Finance & Economics

Canadian bank sold its Eastern Caribbean banking operations

The transaction closed on April 1st

Royal Bank of canada Caribbean

Canadian bank sold its Eastern Caribbean banking operations. Source: shutterstock.com

Royal Bank of Canada has received the required approvals from local governments and from the Eastern Caribbean Central Bank for the sale of its Eastern Caribbean banking operations.

The sale includes RBC’s 11 branches in Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, and St. Vincent, and the Grenadines.

RBC sold its Eastern Caribbean banking operations to a consortium of regional banks comprised of 1st National Bank of St. Lucia, Antigua Commercial Bank, Bank of Dominica, Bank of Montserrat, and The Bank of Nevis.

This transaction will allow RBC to align investments and resources into markets where our vision for being the Caribbean’s digitally-enabled relationship bank can be executed most successfully. The sale of our Eastern Caribbean banking operations to indigenous banks is also a critical step forward in strengthening the domestic financial services sectors in each of the countries and territories involved. This will help create a stronger climate for further growth, development, and prosperity
Rob Johnston, Head of Caribbean Banking

RBC’s Caribbean presence will include 41 branches and offices across Aruba, The Bahamas, Barbados, Bonaire, the Cayman Islands, Curaçao, Saba, Sint Maarten, Trinidad, and Tobago, and the Turks and Caicos Islands.

We’ve reported that the Royal Bank of Canada introduced a new initiative for Black entrepreneurs.

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