The St Kitts Nevis Observer
Royal Bank of Canada (RBC) has divested itself of its Eastern Caribbean banking operations, having gotten clearance by the Eastern Caribbean Central Bank to move ahead with the sale.
The sale of those operations in Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia and St. Vincent and the Grenadines closed last Thursday.
“This sale has RBC selling its Eastern Caribbean banking operations to a consortium of regional banks comprised of 1st National Bank of St. Lucia, Antigua Commercial Bank, Bank of Dominica, Bank of Montserrat, and The Bank of Nevis,” the RBC revealed in a statement last week.
RBC completes sale of Eastern Caribbean banking operations Royal Bank of Canada. FILE
Royal Bank of Canada (RBC) has divested itself of its Eastern Caribbean banking operations, having gotten clearance by the Eastern Caribbean Central Bank to move ahead with the sale.
The sale of those operations in Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia and St. Vincent and the Grenadines closed last Thursday.
“This sale has RBC selling its Eastern Caribbean banking operations to a consortium of regional banks comprised of 1st National Bank of St. Lucia, Antigua Commercial Bank, Bank of Dominica, Bank of Montserrat, and The Bank of Nevis,” the RBC revealed in a statement last week.
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Antigua Commercial Bank has completed the acquisition of the operations of Royal Bank of Canada in Antigua. ACB is among a consortium of indigenous banks across the Eastern Caribbean to acquire the assets of the Canadian bank in their respective territories. RBC’s head of Caribbean banking, Rob Johnston is quoted as saying the sale to indigenous banks will strengthen the financial system in the regional territories. Antigua and Barbuda’s Prime Minister Hon. Gaston Browne had insisted the Canadian banks seeking to off-load their assets offer the opportunity first to indigenous banks.
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