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  • FirstCaribbean International Bank Limited has announced St. Kitts sale will not go ahead

FirstCaribbean International Bank Limited has announced St. Kitts sale will not go ahead

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FirstCaribbean International Bank Limited has announced today that the sale of its assets of FirstCaribbean International Bank (Barbados) Limited in St. Kitts to St. Kitts-Nevis-Anguilla National Bank Limited (SKNANB) will not now go ahead.

The Eastern Caribbean Central Bank (‘ECCB’) provided conditional approval for the sale of the assets and banking business of FirstCaribbean International Bank (Barbados) Limited (‘FCIB Barbados’) in St. Kitts to the St. Kitts-Nevis-Anguilla National Bank Limited (‘SKNANB’) on July 15, 2022, subject to certain conditions.

SKNANB recently informed FCIB Barbados that it has not secured final approval from the ECCB to conclude the acquisition.  The ECCB subsequently notified FCIB Barbados of its decision to not grant final approval for the sale of its operations in St. Kitts.

Notwithstanding the denial of approval outlined above, the ECCB remains fully engaged with FCIB Barbados as it continues to assess its operational footprint in the Eastern Caribbean Currency Union.

This means that FirstCaribbean International Bank (Barbados) Limited will retain its presence in St. Kitts and has announced plans to transform the way it does business in St. Kitts.

Chief Executive Officer of CIBC FirstCaribbean, Mark St. Hill, noted that while the ending of the sale process is disappointing for the bank, CIBC FirstCaribbean will take advantage of this opportunity to refine its business in St. Kitts. He added: “We are an agile organisation and it is our duty on behalf of our employees and clients to ensure that we deliver a steady ship that provides omni-channel access to banking services in St. Kitts. We are prepared to pivot and look towards growing our business in St. Kitts into the future.”

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Managing Director for the bank in Barbados and the OECS countries, Donna Wellington, noted that the bank will take this opportunity to transform its business in St. Kitts. “Our priority is to signal to the market that we are staying and open for business. We have been conservative in the St. Kitts market over the past year-and-a-half as we prepared the business for sale. However, we will now concentrate our effort on building the business, reconnecting with both our Retail and Corporate clients in a big way and providing them with the best products and services CIBC FirstCaribbean has to offer.”

Ms. Wellington went on to thank both staff and clients for their commitment to the bank. “Our employees are a huge asset to the business, and we owe them a huge debt of gratitude for the grace and professionalism they have exhibited over the past several months. As for our clients, we have already spoken to some of them and they have assured us of their continuing support for us, so it is full steam ahead.”

Ms. Wellington noted that the bank plans to eventually transform its branch and network in Basseterre to be able to provide access to both in person and digital banking services to St. Kitts, with the installation of Smart ABMs, and other self-serve products that will allow customers to choose how and where they bank with CIBC FirstCaribbean.

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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]