BASSETERRE, ST. Kitts - AFTER the sale was approved on Thursday (Apr. 1), the Bank of Nevis has formally opened its Basseterre Branch in the former location of the Royal Bank of Canada on Fort Street.
This comes after the Bank of Nevis had formed part of a consortium of indigenous banks that purchased all assets of the Royal Bank of Canada and the Royal Bank of Trinidad and Tobago in the Eastern Caribbean.
At an official ribbon-cutting ceremony this morning (Apr. 6), in underscoring the relationship that the financial institution has with St. Kitts, Chairman of the Bank Laurie Lawerence revealed that 20 percent of the Bank's loans and its deposits are held by Kittitians.
“We should be proud of this major achievement by the Bank of Nevis. It is not often that we are able to witness a local institution buying an international institution,” he noted.
In commending the Bank for the move to the St. Kitts market, Premier Mark Brantley highlights that the company is moving forward as one.
He encouraged the people on St. Kitts to support the Bank by continuing to do business with the institution.
General Manager Everett Martin pointed out that the closure of the transaction was expected to be completed in July last year; however, due to the COVID-19 pandemic, it was only able to be completed on Thursday when all of the documentations from Prime Minister Dr. Timothy Harris and the Central Bank were signed off on.
Addressing a concern of lack of communication to its customers, Martin said it was an agreement with Royal Bank of Canada that no communication should be undertaken until the transaction was completed.
It is against that backdrop he informed that the financial institution would be communicating shortly with all customers.