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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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138 illegals add to the over 900 migrants captured by TCI Joint Forces

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FILE PHOTO

#TurksandCaicos, June 25, 2022 – RTCIPF Marine Operations Centre and partners continue to work together to protect our borders and keep TCI secure.

During the evening of Wednesday 22nd June 2022 the RTCIPF Marine Operations Centre identified a target of interest and immediately started to track the vessel around 5 miles North West of Providenciales travelling at around 7 knots.

The operator immediately updated colleagues within the Royal Turks and Caicos Marine Branch who made their way to the location and intercepted a vessel containing irregular migrants. Following a delicate, coordinated operation with the necessary stabilization of the vessel which was unsafe, severely overcrowded and the occupants were without life vests, the RTCIPF Marine Unit was joined by a second RTCIPF Marine crew and a third vessel crewed with TCI Regiment to support the delicate operation.

The vessel was carefully offloaded at sea to ensure the safety of the occupants and then the boat was towed to South Dock where it arrived around 4:45am with a total of 138 persons, 98 males and 40 female including 1 juvenile, who were then taken into custody by the Immigration Department. One male needed immediate medical attention in relation to a leg injury sustained.

Superintendent Martyn Ball said, “Again working with partners we have safely intercepted another vessel that was desperately overcrowded, unsafe and risked the lives of those on board. It continues to demonstrate the professionalism and dedication of the RTCIPF Marine Unit, working together with colleagues in the Marine Operations Centre, TCI Regiment, TCI Immigration and Health to save lives and keep our borders here in the Turks and Caicos Islands safe.

In the last couple of months over 900 individuals on 9 dangerous and unseaworthy vessels have been intercepted here in the TCI.

I would appeal to anyone if you have any information relating to such activity that you call CrimeStoppers free and anonymously on 1-800-8477, not only will you be saving lives but also supporting our national security here in the Turks and Caicos Islands.”

 

Caption: FILE PHOTO

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International joint forces seize $99 Million in Cocaine in Caribbean Sea

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By Dana Malcolm

Staff Writer

 

The US Coast Guard, and ships from the Netherlands made drug busts in the Caribbean Sea over the last few weeks resulting in a cumulative seizure of 5,237 pounds of cocaine.  The Coast Guard says the illegal narcotics which were offloaded at Base Miami Beach last Friday value $99 million.

The drugs were seized in the international waters of the Caribbean Sea by crews from: Coast Guard Cutter Donald Horsley, His Netherlands Majesty’s Ship Friesland, His Netherlands Majesty’s Ship Groningen.

Coast Guard Commanding officer of the Thetis, which transferred the drugs to the base in Miami, Justin Nadolny praised the partnership between themselves and the Netherlands which led to the massive seizure.

“Interdicting drug traffickers on the open ocean is challenging work and every interdiction is complex and unique,” he said. “This offload is a testament to the teamwork and devotion of every crew assigned to carry out this mission, and it showcases the strength of the valuable international partnerships united to combat transnational organized crime.  The fight against drug cartels in the Caribbean Sea requires unity of effort in all phases from detection, monitoring, and interdictions, to criminal prosecutions by international partners and U.S. Attorneys’ Offices in districts across the nation.”
The Turks and Caicos also have an agreement with the US Coast Guard signed in recent months which allows for tighter partnerships between the two countries (and the Bahamas) in the fight against illegal migration and drug trafficking in the county’s waters.

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Turks & Caicos Airline becomes first International flight at Ian Fleming in Jamaica

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By Dana Malcolm

Staff Writer

 

#Jamaica, June 25, 2022 – As the Turks and Caicos and Jamaica celebrated a new connection on June 16th as Intercaribbean Airways launched their newest flight to Boscobel, St Mary, half an hour from the famous city of Ocho Rios on Jamaica’s North Coast.

The Ian Fleming Airport is named for the famous author who penned the James Bond series just miles away from the airport. Never one to miss a theme, InterCaribbean dubbed their flight the JY 007.

The 007 departed Providenciales at 9:30 am Thursday (June 16) with Lyndon Gardiner, Chairman of InterCaribbean Airways; Trevor Sadler, InterCaribbean Airways CEO; Chris and Kayon Stokes of NCS Money Services; Team Beaches TCI, some media namely SunTCI and Magnetic Media as well as a few Jamaicans anxious to get home.

The 007, Ian Fleming Airport’s first international commercial flight, was received in Jamaica with much fanfare.  It was met by a Jamaican delegation including Audley Shaw, Minister of Transport for Jamaica and Edmund Bartlett, Jamaica’s Tourism Minister and a cheerful water cannon spurt to sweeten the arrival of the first international flight at Ian Fleming.

Bartlett was enthusiastic about the prospects that Inter-Caribbean was bringing to Jamaica.

“The presence today of this inaugural flight from a Caribbean island into Boscobel is a bigger statement than what has been made because what it does is to put together the idea of connectivity in a material way. It is how we as a region are going to be able to connect with each other in a way that brings economic value and prosperity to each other and that’s the power of this movement that begins today.”

The minister noted that Tourism was a booming business if only we were aware of how to take charge of it.

“We are about ideas and how to convert ideas into things that have a material value, we are the most consumption-driven activity on planet earth. “ he added “the next critical consideration that has to be looked at …is that we need a single visa regime for touristic purposes that can be provided for visitors coming into your space… a CARICOM visa that allows you entry into all the CARICOM countries.”

Gardiner expressed his excitement for the venture telling the media,“Only the sun covers the Caribbean better than we do.” He also told the gathered press. “We will now have the ability to bring people from across the Caribbean, whether it be for business, pleasure, or furthering multi-destination vacations, by offering Boscobel residents and visitors direct service across the Caribbean and vice versa.”

InterCaribbean Airways will run their flight monthly initially and then upgrade to weekly flights. It would be the third flight between Turks and Caicos and Jamaica; already Kingston and Montego Bay are serviced by the airline based in Providenciales, TCI.

American Airlines and QCAS Aero are also scheduled to begin flights to the Ian Fleming International this year.

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