Several potential benefits are expected to be derived from the acquisition of the CIBC First Caribbean bank by the Bank of St. Vincent and the Grenadines.
This is according to Prime Minister Dr. Ralph Gonsalves as he spoke on the issue on Radio yesterday.
A consortium of banks in the Eastern Caribbean Currency Union announced last Tuesday that it had 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.
Prime Minister Gonsalves said he is optimistic about this new development and the Bank of SVG will provide enhanced services to the Vincentian public.
Prime Minister Gonsalves added that the Bank will be introducing several new initiatives to customers.
The four members of the Consortium are the National Bank of Dominica Limited; Grenada Co-operative Bank Limited; St. Kitts-Nevis-Anguilla National Bank Limited; and the Bank of St. Vincent and the Grenadines Limited (BOSVG), which is also the agent of the consortium.