Caribbean News

RBC announces sale of Eastern Caribbean banking operations

Published

5 years ago

December 12, 2019

File photo of RBC Dominica

December 12, 2019 (Toronto, Canada) — Royal Bank of Canada (RY on TSX and NYSE) today 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. 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, 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,” he said.

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: 1^st National Bank of St. Lucia, Antigua Commercial Bank Ltd., National Bank of Dominica Ltd., the Bank of Montserrat and Bank of Nevis Ltd.

Johnathan Johannes, Managing Director, 1^st 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 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,” said Johnson. “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,” said Johnston.

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.

ABOUT RBC IN THE CARIBBEAN

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. As one of the Caribbean’s leading diversified financial services companies, RBC provides personal and commercial banking, wealth management, corporate and investment banking, insurance and trust and asset management services to a wide range of clients, including individuals, small businesses, general commercial entities, regional and multi-national corporations and governments. For more information, please visit rbc.com/caribbean.

PRESS RELEASE

Related Topics:#AntiguaAndBarbuda #magneticmedianews #stkittsandnevis #stlucia #StVincentandtheGrenadines Dominica Montserrat rbc

Up Next

Jamaica Integrating French as Language of Exchange

Don't Miss

JAMAICA: Hundreds in Western Jamaica Receive Free Health Services

Deandrea S Hamilton

Magnetic Media is a Telly Award winning multi-media company specializing in creating compelling and socially uplifting TV and Radio broadcast programming as a means for advertising and public relations exposure for its clients.

Caribbean News

TOURISM MURAL UNVEILED IN DOWNTOWN KINGSTON

Published

11 hours ago

October 6, 2024

Deandrea Hamilton

KINGSTON, Jamaica, October 6, 2024 – A mural symbolising the theme ‘Tourism and Peace: Out of Many, One Love’ was unveiled by the Ministry of Tourism on Peters Lane in downtown Kingston on Friday (September 27).

The mural was created by lead artist, Sheldon Blake, and assistant artist, Rohan Cargill, for Tourism Awareness Week 2024.

It depicts various Jamaican music genres and fruits, highlights craft vendors and popular tourist spots, including Devon House and Rio Grande rafting.

Tourism Minister, Hon. Edmund Bartlett, in a message read by Permanent Secretary in the Ministry, Jennifer Griffith, said the mural will be a visual representation of how tourism brings people together – breaking down barriers, healing divides and celebrating the beauty of diversity.

“It speaks to the enduring strength of Jamaica’s tourism product and our role in promoting peace, both locally and globally. Sheldon’s work reminds us that our history, culture and people are the foundation upon which our thriving tourism industry is built,” the Minister said.

Meanwhile, Ms. Griffith said preliminary figures show that since the start of the year, Jamaica has welcomed some three million stopover and cruise visitors to the island, earning approximately US$3 billion.

“So despite various challenges relating to travel advisories, Hurricane Beryl and tightness in relation to airlift, we are marginally ahead of last year’s performance and remain on track to achieve our target of securing five million visitors and US$5 billion in earnings by 2025,” she shared.

Ms. Griffiths underscored that these remarkable achievements highlight the strength and sustained recovery of the tourism sector, demonstrating once again that Jamaica remains a premier global destination.

“Tourism is not just an economic driver; it is a bridge to peace, understanding and collaboration. Jamaica’s tourism agenda remains steadfast in ensuring that our industry grows, while protecting the natural and cultural treasures that make us truly unique,” Ms. Griffith said.

For her part, Deputy Director of Kingston Creative, Janet Crick, said the mural is a beautiful addition to the more than 100 in the downtown district.

“These streets have now become a popular destination for locals and tourists alike. Spaces which persons once shied away from have now become a viable attraction and a veritable outdoor gathering, offering beautiful and vibrant depictions of our rich Jamaican history, heritage and culture. It is, therefore, most fitting that tourism, one of the country’s largest income earners, should have a mural in this space – paying tribute to the industry and to its importance to our island,” she said.

