NOTICE: Delay of the National Bank of Dominica Ltd 18th Annual General Meeting

Notice of Delay of the National Bank of Dominica Ltd.

18th Annual General Meeting

 

Dated June 17th, 2022

As part of the Board of Directors’ commitment to be transparent and engaging with shareholders on fundamental business developments, the Board takes this opportunity to advise of the delayed hosting of the Bank’s 18th Annual General Meeting.

This delay is due to several factors beyond the control of the Bank.  The external auditing of the Bank’s financial statements for the year ended June 30, 2021, is in progress and the time to complete the audit has been extended due to post Royal Bank of Canada (RBC) Acquisition-related matters.

The Royal Bank of Canada (RBC) Acquisition related matters continue to be addressed by members of the Consortium of Banks that acquired the assets and liabilities of the former RBC throughout the Eastern Caribbean in April 2021.

Delays of this nature are not uncommon and are in fact typical of significant acquisition transactions.

The Bank continues to dialogue with the External Auditors (KPMG) and Regulators- (Eastern Caribbean Central Bank (ECCB), and Eastern Caribbean Securities Regulatory Commission (ECSRC)) to approve the necessary extension of the time by which to publish the audited financial statements under the relevant legislation and regulations including the Banking Act 2015 and amendments and Securities Act 2002.

The Board of Directors will notify the shareholders of the date of the 18th AGM in subsequent correspondence in accordance with the Bank’s by-laws.

Shareholders who may have any query and/or concern, should contact the Office of the Corporate Secretary at 767-255-2320/2313 or email at corporatesecretary@nbd.dm.

The Board of Directors expresses its appreciation to shareholders for your understanding under this circumstance and regrets any inconvenience.

We look forward to engaging with and seeing you at the 18th AGM.

 

By Order of the Board

NATIONAL BANK OF DOMINICA LTD. 

 

Macina Bethel

Corporate Secretary

 

17th June 2022

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3 Comments

  1. Nacinimod
    June 23, 2022

    The acquisition of RBC was formalized on April 1, 2021 leaving NBD only 3 months to consolidate RBC’s records going back to 1917 when RBC started operations in Dominica.

    But it has been over a year since the acquisition and if NBD was more proactive they would have prepared all the necessary work papers for KPMG’s review. On the other hand the staff at the local KPMG is young and not well versed in mergers and acquisitions of that nature and they should have asked for backup from their head office. But who knows, as a shareholder I’m waiting to see how things turn out.

    • Pipo
      June 23, 2022

      And what happens if the auditors refuse to sign off the accounts? NBD must realise by now that they are in a precarious situation with little room to manoeuvre and the government, as the biggest single shareholder, may end up the biggest single loser. As a fellow Dominican I am worried too, knowing that there is no legal requirement for the bank to safeguard deposits.

  2. Toto
    June 20, 2022

    What went wrong fellers, maybe you put assets into crypto currency and showing a healthy balance sheet with that. Sorry but I not trusting anything coming from our Crapaud bank anymore. That crapaud dead and the fake one smoking our pipe. Maybe too much double entry.

    Well-loved. Like or Dislike: Thumb up 11 Thumb down 4

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