Thursday, Royal Bank of Canada (TSX: RY) (NYSE: RY) (“RBC”) announced that it has received the required approvals from local governments and from the Eastern Caribbean Central Bank for the sale of its Eastern Caribbean banking operations. The transaction closes today.
This sale has RBC selling its Eastern Caribbean banking operations to a consortium of regional banks comprised of 1st National Bank of St. Lucia, Antigua Commercial Bank, Bank of Dominica, Bank of Montserrat, and The Bank of Nevis.
The sale includes RBC’s 11 branches in Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines.
“This transaction will allow RBC to align investments and resources into markets where our vision for being the Caribbean’s digitally-enabled relationship bank can be executed most-successfully,” said Rob Johnston, Head of Caribbean Banking. “The sale of our Eastern Caribbean banking operations to indigenous banks is also a critical step forward in strengthening the domestic financial services sectors in each of the countries and territories involved. This will help create a stronger climate for further growth, development, and prosperity.”
Upon closing this transaction, RBC’s Caribbean presence – supported by 3,000 employees – will include 41 branches and offices across Aruba, The Bahamas, Barbados, Bonaire, the Cayman Islands, Curaçao, Saba, Sint Maarten, Trinidad and Tobago, and the Turks and Caicos Islands.