1 minute read
the Grenadines Ltd.
from 2022 Annual Report
by BOSVG
Notes to the Consolidated Financial Statement
For the Year Ended December 31, 2022
(in Eastern Caribbean dollars)
32. Commitment
Pursuant to a sales purchase agreement of October 12, 2021, which was approved by the regulator on July 15, 2022, between the Bank and CIBC FirstCaribbean International Bank (Barbados) Ltd., the Bank agreed to acquire and assume certain of the latter’s assets and liabilities respectively of the St. Vincent and the Grenadines branch. The aforementioned transaction is scheduled to close on March 24, 2023. The final consideration will be subject to the determination of the Branch’s financial position on the closing date.
33. Subsequent Event Dividend
On March 17, the directors declared a dividend of $0.10 per ordinary share to shareholders of record as of May 04, 2023.
34. Comparative Figures
Certain of the comparative figures were restated to accord with the current year’s presentation.
