Business View Caribbean | December 2019

7 BUSINESS VIEW CARIBBEAN DECEMBER 2019 T he Royal Bank of Canada (RBC) recently announced it has entered into definitive agreements to sell all banking operations in the Eastern Caribbean to a consortium of indigenous banks within the region. With more than 100 years of dedicated service to the region, RBC has maintained a presence in 17 countries, with 52 branches and over 3,200 employees serving more than one million clients. The transaction is subject to regulatory approval and other customary closing conditions, and is expected to be finalized in the coming months. “Consistent with our strategy of being a competitive leader in the markets where we operate, RBC is always evaluating opportunities for our business. Earlier this year, we were approached by a consortium of indigenous banks with their proposal to acquire all RBC Eastern Caribbean operations,” said Rob Johnston, Head of RBC Caribbean Banking. “After a review of our operations and strategy, we determined this opportunity was a good decision for the long-term future success of RBC Caribbean, and also, that it aligned with our vision to help our clients thrive and communities prosper.” The sale encompasses the branches of Royal Bank of Canada in Antigua, Dominica, Montserrat, St. Lucia, and St. Kitts and Nevis, as well as regional businesses operating under RBC Royal Bank Holdings (EC) Limited in Nevis, Grenada, and St. Vincent and the Grenadines. Collectively, these operations are referred to as “RBC Eastern Caribbean.” The consortium of five financial entities purchasing includes: 1st National Bank of St. Lucia, Antigua Commercial Bank Ltd., National Bank of Dominica Ltd., the Bank of Montserrat, and OPENING L INES RBC ANNOUNCES SALE OF EASTERN CARIBBEAN BANKING OPERATIONS