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ECCB signals approval of RBC sale

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Governor Timothy Antoine of the Eastern Caribbean Central Bank (ECCB) has confirmed that his organisation will be approving the sale of Royal Bank of Canada (RBC) operations in several territories in the Eastern Caribbean.

The RBC assets will be sold to a consortium of indigenous banks within the Eastern Caribbean Currency Union (ECCU) jurisdiction, viz. 1st National Bank (St. Lucia), Antigua Commercial Bank, National Bank of Dominica, Bank of Montserrat, and Bank of Nevis. The sale includes operations in Antigua and Barbuda, the Commonwealth of Dominica, Grenada, Montserrat, Saint Lucia, St. Kitts and Nevis, and St. Vincent and the Grenadines.

Speaking at a press briefing following the conclusion of the 98th Meeting of the ECCU Monetary Council on Friday 12 February 2021 at ECCB headquarters in Basseterre, St. Kitts and Nevis, Governor Antoine was accompanied by chair of the Monetary Council, Dr. the Honourable Timothy S. Harris, Prime Minister of St. Kitts and Nevis. The governor said that whereas an official announcement would be forthcoming in short order, he was in a position to confirm that the process was progressing smoothly.

Said Governor Antoine: “On the question of RBC, the ECCB has approved the application for the sale of the RBC operations in the Eastern Caribbean Currency Union to a consortium of indigenous or national banks. That process is now moving forward, and an announcement will be made in due course.

“But the idea is to conclude that transaction not too long from now. So that is moving forward. In fact, I can tell you only yesterday [on Thursday, 11 February 2021] we submitted to the finance ministers a vesting order or vesting orders, which is an important legal instrument to transfer assets from one bank or banking entity to another. So that process is moving forward.”

The governor also briefly addressed the recent announcement by Canadian Imperial Bank of Commerce (CIBC) that its bid to sell a majority stake in FirstCaribbean International Bank Limited (FCIB) failed to meet the approval of Caribbean regulators.

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“In terms of the sale of CIBC, I would simply confirm that regulators across the region considered it. Central Bank of Barbados is the lead regulator, based on the jurisdiction of CIBC FCIB. But all regulators, including the ECCB, were involved in that discussion, and came to that decision which has been conveyed and you are correct the application was denied.”

In 2019, the Bank of Nova Scotia (BNS) completed the sale of much of its stake in the Eastern Caribbean to the Trinidad and Tobago-based Republic Bank. In October 2020, BNS declared that it had reached an arrangement for the sale of its services in Antigua and Barbuda to the Eastern Caribbean Amalgamated Bank Limited (ECAB). The settlement is subject to regulatory permissions and other conventional closing requirements.

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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]