by Eulana Weekes
St. Kitts and Nevis (WINN): The Bank of Nevis Bank Limited at Chapel Street, Charlestown, ceased operations and is now a branch of the Bank of Nevis Limited.
The Bank of Nevis Bank Limited was formerly the Royal Bank of Trinidad and Tobago (RBTT) St.Kitts-Nevis Limited, which was owned by the Royal Bank of Canada (RBC). However, the transition to the Bank of Nevis Limited was notified to the public in 2021.
According to the Eastern Caribbean Central Bank (ECCB), “Under Phase I of the RBC acquisition, the Bank of Nevis Limited acquired 95.78 percent majority shareholding and 1,000 Class A shares of RBTT Bank (SKN) Limited on April 1 2021. Under Phase II of the transaction, the Bank of Nevis Limited purchased the assets and liabilities of Bank of Nevis Bank Limited.”
The Bank of Nevis Limited also has a third branch in Basseterre, St. Kitts, which opened on April 06, 2021.
The initial operations of the Bank of Nevis began on December 08, 1985, with a capital of EC $250,000. The Bank, 37 years later, has assets in excess of one billion dollars, according to ECCB’s Governor Timothy N. J. Antoine, whilst delivering remarks at the opening of the Bank of Nevis branch in St. Kitts.
The ‘premier league’ bank, as described by Mr Antoine, is one of several Banks in the Eastern Caribbean that acquired the assets of the Royal Bank of Canada. As such, the RBC no longer exists in the Eastern Caribbean.