Prime Minister Welcomes Decision By Grenada Co-Operative Bank To Acquire CIBC FirstCaribbean Operations In Grenada

PR  – Prime Minister and former Minister for Finance, Dr. the Right  Honourable Keith Mitchell, has welcomed the decision by Grenada Co-operative Bank  Limited to acquire the banking operations of CIBC FirstCaribbean in Grenada. 

The move is part of an initiative by a Consortium of leading Indigenous Banks in the  Eastern Caribbean Currency Union to acquire CIBC FirstCaribbean operations in  Grenada, Dominica, St. Kitts and Nevis and St. Vincent and the Grenadines.  

Managing Director of Co-operative Bank, Mr. Richard Duncan and Managing Director  Designate, Mr. Larry Lawrence briefed the Prime Minister on the impending acquisition  ahead of the official announcement. They assured the Prime Minister of the local bank’s  ability to manage the soon to be acquired assets, and reiterated the strength of its risk  management and governance structures. 

The Prime Minister applauded the local bank’s participation in this major regional  initiative, saying, “Today’s environment is for innovative and ambitious people. This  significant, strategic move is indicative of the tremendous growth Grenada Co-operative  Bank has experienced over the years. Having witnessed that growth myself, I must say I  am proud of the institution and the tremendous potential for future growth that will be  created by this acquisition.”