BASSETERRE, St. Kitts, CMC – The Eastern Caribbean Central Bank (ECCB) says it has revoked the licence of BON Bank Ltd to carry on banking business effective, DecemberDecember 15ear.
In a brief statement, the ECCB, which serves as a central bank for the islands of Antigua and Barbuda, Dominica, Grenada, St. Lucia, St. Vincent and the Grenadines, and Montserrat, said that BON Bank Ltd was subsumed into the operations of The Bank of Nevis Limited since January this year.
It said that the Nevis-based financial institution had ceased to conduct banking business and that “this revocation of the license will have no effect on the operations of The Bank of Nevis Limited.”
BON Bank Limited was formerly RBTT Bank (SKN) Limited and was owned by the Royal Bank of Canada (RBC).
In January, the ECCB said that under the first phase of the RBC acquisition, the Bank of Nevis Limited acquired the 95.78 percent majority shareholding and 1000 Class A shares of RBTT Bank (SKN) Limited on 1 April April 1ubsequently, RBTT Bank (SKN) was renamed BON Bank Limited.
Under the second phase of the transaction, The Bank of Nevis Limited purchased the assets and liabilities of BON Bank Limited.
“The financial sector in the ECCU (Eastern Caribbean Currency Union) is evolving; citizens and residents in our Currency Union are encouraged to stay abreast of developments,” the ECCB said when the takeover was completed.
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