NBD part of agreement to purchase Royal Bank of Canada (RBC) banking operations in Eastern Caribbean

The Royal Bank of Canada in Roseau

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

RBC operates a branch in Dominica.

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.”

Anthony John, Chairman of the Board of Directors of NBD 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.”

John gave the assurance that there would be “no 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. “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 said the transaction demonstrates that Caribbean businesses have the capacity to come together when the circumstances are right.

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10 Comments

  1. Kalinago Justice
    December 14, 2019

    This is the continuous downward spiral of that slave plantation mentality island of the one-man corrupt rogue regime!!! All international institutions will leave that rogue Island!!!

  2. Omg
    December 13, 2019

    This is as a result of re risking the banks in t’ he Caribbean which are involved in the CBI program.
    This is in the CSIC report.

  3. Toto
    December 13, 2019

    Lady, our NBD is not like a safe Canada bank that has a deposit guarantee that protect your money up to $100,000. Get it into your head the NBD is on its own, no big brother coming
    to its rescue. You trust that, well go ahead that is ok if your money safe in Canada. Why you think RBC pulling out. Let me tell you too much unclean money in our place that RBC does not want to touch, not even by accident.

  4. December 13, 2019

    It’s amazing to see how this financial entities can come together. Yet the CARICOM country can’t work together.

    • Malatete
      December 13, 2019

      Please note, the RBC entities to be sold off are all in the OECS, primarily countries with a CBI programme. RBC operations in Barbados and Trinidad & Tobago, for example, are not affected.
      I expect the newly elected Conservative government in the U.K. to implement a stricter immigration policy, with possible visa restrictions for passport holders of suspect provenance.

      • tenman
        December 16, 2019

        St Vicent, Montserrat has CIP? Nope. See if you can create another illusion

  5. Wilby
    December 12, 2019

    Nice, good move. Divert some CBI money into the banking space. A win win investment strategy.

  6. Observant Reader
    December 12, 2019

    Toto, you sounding like your leader Lennox it does not matter. Something come in your head and you believe it, just say it out.

  7. Toto
    December 12, 2019

    No way I going to put my money in that bank that Skerrit control through govt. and social security. The man will know all my private business and have his goons access my account then. And my deposit in the bank not guaranteed either. Yes, if his bank goes bellyflop no law oblige him to pay back my money. Tell me that not so garçon.

    • December 13, 2019

      @Toto, why do you always speak so foolishly? Nothing that you said here makes any sense at all.

      “The man will know all my private business and have his goons access my account then”. Do you have some kind of hidden dark secrete of that so-called my account you speak of?

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