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Signage for RBC's headquarters in Toronto, Canada. (File photo)

RBC working with Eastern Caribbean banks to close sale deal

Signage for RBC's headquarters in Toronto, Canada. (File photo)

Royal Bank of Canada (RBC) has indicated that it is working with the “consortium of indigenous banks” that have offered to purchase its operations in the Eastern Caribbean to ensure the deal goes through.

“Having recently received regulatory approval from the Eastern Caribbean Central Bank, we are now working with the purchasing banks and local governments towards final approvals to close the transaction,” RBC told Caribbean Business Report in an e-mailed statement.

Over a week ago, Governor of the Eastern Caribbean Central Bank Timothy Antoine stated that the monetary authority had approved the sale of RBC’s 11 branches in the territories of Antigua and Barbuda, Dominica, Grenada, Montserrat, St Kitts and Nevis, St Lucia, and St Vincent and the Grenadines.

Governor of the Eastern Caribbean Central Bank Timothy Antoine (File photo)

“Following the sale, RBC’s retail banking operations in the Caribbean will include 41 branches across The Bahamas, Trinidad and Tobago, the Cayman Islands, Turks and Caicos Islands, Aruba, Curaçao, Bonaire, Saba, and Sint Maarten,” the statement outlined.

In addition, RBC operates branches in Barbados.

When RBC announced that it had entered into definitive agreements to sell all banking operations in the Eastern Caribbean in December 2019, it did not disclose the financial terms of the transaction.

The High Street branch of RBC Royal Bank in Antigua (File photo)

However, it listed the five financial entities that constitute the consortium: 1st National Bank of St Lucia, Antigua Commercial Bank Ltd, National Bank of Dominica Ltd, the Bank of Montserrat, and Bank of Nevis Ltd.