Royal Bank of Canada will no longer have a presence in the Eastern Caribbean after completing the sale of its banking operations in the region last Thursday.
RBC received the required approvals from local governments and from the Eastern Caribbean Central Bank for the sale. 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.
A consortium of regional banks comprised of First National Bank of St Lucia, Antigua Commercial Bank, Bank of Dominica, Bank of Montserrat, and The Bank of Nevis bought RBC’s banking operations.
“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,” said Rob Johnston, Head of Caribbean Banking.
RBC's Caribbean presence now includes 41 branches and offices - involving 3,000 employees - across Aruba, The Bahamas, Barbados, Bonaire, the Cayman Islands, Curaçao, Saba, St Maarten, Trinidad and Tobago, and the Turks and Caicos Islands.
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