The Royal Bank of Canada (RBC) has been granted approval from Eastern Caribbean governments and the Eastern Caribbean Central Bank to sell its operations to local indigenous banks.
A media release on Thursday, RBC said the sale included 11 of its branches to the first National Bank of St Lucia, Antigua Commercial Bank, Bank of Dominica, Bank of Montserrat, and the Bank of Nevis.
Head of Caribbean Banking Rob Johnston said, “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.”
“The sale of our Eastern Caribbean banking operations to indigenous banks is also a critical step forward in strengthening the domestic financial services sectors in each of the countries and territories involved. This will help create a stronger climate for further growth, development, and prosperity.”
Prior this sale, RBC’s operations in the Caribbean included 41 branches which employed almost 3,000 people.
This follows a similar transaction made in 2019, when TT-based Republic Bank Limited acquired the operations of the Bank of Nova Scotia (Scotiabank) in six Eastern Caribbean territories.