The Eastern Caribbean Central Bank (ECCB) advises that effective August 1, 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.
According to a statement from ECCB, as a result, RBTT Bank Caribbean Limited will become a branch of 1st National Bank St Lucia Limited as of Monday, August 1.
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 December 22, 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 St 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 April 1, 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.
Meanwhile, 1st National Bank Limited St Lucia in a statement today said pursuant to its acquisition of RBTT Bank Caribbean Limited in St Vincent and The Grenadines, the Bank proudly announces that it has obtained its Banking License from the Eastern Caribbean Central Bank (ECCB) to operate the banking business.
“We are pleased with this development and will certainly pave the way for new opportunities” said Country Manager Vonetta Rodgers.
1st National Bank Limited St Lucia says: “Rebranding of the RBTT Bank Caribbean Limited is the first step in the process as we commence preparations for the integration of the core banking systems in early 2023.
The rebranding exercise will initially focus on the name change to include internal and external signage, processing stamps and forms bearing the 1st National Bank logo. Please note that changes to internal/external signage and cosmetic enhancements to the structure to include painting will also be done.
We are committed to ensuring that our lines of communication remain open, simple and honest as we chart the way ahead. This cannot be achieved without you, our valued customers and thank you immensely for your loyalty and support during this transition. We see this as an opportunity for us to build better, together.
We would like to place on record, our sincere thanks for the support and guidance received from the Eastern Caribbean Central Bank during this process and look forward to working closely with them as we progress to conversion in 2023.”