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RBC announces sale of Eastern Caribbean banking operations

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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: 1st 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, 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 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.

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Browne Wins Fourth Term in Antigua & Barbuda Landslide

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Antigua & Barbuda, May 4, 2026 – Prime Minister Gaston Browne has secured a historic fourth consecutive term in office, leading the Antigua and Barbuda Labour Party to a commanding victory in the country’s snap general election held April 30, 2026.

Preliminary results show Browne’s party capturing 15 of the 17 seats in Parliament, tightening its grip on power and dramatically weakening the opposition.

The main opposition United Progressive Party was reduced to just one seat, held by its leader, while the Barbuda People’s Movement retained its single constituency in Barbuda.

The result marks a major political turnaround for Browne, whose party had won a much narrower 9–7 majority in the 2023 election before rebuilding support through defections and by-elections.

Voter turnout figures vary in early reports, with initial estimates indicating participation of around 35.8 percent, or roughly 22,700 voters out of more than 63,000 registered. However, broader election data suggests overall turnout may have exceeded 60 percent, reflecting steady engagement despite political tensions.

The election, called nearly two years ahead of schedule, was shaped by concerns over the cost of living, global economic pressures and fallout from U.S. visa restrictions linked to the country’s citizenship-by-investment programme.

Despite those issues, Browne campaigned on economic stability and continued development, pointing to a strong tourism recovery and ongoing infrastructure expansion.

The decisive victory now strengthens his mandate, but also raises questions about the future of the opposition, which faces internal challenges after significant losses at the polls.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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FIGHT FOR CONTROL OF STEWART TOURISM EMPIRE PLAYS OUT IN COURTS

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May 4, 2026 – This is not just a family dispute.  It is a fight over control of a tourism empire.

At the centre is Adam Stewart, who has secured a series of legal victories across the region as challenges continue over the estate and leadership structure of Sandals Resorts International.

The multi-billion-dollar conglomerate was built by the late Gordon “Butch” Stewart, whose passing in 2021 set off a complex and ongoing dispute involving family members, estate arrangements and control of the business.

In recent rulings, courts in both The Bahamas and Jamaica have reinforced Adam Stewart’s position, effectively allowing him to continue leading the company while defending his role against legal challenges.

One key issue has centred on the interpretation of estate provisions, including whether defending his leadership could jeopardise his inheritance. The courts have ruled in his favour, clearing the way for him to maintain control without penalty.

For now, those decisions bring a measure of stability to one of the Caribbean’s most influential tourism brands.

But the matter is far from settled.

Multiple legal challenges and competing claims within the Stewart family remain active, meaning the future structure of the company is still being contested.

The implications stretch well beyond the courtroom.

Sandals operates across several Caribbean nations, including The Bahamas, Turks and Caicos Islands, Jamaica and Saint Lucia, making it a critical player in regional tourism, employment and investment.

Any uncertainty at the top of the organisation has the potential to ripple across economies that rely heavily on the brand’s continued expansion and stability.

For now, Adam Stewart remains firmly in charge.  He was named Executive Chairman of Sandals Resorts International in 2021.

Still, many are keen on the outcomes of ongoing litigation, as the battle over one of the Caribbean’s most powerful business empires is still unfolding.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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Sandals and Beaches Women Master the Art of Hospitality Leadership  

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Montego Bay, Jamaica, April 22, 2026 — At Sandals and Beaches Resorts, leadership excellence is par for the course. This is increasingly evident as the Sandals Corporate University (SCU) continues to provide team members with extraordinary opportunities for higher education, growth and professional development.

Facilitated through the SCU, the programmes offered executive team members the opportunity to pursue advanced studies with Les Roches, an internationally recognised Swiss hospitality university accredited by the New England Commission of Higher Education (NECHE). Renowned for its comprehensive hospitality curriculum, Les Roches was also recently ranked #2 in the world in Hospitality & Leisure Management by the QS World University Rankings 2026.

The graduating group included EMBA recipients: Heather Effs, regional manager, entertainment – Sandals Resorts, Jamaica, Della John, general manager at Sandals Grande St. Lucian and Melissa Stacy Giddings, regional manager, entertainment in the Eastern Caribbean. Also graduating was Senior Wedding Manager at Sandals Royal Bahamian, Samaria Smith-Cooper who completed the EMIHM programme.

