BASSETERRE, St Kitts – December 20, 2023
The Eastern Caribbean Central Bank (ECCB) has announced the revocation of the banking license of BON Bank Ltd, effective December 15, 2023. The ECCB, serving as the central bank for Antigua and Barbuda, Dominica, Grenada, St Lucia, St Vincent and the Grenadines, and Montserrat, stated that BON Bank Ltd had been absorbed into the operations of The Bank of Nevis Limited since January of the same year.
BON Bank Limited, formerly known as RBTT Bank (SKN) Limited and owned by the Royal Bank of Canada (RBC), underwent a series of changes earlier in the year. In January, The Bank of Nevis Limited acquired a majority shareholding of 95.78% and 1000 Class A shares of RBTT Bank (SKN) Limited, leading to its renaming as BON Bank Limited.
The ECCB clarified that the revocation of BON Bank Ltd’s license would not impact the operations of The Bank of Nevis Limited, as the latter had effectively ceased to conduct banking business.
During the acquisition process, The Bank of Nevis Limited purchased both the majority shareholding and the assets and liabilities of BON Bank Limited in two phases. This strategic move reflects the evolving nature of the financial sector in the Eastern Caribbean Currency Union (ECCU).
Citizens and residents within the ECCU are encouraged to stay informed about such developments in the financial landscape. The ECCB continues to play a crucial role in overseeing and facilitating changes in the regional banking sector.
