ECCB Signals approval of RBC sale

Governor Timothy Antoine of the Eastern Caribbean Central Bank (ECCB) has confirmed that his organisation will be approving the sale of Royal Bank of Canada (RBC) operations in several territories in the Eastern Caribbean.

The RBC assets will be sold to a consortium of indigenous banks within the Eastern Caribbean Currency Union (ECCU) jurisdiction, viz. 1st National Bank (St. Lucia), Antigua Commercial Bank, National Bank of Dominica, Bank of Montserrat, and Bank of Nevis. The sale includes operations in Antigua and Barbuda, the Commonwealth of Dominica, Grenada, Montserrat, Saint Lucia, St. Kitts and Nevis, and St. Vincent and the Grenadines.

Speaking at a press briefing following the conclusion of the 98th Meeting of the ECCU Monetary Council on Friday 12 February 2021 at ECCB headquarters in Basseterre, St. Kitts and Nevis, Governor Antoine was accompanied by chair of the Monetary Council, Dr. the Honourable Timothy S. Harris, Prime Minister of St. Kitts and Nevis. The governor said that whereas an official announcement would be forthcoming in short order, he was in a position to confirm that the process was progressing smoothly.