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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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Caribbean News

Barbados bestows Humanitarian Award on PAHO director Dr. Carissa Etienne 

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By Shanieka Smith

Staff Writer

 

#Barbados, November 25, 2022 – The newest recipient of Barbados’ Humanitarian Award is outgoing Pan American Health Organization Director, Dr Carissa Etienne.  The government of Barbados grants this award to frontline workers who were instrumental during the COVID-19 pandemic.

Upon receiving the award, Dr. Etienne expressed her gratitude for the recognition, noting, however, that she was more grateful for the opportunity to have served on the island. She also praised Prime Minister, Mia Mottley for her diligence in leading the country and regional involvement during the pandemic.

Humanitarian medals were also given to Frontline workers who risked their own safety to ensure the needs of the public were met. Those who held supporting roles on the frontline received humanitarian lapel pins, and those who made generous donations were given humanitarian plaques.

Dr. Etienne highlighted one major lesson from the pandemic, “we are only safe when the weakest among us is also safe”.

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Bahamas News

Bahamas and Turks & Caicos Immigration Ministers make appearance on TCI Radio Talk Show

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By Dana Malcolm

Staff Writer

 

#TheBahamas, November 25, 2022 – “We have a humanitarian concern of course but we can only absorb so much” was how Fred Mitchell, Minister of Foreign Affairs and the Public Service in The Bahamas addressed the issue of the UN constantly nudging Caribbean countries about the deportation of migrants and recommending that it not be done.

He was speaking Thursday November 24 with Cheryl and Zhavargo on First Edition which airs on RTC FM.

While acknowledging that the UN offices likely ‘have to do what they do’ Minister Mitchell  explained that the current irregular migrants trying to get into the Bahamas did not fit the bill of ‘refugees’ as defined by the UN.

“We have a treaty obligation that says that if people have a fear of persecution in their home country that we have an obligation to take them in as asylum seekers. The people who come through on these boats from the south of us are not asylum seekers. They are afraid of poverty and that’s a difficult issue but in a legal sense we’re not obligated to embrace people on that basis.”

He cited a study that had found, on any given day there were around 7,000 illegal migrants in The Bahamas trying to get to the US maintaining that his chain of islands had to take a stand on the issue.  The Foreign Affairs minister acknowledged that  TCI was in an identical situation, citing also the the cultural effects of irregular migration.

“There is a cleavage which has developed in our own society over this; people are very concerned that we could lose our identity if we do not get on top of it.”

Earlier this year Arlington “new sheriff in town” Musgrove, Minister of Immigration and Border Services in the Turks and Caicos had described statements calling on surrounding countries to do more to assist persons fleeing Haiti as “reckless and misguided.”

“Haiti has a population of 11.6 million people. How could any small developing state like the Turks and Caicos Islands assist that number of people or even the smallest fraction of them? We have a population of some 47,000 persons, and our health care, education and other social systems remain fragile and could never withstand an influx of refugees. This would be a risk to our very own livelihood,” he had said.

He was interviewed in the same show on Thursday prior to Mitchell and expressed a similar determination to crack down on illegal migration.

“I want to stress this. If we catch anyone harbouring illegals, it could be my mommy, she’s going up. We cannot tolerate this. We’re catching the sloops so my Haitian brothers and sisters should stress to them don’t waste your money we’re sending you back.”

Turks and Caicos, this year passed a law, doubling fines and prison times for individuals harbouring illegal migrants.

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Caribbean News

JAMAICA: Government Revenues Soar

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#Kingston, November 25, 2022 – There has been a jump in Government revenue collection, with tax revenues for the first six months of the fiscal year exceeding budget by $35 billion.

Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, said that the out-turn is as a result of higher-than-expected economic performance.

“The first quarter growth came out at 5.7 per cent… and all categories of revenue are over budget. Revenues from income and profits are up by nearly 13 per cent or $10 billion,” Dr. Clarke said.

In addition, he noted that revenues from production and consumption are up by seven per cent or $7 billion and revenues from international trade are up by 15 per cent or $18 billion. Revenues from motor-vehicle licences for the first six months of this year are 16 per cent higher than budgeted.

Dr. Clarke was speaking in the House of Representatives on Tuesday (November 22) where the First Supplementary Estimates for 2022/23 were approved.

The approval reflects a revised expenditure of $971 billion, from the previously approved budget of $912 billion for the financial year.

Minister Clarke said the First Supplementary Estimates come within the context of positive overperformance of the economy.

“As a result of this revenue overperformance… we are able to come to this Parliament six months after and put a Budget that proposes $60 billion in new expenditure,” Dr. Clarke said.

The largest component of the supplementary budget is the allocation for public-sector salaries and wages in keeping with the restructuring of compensation.

“We are allocating $16 billion there and there is another $2 billion to the Ministry of Health and Wellness and then about $3 billion for statutory deductions, making a total of $21 billion,” the Minister said.

 

Contact: Latonya Linton

Release: JIS

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