Eastern Caribbean Central Bank Governor Timothy Antoine says the applications for the sale of Royal Bank of Canada and CIBC First Caribbean in the ECCU territories.
Bank of Nova Scotia sold its stake in the Caribbean to the Trinidad-based Republic Bank, and FCIB and RBC are in the process of severing their Caribbean ties.
Governor Antoine: “We have now received applications from both CIBC First Caribbean in respect of the sale of two thirds of the FCIB to the Galinski Group, and we have also as of this week received formal application from the indigenous banks which are proposing to purchase the RBC operations in the Eastern Caribbean.
“We are working with regulators across the region in respect of FCIB, which is not just an ECCU matter it is across the Caribbean. Barbados Central Bank is taking the lead but all central banks are involved. There had already been a meeting of bank supervisors on this issue that was held end of January and the application is now being assessed.
“In respect of the RBC application, having received it this week we’ve now commenced assessment of the application and we will evaluate it on its merit.”
Governor Antoine was at the time speaking at the press briefing following the 95th Meeting of the ECCU Monetary Council held in St. Kitts on Friday.