“The acquisition of FCIB Barbados’ operations in St Kitts and Nevis by the St. Kitts Nevis Anguilla National Bank Limited (SKNANB) will not be moving forward as planned”

That’s according to a press release from SKNANB. What is the reason behind the halt in moving forward with the acquisition? According to National Bank, “this is due to the decision of the Eastern Caribbean Central Bank (ECCB) not to grant final approval for the acquisition.”

“The ECCB’s decision was predicated on certain regulatory requirements and took cognizance of the negative impact on international and regional investments occasioned by unprecedented hikes in interest rates by the Federal Reserve (the US Central Bank),” the Bank added.

Furthermore, SKNANB said “we will respectfully comply with the ECCB’s decision and have obtained the release from the sale transaction by FCIB Barbados.”