After months of negotiation, employees have been told that the Royal Bank of Canada is to be sold to Antigua Commercial Bank.
The workers of both banks were informed this morning.
Earlier in the year, Prime Minister Gaston Browne said all Canadian banks wanted to leave Antigua.
He praised RBC for entering into negotiations with ACB for the purchase.
The details of the acquisition have not been formally announced.
Browne says unlike the case of Scotiabank, RBC will be granted the vesting order once negotiations are completed.
Negotiations are ongoing for the sale of Scotiabank after a failed attempted to sell to Trinidad’s Republic Bank.
CIBC has also announced the sale of its local branch.
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Those Canadian banks must have made multiplied billions (trillions?) off the backs of Antiguans. Now they want to cut and run. Shame.
A misleading headline…If a consortium of banks meaning more than one, is to acquire anything how can it be stated that one bank is doing an acquisition?
You caught on to the bs by our local and Caribbean media. They’re all just echo chambers for their masters.
How is it “making money off the backs?” Havent Antiguans used the money to buy cars, houses, vacations, educate their children etc.? It seems like fair exchange. Banks are not a charity, they dont have an obligation to stay in one place or the next.
You beat me to asking just that!
Notes From A Native Son Of The Rock! “Afrocentricity is a paradigm based on the idea that African people should re-assert a sense of agency in order to achieve sanity.” – Dr. Molefi Asante!
Give Praise and Thanks!
That there has been a major sea change at ACB, since the arrival of the new CEO and GM, which has been silently moving below the crashing waves and has gone unheralded is without question! ACB has been preparing its Board, Senior Execs, Managers, Supervisory and Staff for major Strategic and Transformation Imperatives not to man the lifeboats but to woman and steady the ship in the turbulent seas! Congrats to all!
For those of Mi Gud Frens, who continue to delight in woe is me, know that this Transformation is taking place from Antigua and Barbuda, to Dominica, to Grenada to St. Lucia to St. Vincent and the Grenadines to even Trinidad and Tobago not only in the Private Banking Sector but also with some Public Development Banks!
To The Haitian Hero: “The Afrocentric paradigm is a revolutionary shift in thinking proposed as a constructural adjustment to black disorientation, decenteredness, and lack of agency. The Afrocentrist asks the question, “What would African people do if there were no white people?” In other words, what natural responses would occur in the relationships, attitudes toward the environment, kinship patterns, preferences for colors, type of religion, and historical referent points for African people if there had not been any intervention of colonialism or enslavement? Afrocentricity answers this question by asserting the central role of the African subject within the context of African history, thereby removing Europe from the center of the African reality” – Dr. Molefi Asante on The Theory of Social Change!
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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