Royal Bank selling Eastern Caribbean banking operations to consortium

Royal Bank selling Eastern Caribbean banking operations to consortium
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TORONTO — Royal Bank of Canada has signed a deal to sell its banking operations in the Eastern Caribbean to a consortium of indigenous banks in the region.

Financial terms of the deal were not disclosed.

The agreement includes branches in Antigua, Dominica, Montserrat, St. Lucia, and St. Kitts and Nevis.

It also includes regional businesses operating under RBC Royal Bank Holdings (EC) Limited in Nevis, Grenada and St. Vincent and the Grenadines.

The acquiring consortium of five financial entities 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.

Royal Bank says it has operated in the Caribbean for more 100 years.

Rob Johnston, head of RBC Caribbean Banking, said the company was approached by the consortium with the proposal earlier this year.

“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 in a statement.

This report by The Canadian Press was first published Dec. 12, 2019.

Companies in this story: (TSX:RY)

The Canadian Press

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