Central Bank statement on sale of Royal Bank of Canada

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ACB rebrands old RBC building on High/Market Streets

The Eastern Caribbean Central Bank (ECCB) advises that effective 1 April 2021, the Royal Bank of Canada’s (RBC) operations in Antigua and Barbuda, the Commonwealth of Dominica, Montserrat, Saint Christopher (St Kitts) and Nevis and Saint Lucia have ceased, having been acquired by a consortium of national banks.

 

The Consortium of banks comprises: Antigua Commercial Bank Limited (ACB), National Bank of Dominica Limited (NBD), Bank of Montserrat Limited (BOM), The Bank of Nevis Limited (BON) and 1st National Bank St Lucia Limited (1st National).

 

As part of this transaction, the Consortium has also acquired the RBTT Bank Caribbean Limited in Saint Vincent and the Grenadines and majority shareholding in RBTT Bank Grenada Limited and RBTT Bank (SKN) Limited.

 

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.

 

Thursday, 1 April was the first day of the transition.

 

As of 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.

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2 COMMENTS

  1. PM say we are building resilience and capacity and yea there is merit to the argument. My concern is two fold. Are preparing them for eventual handover to the Trinidadians in 10 years because of bad management and too much concentration in bad local bad debt including the government… And what will this now do for competition when contomers have limited choices for financial service.. If my loan is denied at ACB is it automatic denial at ECAB and its other affiliates..

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