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  • Consortium of Banks to acquire the banking operations of CIBC FirstCaribbean in Dominica, Grenada, St. Kitts and Nevis, and St. Vincent and the Grenadines

Consortium of Banks to acquire the banking operations of CIBC FirstCaribbean in Dominica, Grenada, St. Kitts and Nevis, and St. Vincent and the Grenadines

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Today, a Consortium of leading Banks in the Eastern Caribbean Currency Union announced that it 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.

Commenting on the transaction, Consortium Lead, and Managing Director of The Bank of St. Vincent and the Grenadines Limited, Derry Williams asserted, “This acquisition by the Consortium represents a significant development in the evolution of the Banking System of the ECCU. Once approved by the regulators, we are very confident that it will lay the basis for further enhanced value creation in these economies and greater prosperity for our society. ”

The four members of the Consortium are:

The National Bank of Dominica Limited;
Grenada Co-operative Bank Limited;
Kitts-Nevis-Anguilla National Bank Limited; and,
The Bank of St. Vincent and the Grenadines Limited (Agent of the Consortium)

“The four indigenous banks are an excellent fit for the bank’s St. Vincent, Grenada, Dominica, and St. Kitts business, given their knowledge of the local markets match with our product offerings and client base and a strong market positioning. They bring a depth of local knowledge to the market and the needs of our clients there…”

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This acquisition expands the Consortium’s loan base by more than XCD 600 million, net, the deposit portfolio by XCD1.5b; and provides the additional scale to better service the Consortium’s respective communities and contribute to the region’s economic and social advancement.

The Consortium 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.

Until regulatory approvals are obtained and the transaction closes, operations at all institutions will continue as they currently do.

The Consortium members are committed to recruiting staff of CIBCFirstCaribbean, as required, to maintain and even improve the level and quality of service that CIBCFirstCaribbean customers are accustomed to.

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, Senior Partner.

ABOUT THE CONSORTIUM

The Consortium members are market leaders in their respective territories, which offer the full spectrum of commercial banking services and electronic channels. As at June 30, 2021, the Consortium members held an aggregate deposit base of $6.4b representing a 53% market share in the their combined markets. Collectively, they have been serving the peoples of the ECCU for a combined period of over 200 years. The Consortium’s customer base includes consumers, small and middle-market businesses, large corporations, statutory bodies and Central Governments; and remain committed in helping their customer succeed.

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REQUEST FOR EXPRESSIONS OF INTEREST

(CONSULTING SERVICES – INDIVIDUAL SELECTION)

 

OECS MSME Guarantee Facility Project

Loan No.: IDA-62670, IDA-62660, IDA-62640, IBRD-88830, IDA-62650

Assignment Title: Senior Operating Officer (SOO)

Reference No. KN-ECPCGC-207852-CS-INDV

 

The Governments of Antigua and Barbuda, Commonwealth of Dominica, Grenada, St. Lucia and St. Vincent and the Grenadines have received financing in the amount of US$10 million equivalent from the World Bank towards the cost of establishing a partial credit guarantee scheme, and they intend to apply part of the proceeds to payments for goods, and consulting services to be procured under this project. 

The consultant will serve as the “Senior Operating Officer (SOO)” for the ECPCGC and should possess extensive knowledge of MSME lending with some direct experience lending to Micro, small and medium-sized businesses, knowledge of the internal control processes necessary for a lending operation and the ability to design and implement risk mitigation procedures. The ideal candidate should possess an Undergraduate Degree from a reputable college or university, preferably in Business, Accounting, Banking or related field, with a minimum of 5 years’ experience in lending, inclusive of MSME lending. The initial employment period will be for two years on a contractual basis. Renewal of the contract will be subject to a performance evaluation at the end of the contractual period. The assignment is expected to begin on September 30th, 2021.  The consultant will report directly to the Chief Executive Officer of the ECPCGC.

The detailed Terms of Reference (TOR) for the assignment can be viewed by following the attached link below. 

 

https://bit.ly/3iVannm

 

The Eastern Caribbean Partial Credit Guarantee Corporation (ECPCGC) now invites eligible “Consultants” to indicate their interest in providing the Services. Interested Consultants should provide information demonstrating that they have:

  • An Undergraduate Degree from a reputable college or university, preferably in Business, Finance, Banking or related field; and
  • Minimum of 5 years’ experience in MSME lending. Applicants should also have:
  • The ability to design and implement risk management procedures 
  • Extensive knowledge of MSME lending with some direct experience lending to small and medium-sized businesses
  • Extensive knowledge of MSME banking operations
  • Knowledge of the internal controls necessary for a lending operation and the ability to design and implement risk management procedures
  • Experience developing and presenting information in public, including responding to questions in real-time
  • Experience lending to MSMEs located in the ECCU
  • Knowledge of marketing and communicating with the MSME sector
  • Ability to draft procedures to be used in a lending operation
  • Familiarity with the mechanics of a loan guarantee program
  • Exceptional written, oral, interpersonal, and presentation skills, and
  • Proficiency in the use of Microsoft Office suite.

The attention of interested Individual Consultants is drawn to Section III, Paragraphs 3.14, 3.16, and 3.17 of the World Bank’s Procurement Regulations for IPF Borrowers July 2016, [revised November 2017] (“Procurement Regulations”), setting forth the World Bank’s policy on conflict of interest. A Consultant will be selected in accordance with the Approved Selection Method for Individual Consultants set out in the clause 7.34 of the World Bank Procurement Regulations for IPF Borrowers. 

 

Further information can be obtained at the address below during office hours 0800 to 1700 hours:

Eastern Caribbean Partial Credit Guarantee Corporation

Brid Rock, Basseterre,

St. Kitts.

Expressions of interest must be delivered in a written form by e-mail by August 11th, 2021, to [email protected]

 

For further information, please contact:

Carmen Gomez-Trigg                                                            Bernard Thomas

Chief Executive Officer                                                          Chief Financial Officer

Tel: 868-620-8144                                                                  Tel: 869-765-2385

Email: [email protected]                                          [email protected]