BASSETERRE, St. Kitts, CMC – The St. Kitts-based Jap Caribbean Central Financial institution (ECCB) says it has revoked the license of the First St Vincent Financial institution Ltd (FSVB) in St. Vincent and the Grenadines to hold on banking enterprise there.
FSVB has supplied banking providers to the folks of St. Vincent and Grenadines since 1909.
As of March 31, 2023, FSVB reported EC$46.8 million (One EC greenback=US$0.37 cents) in whole property, which accounted for 1.6 p.c of the whole banking property EC$2,953.4 million in St. Vincent and the Grenadines.
The ECCB, which serves because the Central Financial institution for the islands of Anguilla, Antigua and Barbuda, Dominica, Grenada, St. Lucia, St. Vincent and the Grenadines, St. Lucia, Montserrat, St. Kitts-Nevis, stated that the revocation takes impact from August 31, this 12 months.
The ECCB stated it exercised its powers below part 138 of the Banking Act of St. Vincent and the Grenadines and appointed receivers for FSVB efficient Might 26 2023.
FSVB was closed instantly and ceased to hold on banking enterprise,” the ECCB stated, including that it’ll publish a Discover of Revocation within the Gazette and a newspaper inside St. Vincent and the Grenadines.
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