Business View Caribbean | December 2019

8 BUSINESS VIEW CARIBBEAN DECEMBER 2019 Bank of Nevis Ltd. Johnathan Johannes, Managing Director, 1st National Bank of St. Lucia, 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.” “RBC has operated in the Caribbean for more than 100 years – longer than we have been in many parts of Canada. We remain committed to the future of the Caribbean and to a vision of digital innovation that transcends traditional services,” Johnston said. “This transaction will allow us to realign and focus our strategy on Caribbean markets where we can achieve that vision most successfully. Self-determination is the highest level of empowerment – and the indigenous banks acquiring this business will now have an increased opportunity to influence the development of their communities.” Johannes added, “And speaking on behalf of the local banks, we embrace and eagerly anticipate that opportunity.” The consortium was advised by PwC (JA), led by Wilfred Baghaloo, who added “This transaction demonstrates that Caribbean countries and businesses have the capacity and capability to come together when the circumstances are right.” Financial terms of the transaction were not disclosed. RBC will release its first quarter 2020 results and host an earnings conference call on February 21, 2020. We remain committed to the future of the Caribbean and to a vision of digital innovation that transcends traditional services