While studying for their degrees, the EMBA students were able to enhance their experience through immersive classroom learning, travelling to the Les Roches campuses in Switzerland and Dubai to participate in the institution’s Residential Weeks. Both weeks, which took place at the start and toward the end of the course, provided the leaders with opportunities for in depth academic exposure, training and collaboration with fellow students from around the world.

Reflecting on their experiences and their decisions to pursue higher education through the SCU, each graduate expressed long standing aspirations to further their education and earn their master’s degrees and extended gratitude to the SCU for making those dreams a reality.

John, who graduated with distinction, shared that it was a proud and emotional moment when she crossed the stage to collect her certificate. She recalled that while the programme was demanding, the opportunity to deepen her knowledge of the hospitality industry on a global level made the journey a rewarding one.

“Education has always been intrinsic to who I am. I believe we must continuously learn so we can grow in this industry where we serve and lead others. This programme allowed me to sharpen my tools as a leader while gaining a broader global perspective on hospitality and tourism. Collaborating with professionals from different countries and cultures was an incredible experience and it challenged me to think differently about the future of our industry,” she remarked.

“My journey continues as I will keep sharing what I have learned to strengthen our teams and our brand every single day.”

For Giddings, the opportunity to network, study with her colleagues and lean into the vastness of hospitality was all the motivation she needed to embark on her Les Roches journey.

“I thought to myself, this was my chance to learn, expand and grow with two women I highly admire and respect.”

She noted that the coursework itself was not without its challenges, but she recognised the value in pushing forward to earn her degree which would inevitably allow her to take the next step in her career.

“It is an investment in yourself. I feel a profound sense of achievement and confidence and I feel prepared and excited about the opportunities that lie ahead,” she added.

Smith-Cooper shared that the EMIHM programme was the perfect opportunity to discover what she was capable of. However, between  designing dream destination weddings for couples and navigating parenthood and life in general, she admitted that the undertaking was no small feat.

“One of my biggest challenges was balancing school with my everyday responsibilities at work, at home and in my personal life but this experience showed me that my capacity could grow.”

Despite the demands, she credits determination, self-belief and the encouragement of a strong support system for helping her see the journey through.

“Today, I feel proud, relieved, accomplished and more confident. This programme has helped to build my skills and prepare me for new responsibilities and future opportunities.”

Effs, who also earned her EMBA with distinction, regarded the experience as a transformative step in her professional journey.

“Pursuing this programme was truly a leap of faith for me. The coursework challenged me intellectually and professionally, but each module stretched me in the best way. I was constantly learning, applying and evolving.”

The regional entertainment manager also encouraged other team members to take advantage of the opportunities available through SCU.

“To anyone considering taking the next step through SCU, my advice is simple: take the leap of faith. Trust yourself. Tap into your superpowers. Growth begins the moment you step outside of your comfort zone. The journey may challenge you, but it will also transform you,” Effs added.

Speaking on the partnership with Les Roches, Senior Corporate Director of the SCU, Dr. Luz Longsworth expressed her appreciation for the calibre of hospitality training offered by the institution.

“Les Roches’ commitment to working with the Caribbean really impressed us and we were excited to take a team to Marbella to visit their campus and explore the possibilities for collaboration. The quality of the programme strengthens the capacity of our leaders to navigate the complex and ever evolving world of hospitality and it is highly relevant to the needs of our region,” she shared.

The Sandals Corporate University remains committed to empowering team members through world class training and educational opportunities. By investing in leadership development and professional advancement, SCU continues to equip its people with the tools needed to grow while helping to shape the next generation of hospitality leaders across the Caribbean.

Captions:

Header: SCU Grads 1: Regional Manager, Entertainment – Sandals Resorts, Jamaica, Heather Effs can’t help but strike a playful pose after crossing the Les Roches stage to collect her degree; and SCU Grads 2: Della John, general manager at Sandals Grande St. Lucia is snapped on stage with the Les Roches team at the graduation ceremony held in Switzerland.

1st insert: Senior Wedding Manager at Sandals Royal Bahamian, Samaria Smith-Cooper takes a quick selfie moment post-graduation.

2nd Insert: Melissa Stacy Giddings, regional entertainment manager for the Eastern Caribbean is all joy after completing the postgraduate programme.

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