Prime Minister and former Minister for Finance Dr the Right Honourable Keith Mitchell, has welcomed the decision by Grenada Co-operative Bank Limited to acquire the banking operations of CIBC FirstCaribbean in Grenada.
The move is part of an initiative by a consortium of leading indigenous banks in the Eastern Caribbean Currency Union (ECCU) to acquire CIBC FirstCaribbean operations in Grenada, Dominica, St Kitts and Nevis and St Vincent and the Grenadines.
Managing Director of Co-operative Bank Richard Duncan, and Managing Director Designate Larry Lawrence briefed the Prime Minister on the impending acquisition ahead of the official announcement. They assured the Prime Minister of the local bank’s ability to manage the soon to be acquired assets, and reiterated the strength of its risk management and governance structures.
The Prime Minister applauded the local bank’s participation in this major regional initiative, saying, “Today’s environment is for innovative and ambitious people. This significant, strategic move is indicative of the tremendous growth Grenada Co-operative Bank has experienced over the years. Having witnessed that growth myself, I must say I am proud of the institution and the tremendous potential for future growth that will be created by this acquisition.”
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