NASSAU, BAHAMAS – The Central Bank of the Bahamas and the Financial Superintendency of Columbia have signed a Memorandum of Understanding (MOU) on information exchange and mutual cooperation for cross-border supervision.
The notice was posted on the regulators website yesterday.
It was noted that the purpose of the MoU is “to establish mechanisms that ease the exchange of information and cooperation between the parties on the supervised Institutions and their cross border establishments and the Institutions that are part of a financial conglomerate.
The notice added: “The foregoing in order to facilitate the exercise of the powers of each of the parties, promote the design and development of joint supervisory methodologies, and foster a proper and sound functioning of the supervised institutions, cross-border establishments and the institutions that are part of a financial conglomerate.”
The move comes as CIBC announced last November that it has reached an agreement on the purchase of a portion of CIBC’s shares in its Caribbean entity, FirstCaribbean International Bank Limited (“FirstCaribbean”) by GNB Financial Group Limited.
GNB purchased 66.73 percent of the shares of FirstCaribbean, while CIBC will retains a 24.9 percent interest in the Caribbean bank. GNB is wholly owned by Starmites Corporation S.ar.L, the financial holding company of the Gilinski Group.
The Gilinski Group has banking operations in Colombia, Peru, Paraguay, Panama, and Cayman Islands with approximately US $15 billion in combined assets.
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