By: Contributor
The Bank of Nevis has completed the acquisition of the operations of Royal Bank of Canada in St. Kitts.
The Bank of Nevis, (BON) is among a consortium of indigenous banks across the Eastern Caribbean to acquire the assets of the Canadian bank in their respective territories.
The other banks comprises of: Antigua Commercial Bank Limited (ACB), National Bank of Dominica Limited (NBD), Bank of Montserrat Limited (BOM) and 1st National Bank St Lucia Limited (1st National).
The sale to indigenous banks will strengthen the financial system in the regional territories.
Head of Caribbean Banking for Royal Bank of Canada, Rob Johnston
The ECCB, in consultation with the ECCB Monetary Council approved, on 22 December 2020, the applications for the transfer of the assets and liabilities of RBC to the Consortium in the said member countries, pursuant to Section 43 of the Banking Act, 2015.
The first day of the transition was on April 1. Beginning Tuesday, 6 April, the former RBC branches will no longer operate under the RBC brand, and RBTT Bank (SKN) Limited and RBTT Bank Grenada Limited will be rebranded.
Approval was granted for:
1. BON to acquire RBC St Kitts
2. ACB to acquire RBC Antigua
3. NBD to acquire RBC Dominica
4. BOM to acquire RBC Montserrat
5. 1st National to acquire RBC Saint Lucia
6. ACB to acquire the majority shareholding in RBTT Bank Grenada Limited and that bank will be rebranded ACB Grenada Bank Ltd
7. BON to acquire the majority shareholding in RBTT Bank (SKN) Limited and that bank will be rebranded BON Bank Ltd
8. The Consortium to acquire RBTT Bank Caribbean Limited in Saint Vincent and the Grenadines.
The Bank of Nevis now has four locations, two in St. Kitts, (Fort Street & Bay Road and Wellington Road), and two in Nevis, (Chapel Street and Main Street).
