ECCB Revokes Banking Licences
Friday
November
5
2021
by
ECCB

The Eastern Caribbean Central Bank (ECCB) advises that in keeping with Section 14 of the Banking Act, it has revoked the banking licences of RBTT Bank (Grenada) Limited, RBTT Bank (SKN) Limited and Royal Bank of Canada effective 29 October.

The licences were revoked following the sale or transfer of the respective entities in April.  Hence, they no longer require banking licences as they have all ceased to carry out banking business in the Eastern Caribbean Currency Union, under those names.

The sale of RBTT Bank (Grenada) Limited to The Antigua Commercial Bank Limited was conducted in accordance with Section 43 of the Banking Act No 1 of 2015 of the laws of Grenada. Following the transaction, the RBTT Bank (Grenada) Limited was rebranded as ACB Grenada Bank Limited.

The sale of RBTT Bank (SKN) Limited to The Bank of Nevis Limited was conducted in accordance with Section 43 of the Banking Act No 1 of 2015 of the laws of Saint Christopher (St Kitts) and Nevis. The RBTT Bank (SKN) Limited has been rebranded as BON Bank Limited.

In the case of the Royal Bank of Canada, approval was granted in accordance with Section 43 of the Banking Act for the transfer of RBC’s assets and liabilities to a consortium of five national banks. 

The sale of RBTT Bank (Grenada) Limited and RBTT Bank (SKN) Limited, and the transfer of the assets and liabilities of the Royal Bank of Canada were all approved by the ECCB in consultation with the ECCB Monetary Council.

The ECCB will publish Notices of Revocation relating to each bank in the Gazettes and a newspaper in the following countries:

  • Grenada - RBTT Bank (Grenada) Limited
  • Saint Christopher (St Kitts) and Nevis - RBTT Bank (SKN) Limited
  • Antigua and Barbuda, the Commonwealth of Dominica, Montserrat, Saint Christopher (St Kitts) and Nevis, and Saint Lucia – Royal Bank of Canada
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