ECCB revokes banking licences of two Caribbean banks

The Eastern Caribbean Central Bank (ECCB) announced that pursuant to Section 14 of the Banking Act, it has revoked the banking licences of RBTT Bank (Grenada) Limited, RBTT Bank (SKN) Limited and Royal Bank of Canada effective 29 October.

The licences were revoked after the ownership of these entities were transferred as part of acquisition deals completed in April. Since they no longer carry put banking operations under those names in the Eastern Caribbean Currency Union, they no longer have need for banking licences.

The sale of RBTT Bank (Grenada) Limited to The Antigua Commercial Bank Limited was finalized with strict adherence to Section 43 of the Banking Act No 1 of 2015 of the laws of Grenada.

Upon completing the deal, RBTT Bank (Grenada) Limited was rebranded as ACB Grenada Bank Limited.

The sale of RBTT Bank (SKN) Limited to The Bank of Nevis Limited was conducted in strct adherence to similar regulations under of the laws of Saint Christopher (St Kitts) and Nevis. The RBTT Bank (SKN) Limited has been rebranded as BON Bank Limited.

As it pertains to Royal Bank of Canada, approval was granted in line with Section 43 of the Banking Act for the transfer of RBC’s assets and liabilities to a consortium of five national banks. The aforementioned deals were all approved by the ECCB in consultation with the ECCB Monetary Council.