members of the Consortium are:
The National Bank of Dominica Limited;
St. Kitts-Nevis-Anguilla National Bank Limited; and,
The Bank of St. Vincent and the Grenadines Limited (Agent of the Consortium)
This acquisition expands Co-op Bank’s loan base by more than XCD 200 million, net and provides the additional scale to better service the Bank’s respective communities and contribute to the Grenada’s economic and social advancement.
Co-op Bank looks forward to working with CIBC FirstCaribbean to finalize the transaction over the coming months with both working diligently to ensure the transition is seamless for all stakeholders.
Co-op Bank is committed to recruiting Grenadian staff of CIBC FirstCaribbean, as required, to maintain and even improve the level and quality of service that CIBC FirstCaribbean customers are accustomed to.
Until regulatory approvals are obtained and the transaction closes, operations at both institutions will continue as they currently do.
The Consortium is being advised by Deloitte & Touche in Barbados (Lead Advisor) led by Mr. Raymond Haynes, Director, Financial Advisory; and Lex Caribbean (Lead Legal Advisor) led by Mrs. Mary Mahabir Q.C. Senior Partner and Ms. Onika Stewart, Partner.
ABOUT GRENADA CO-OPERATIVE BANK LIMITED
Grenada Co-operative Bank Limited, a market leader in Grenada, offers the full spectrum of commercial banking services and electronic channels. The Bank has been serving the Grenadian people since 1932 and commemorates its 90th anniversary next July. As at June 30, 2021, Bank has a deposit base of $1.3b representing a 36% market share in Grenada.
The Bank is owned by over four thousand (4,000) shareholders and is listed on the Eastern Caribbean Securities Exchange (ECSE). Co-op Bank’s customer base includes individuals, small and middle-market businesses, large corporations, statutory bodies and Central Government; and remains steadfast in its mission to, “…improve the lives of our customers through the provision of high-quality financial services while ensuring a fair return to our shareholders and contributing to the well-being of the citizens where we operate”.