The Central Bank of the Bahamas and the Financial Superintendency of Colombia 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. The MOU states that the central bank and the Financial Superintendence of Colombia commit to setting up mechanisms to share information on supervised firms and their cross-border establishments
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 that the MOU is being put in place “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 to establish the MOU is being linked to CIBC’s announcement last November that it has reached an agreement on the purchase of a portion of its shares in its Caribbean subsidiary, FirstCaribbean International Bank Limited by GNB Financial Group Limited.
GNB purchased 66.73 per cent of the shares of FirstCaribbean, while CIBC retains a 24.9 per cent interest in the regional 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.