BASSETERRE, St. Kitts, CMC – The St. Kitts-based Eastern Caribbean Central Bank (ECCB) says it has revoked the license of the First St Vincent Bank Ltd (FSVB) in St. Vincent and the Grenadines to carry on banking business there.
FSVB has provided banking services to the people of St. Vincent and Grenadines since 1909.
As of March 31, 2023, FSVB reported EC$46.8 million (One EC dollar=US$0.37 cents) in total assets, which accounted for 1.6 percent of the total banking assets EC$2,953.4 million in St. Vincent and the Grenadines.
The ECCB, which serves as the Central Bank for the islands of Anguilla, Antigua and Barbuda, Dominica, Grenada, St. Lucia, St. Vincent and the Grenadines, St. Lucia, Montserrat, St. Kitts-Nevis, said that the revocation takes effect from August 31, this year.
The ECCB said it exercised its powers under section 138 of the Banking Act of St. Vincent and the Grenadines and appointed receivers for FSVB effective May 26 2023.
FSVB was closed immediately and ceased to carry on banking business,” the ECCB said, adding that it will publish a Notice of Revocation in the Gazette and a newspaper within St. Vincent and the Grenadines.
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