The National Bank of Dominica Ltd. and FirstCaribbean International Bank (Barbados) Limited announces that they will not proceed with the sale and purchase of CIBC FirstCaribbean’s assets in Dominica.
In October 2021, a consortium of commercial banks in the Eastern Caribbean announced that it had entered into an agreement with CIBC FirstCaribbean to acquire its branches and banking operations in Dominica, Grenada, St. Kitts and Nevis, and St. Vincent and the Grenadines.
After several rounds of discussion between the CIBC FirstCaribbean, NBD and the regulator, the Eastern Caribbean Central Bank (ECCB), NBD has decided to change its strategic direction and will no longer be pursuing the purchase of the Dominica branch and operations of CIBC FirstCaribbean.
Chairman of the Board of NBD, Urania Williams, noted: “The National Bank of Dominica Ltd, has decided to take its operations in a different strategic direction and as a consequence will no longer be pursuing the purchase of the Dominica branch and operations of CIBC FirstCaribbean. However, NBD remains open to pursuing other mutually beneficial opportunities together with CIBC FirstCaribbean in the future.”
Williams thanked CIBC FirstCaribbean and the member banks of the Consortium for the opportunity to bid and for their tremendous support during the process.
The Chairman noted that NBD remains ever conscious of, and sensitive to, its unique importance to Dominica’s banking industry and the entire economy and added that the Bank will continue to strive to respond successfully to the responsibility to which it is entrusted.
