ACB Says RBC Purchase Will Be Finalised In Coming Months

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A consortium of Eastern Caribbean indigenous banks (of which Antigua Commercial Bank is a member), today announced it has entered into a definitive agreement to purchase all banking operations in the Eastern Caribbean from Royal Bank of Canada (RBC).

The transaction is subject to regulatory approval and other
customary closing conditions, and is expected to be finalized in the coming months.
The consortium was led by Johnathan Johannes, Managing Director, 1st National Bank St. Lucia Limited, who shared, “We formed the consortium for the express purpose of expanding the scale of the locally owned financial entities in the Eastern Caribbean Currency Union. This transaction gives us the size and scale to play a more active role in the development of our respective countries. We see this transaction as the first step in achieving even greater synergies, efficiencies and cross-territory marketing opportunities.”

ACB’s General Manager, Joanna Charles added “we are proud and pleased that we as a group of small islands came together to pursue this momentous deal for the benefit of all of our stakeholders. We see this as a significant milestone in the life of our bank as we continue to grow in a way that will allow us to better serve our customers. There are no plans for any
immediate changes to the operation of the business/branches that we are acquiring. In
addition, where possible, we will adopt best practices of RBC to ensure we maintain the very high quality service levels that RBC customers have come to expect”.

The five financial entities participating in the sale are: 1st National Bank St. Lucia Limited,
Antigua Commercial Bank Ltd., National Bank of Dominica Ltd., the Bank of Monserrat Limited and Bank of Nevis Ltd.

The sale encompasses *seven branches of Royal Bank of Canada (Antigua, Dominica,
Monserrat, St. Lucia (two locations) and St. Kitts and Nevis (St. Kitts two locations)), as well as the regional businesses operating under RBC Financial (Caribbean) Limited (“RBCFCL”);  specifically RBTT Bank (SKN) Limited (Nevis), RBTT Bank Grenada Limited (Grenada) – two
locations, RBC Royal Bank Holdings (EC) Limited (St. Vincent and the Grenadines) and RBTT
Bank Caribbean Limited (St. Vincent and the Grenadines). Collectively, these operations are
referred to informally as “RBC Eastern Caribbean”.
“Self-determination is the highest level of empowerment – and the indigenous banks acquiring
this business will now have an increased opportunity to influence the development of their
communities,” said Rob Johnston, Head, RBC Caribbean. Johannes added, “And speaking on
behalf of the local banks, we embrace and eagerly anticipate that opportunity.”
The EC consortium was advised by PwC (JA) led by Wilfred Baghaloo, who added “this
transaction demonstrates that Caribbean businesses have the capacity to come together when
the circumstances are right.”

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13 COMMENTS

  1. This is GREAT news. CONGRATULATIONS to Hon. Gaston Browne and ABLP for Standing up for Antigua and Barbuda. This should muzzle the UPP and The Observer Media Group. We are GRATEFUL to our Prime Minister for putting ideas in motion.
    The University
    Scotia Bank
    LIAT
    Purchase of Royal Bank
    and many many others.

    • Please ACB is not owning anything 100%. Similarly ACB cant own Scotia outright because it does not have the capital by itself to undertake any purchase 100 per cent.

    • This is being done by privately owned banks in several Caribbean islands none of which are owned by Gaston Browne or ABLP. Give proper credit where it is due!

    • RBC is being bought by several private banks in various Caribbean islands. This transaction is NOT being done by Gaston Browne or ABLP. Give credit where it is due!

  2. And they thought Gaston was just talking none sense
    Glad these guys started to pay attention
    Maybe there is time to correct the foolishness of Scotia Bank and FCIBC

  3. Hon. Gaston Browne ( Prime Minister) in my book deserves the CREDIT for initiating this PROJECT. When the Prime Minister announced the purchase of Scotia Bank All you BLUE KOOLAID DRINKERS did not believe Him. Now that things are coming to REALITY He deserves the credit. Lot more to come.Stay tuned for LIAT , SCOTIA BANK etc.

    • Really. Dwight Venner was the one who conceived that plan. Gaston just tried to repackage it and made it original by invoking his maduro socialist plan of wanting to make it all locally owned when he knew from the onset that local bank CANT OWN/PURCHASE no foreign banks by themselves.

  4. WELL WELL

    I can see you are not a FAN of our Prime Minister. So whatever He does You will oppose. I believe you are from the school of the UPP. One thing I know for sure your UPP will never see Power in ANTIGUA AGAIN.

  5. johnny harris December 13, 2019 at 12:29 am

    What a BIG BIG DISGRACE listening to Knight and Damani Tabor this evening December 12 2019.
    Who will really vote for Damani Tabor and the UPP. Too many positive things happening under the Gaston Browne Administration that Damani Tabor agree and Knight disagree with all the investments happening in Antigua. It is a SHAME to listen to Damani and Knight.

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  6. Antigua…Best Country in the WORLD. Check out the following…:
    1. Best Medical Facility in the OECS (MSJ)
    2. Among the fastest growing economies in not only just the region, also the World
    3. Tourism numbers breaking records
    4. A&B has been on no blacklist unlike many of our regional counterparts
    5. University of A&B
    6. Best regulated CIP program in the OECS region (most transparent program)
    7. Our HDI scores continue to increase during this administration tenure
    8. Nation at the forefront for reparatory justice
    9. Leading in the region when it comes to reducing the use of plastics.
    10. 33 ranking in the rule of law report (2019), which places us ahead of your USA (50)

    Yet you prefer to find some small issue to blow out of proportion to justify your need for the sky to be falling. Boss we live in a blessed though imperfect country

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