A consortium of Eastern Caribbean indigenous banks of which 1st National Bank St. Lucia Limited is a member, today announced it has entered into a definitive agreement to purchase all banking operations in the Eastern Caribbean from Royal Bank of Canada (RBC).
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.”
The five financial entities participating in the sale are: 1st National Bank St. Lucia Limited, Antigua Commercial Bank Ltd.; the National Bank of Dominica Ltd., the Bank of Monserrat Limited and Bank of Nevis Ltd.
The EC consortium was advised by PwC (JA) led by Wilfred Baghaloo, who added “this transaction demonstrates that Caribbean businesses have the capacity to come together when the circumstances are right.”