The Eastern Caribbean Central Bank (ECCB) hereby advises that effective 17 July 2023, the operations of First Caribbean International Bank (Barbados) Limited (FCIB) in Grenada will cease, and will now be subsumed as part of the operations of Grenada Co-operative Bank Limited (GCB).
The ECCB, in consultation with the ECCB Monetary Council, approved the application for the transfer of the assets and liabilities of FCIB, Grenada branch to GCB on 18 May 2023, pursuant to Section 43 of the Banking Act, 2015 of Grenada (No 20 of 2015), as amended.
In accordance with these approvals, the ECCB issued an updated banking license to GCB.
The Banking Business Vesting Orders have been signed and gazetted in Grenada.
The ECCB says it remains resolute in its mandate to supervise all licensed financial institutions under the Banking Act, 2015.
The ECCB further noted that the financial sector in the Eastern Caribbean Currency Union is evolving. Citizens and residents in the Currency Union are encouraged to stay abreast of developments.