The Bank of Nevis Ltd (BON) opened its branch in Basseterre, St. Kitts, this morning (April 6, 2021) after having completed the administrative and other related procedures for the acquisition of the Royal Bank of Canada (RBC). The Bank of Nevis Ltd also acquired majority shares in RBTT Bank (SKN) Limited, located in Nevis.
It should be noted that BON commenced operations on December 8, 1985, when the Bank was created in an effort and desire to provide banking services to the local Nevis community. BON commenced operations with a staff of five and capital of approximately $250,000. As of June 2020, its capital resources had grown to over $82.3 million and total assets to over $522.5 million.
The establishment of the Branch in St. Kitts is seen as the continued expansion of opportunities to provide access to banking and financial services to the business community and the people of the Federation.
The President, Board of Directors and members of the St. Kitts Nevis Chamber of Industry and Commerce (SKNCIC) welcomes this significant achievement by BON and extends sincere congratulations to the management and staff of the Bank. BON has been an active member of the Chamber, and we look forward to continued growth and expansion of its operations.
The acquisition of RBC in St. Kitts and the procurement of majority shares in RBTT Bank (SKN) Limited was made possible and achieved through the sale by RBC of its Eastern Caribbean banking operations to a consortium of regional banks. Those banks included the 1st National Bank of St. Lucia, Antigua Commercial Bank, Bank of Dominica, Bank of Montserrat, and The Bank of Nevis.
THE ST.KITTS NEVIS CHAMBER OF INDUSTRY AND COMMERCE.