CONTACT: JUDANA MURPHY

Release: JIS

Caribbean News

Long-Term Approach Must Be Taken to Fix Coffee Farm Roads – Minister

Published

13 hours ago

October 6, 2024

Deandrea Hamilton

MORANT BAY, Jamaica, October 6, 2024 – Minister of Agriculture, Fisheries and Mining, Hon. Floyd Green, says that a long-term approach to dealing with coffee farm roads must be taken, to propel the nation’s coffee farmers by granting easier access to their farms.

“What I have said to the Jamaica Agricultural Commodities Regulatory Authority (JACRA) team [is that] we have to take the coffee road programme out of the Rural Agricultural Development Authority (RADA) farm road programme, because the small fixes, they help, but we need some big fixes,” said Mr. Green, at the handover of fertilisers and herbicides to coffee farmers in the Buff Bay Valley area of Portland, recently.

He explained that for the short-term approach using resources already available, at least six roads in the coffee belt will be dealt with every year. In this financial year, this will include roads such as Wakefield to Mahoe and Bangor Ridge to Mahoe in Portland, as well as others in St. Thomas and parts of St. Andrew.

Mr. Green pointed out that he has asked JACRA to work with the National Works Agency and do a comprehensive assessment of how much money it is going to cost to fix the coffee roads once and for all.

“Because one of the things that we know, if we are able to fix access to the farms, you will produce more. And if you produce more, the country will make more money from coffee. So, the reality is that the investment in coffee will pay back for itself. So, we have to fix the infrastructure,” the Minister emphasised.

CONTACT: MICKELLA ANDERSON-GORDON

JIS REGIONAL OFFICE

MORANT BAY

Caribbean News

Turks and Caicos Islands Ranked in Top Ten Caribbean Islands in Condé Nast Traveler’s Reader’s Choice Awards

Published

1 day ago

October 5, 2024

Deandrea Hamilton

PROVIDENCIALES, TURKS AND CAICOS ISLANDS (October 3rd, 2024) –The Turks and Caicos Islands has been voted among the Top Ten Islands in the Caribbean and The Atlantic in the Condé Nast Traveler Readers’ Choice Awards 2024.

The Turks and Caicos Islands was ranked seventh in the Caribbean according to the votes.

The results of the voting were announced on October 1^st, 2024.

A staggering 575,048 people voted in the annual Condé Nast Traveler Reader’s Choice Awards, rating their travel experiences across the globe to offer a comprehensive look at the places they enjoyed and recommend to others.

The Readers’ Choice Awards, with its unparalleled legacy as the travel industry’s longest-running and most prestigious accolades, remain the ultimate symbol and acknowledgment of excellence within the travel sector.

“We are honoured once again to be recognised as a top island within Conde Nast Traveler’s Readers’ Choice Awards,” said Hon. Josephine Connolly, Minister of Tourism for the Turks and Caicos Islands. “The Turks and Caicos Islands remain a staple on this prestigious list which speaks to the quality experiences our visitors enjoy. These votes are determined by them which makes it all the more special.”

Experience Turks and Caicos congratulates our hotel partners who have also been voted among the Top Resorts in the Bahamas, Bermuda and The Atlantic:

Sailrock – #2
Beach Enclave – #3
Amanyara – #3
Ambergris Cay – #9
Seven Stars Resort – #10
Wymara Resort and Villas – #11
Como Parrot Cay – #14

This honour is the latest among the accolades that the Turks and Caicos Islands has received in 2024 such as:

TripAdvisor Best of the Best Reader’s Choice Awards: Grace Bay, #1 Beach in the Caribbean and Best of the Best for 2024, # 5 among the Top 25 Best of the Best Beaches in the world.
USA Today 10Best Reader’s Choice Awards – Best Caribbean Beaches: #2 Bambarra Beach, #9 Grace Bay Beach
World’s 50 Best Beaches: Grace Bay #1 in the Caribbean, #25 in the world
World Travel Awards: Caribbean’s Leading Beach Destination, Caribbean’s Leading Romance Destination
World MICE Awards: Caribbean’s Best Incentive Destination (Providenciales)

The 2024 Readers’ Choice Awards are published on Condé Nast Traveler’s website at https://www.cntraveler.com/story/top-islands-readers-choice-awards-2020