The Eastern Caribbean Central Bank (ECCB) advises that effective 1 August, the operations of RBTT Bank Caribbean Limited in Saint Vincent and the Grenadines (RBTT SVG) will cease following 1st National Bank St Lucia Limited’s (1st National) acquisition of RBTT SVG.
As a result, RBTT Bank Caribbean Limited will become a branch of 1st National Bank St Lucia Limited as of Monday, 1 August.
The ECCB, in consultation with the ECCB Monetary Council, approved the application for the transfer of the assets and liabilities of RBTT SVG to 1st National on 22 December 2020, pursuant to Section 43 of the Banking Act, 2015.
In accordance with the approval, the ECCB issued an updated banking licence to 1st National. The Banking Business Vesting Order has been gazetted in Saint Vincent and the Grenadines.
1st National’s acquisition of the assets and liabilities of RBTT SVG is the second phase in the acquisition of the RBTT Bank Caribbean Limited shareholding. On 1 April 2021, a consortium of banks acquired the shareholding of RBTT Bank Caribbean Limited under Phase I of the Royal Bank of Canada (RBC) acquisition.
The ECCB encourages citizens and residents in ECCB member countries to stay abreast of developments in the financial sector.