The National Bank of Dominica Ltd. (NBD) announced today, that it completed its acquisition of the banking assets of Royal Bank of Canada (RBC) Roseau Branch on April 1, 2021.
In December 2019, a consortium of regional banks entered into an agreement to purchase the Eastern Caribbean banking operations of RBC. The consortium included 1st National Bank of St. Lucia Limited, Antigua Commercial Bank Ltd., Bank of Montserrat Limited, Bank of Nevis Ltd. and the National Bank of Dominica Ltd. After many months of preparations, including obtaining approval from the Eastern Caribbean Central Bank (ECCB) and the respective local governments, the consortium and RBC reached final agreements.
According to the Chair of the Board of Directors at NBD, Ms. Urania Williams, “NBD has gained valued new customers and talented new employees through this acquisition. We are excited to have them on board and are working very hard to ensure a smooth transition for both customers and employees.”
The former RBC branch on the Bayfront will open on April 6, 2021 as the National Bank of Dominica Ltd. NBD has reported that there will be minimal changes in the operations of the Bank in the first instance. However, it hopes to integrate all accounts and services into NBD’s systems in the coming months, to give their new customers access to its range of products and services. NBD also reported that rates and terms have not been changed on customer accounts.
“Our new customers will be able to conduct their day-to-day banking at the same location on Dame Eugenia Charles Blvd. and interact with some of the same friendly employees,” reported the Deputy Managing Director, Mrs. Linda Toussaint Peter. “Soon, our new customers will be able to take advantage of a much wider network of branches, ATMs and card merchants around Dominica. Our new employees will find that we are committed to their wellbeing and the success of the customers and communities we serve.”
NBD expects to utilize the now combined resources to strengthen its mission to help customers, partners and communities succeed and to serve its customers even better.
For specific information on the acquisition, customers can visit NBD’s website, www.nbdominica.com or call 255-2300.
This will certainly help current customers of the NBD because the headquarters in Roseau is not big enough to facilitate peak periods of demand. However, there is still the money laundering restrictions placed on the banking system in Dominica. Also the US has recently put Dominica, Antigua and St Kitts on a list involved in human rights violations. The country needs these character issues cleaned up and those found to be involved punished. It’s time for a clean slate
Congratulations to NDB.
But Sorry i transferred all my financial Assets to another jurisdiction, since I do not do any business with any financial institutions where Central Government has majority shares or have interest in. Especially with this Rogue government in power in Dominica.
After almost 45 years being a customer of Royal Bank of Canada I was forced to discontinue my business with them.
I once went to Royal Bank to open an account. An employee asked me if I made an appointment. I said no. She told me that I must make an appointment first.
That was in 2010. I was stunned that a commercial bank would refuse a deposit and a new customer. I hope that no other financial institution in Dominica has such an asinine policy .
From experience they are very careful in whom they deal with and I would say rightly so. You cannot just walk in with money and say, Oi, I want to open an account. They want to vet you first to make sure you don’t have a reputation and you are kosher. No offence, but this is one the reasons they left the Eastern Caribbean because they were weary where their clients’ deposits came from.
R.I.P. R.B.C. It was good while it lasted. Sorry but have no confidence in N.B.D.