Bank of Nevis Limited acquires BON Bank Limited

The St. Kitts-based Eastern Caribbean Central Bank (ECCB) Wednesday said the operations of BON Bank Limited in Nevis will cease from today having been subsumed into the operations of The Bank of Nevis Limited.

BON Bank Limited was formerly RBTT Bank (SKN) Limited and owned by Royal Bank of Canada (RBC).

The ECCB said under Phase I 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 April 1, 2021.  Subsequently, RBTT Bank (SKN) was renamed BON Bank Limited.

“Under Phase II of the transaction The Bank of Nevis Limited purchased the assets and liabilities of BON Bank Limited. The Banking Business Vesting Order was gazetted in Saint Christopher (St Kitts) and Nevis on 31 January 2023.

“Therefore, as of Wednesday, 1 February, BON Bank Limited will no longer operate and will become a branch of The Bank of Nevis Limited.”.

The ECCB said the financial sector in the Eastern Caribbean Currency Union (ECCU) is evolving and citizens and residents in Anguilla, Antigua and Barbuda,. Dominica, Grenada, Montserrat, St. Kitts-Nevis, St. Lucia and St. Vincent and the Grenadines “are encouraged to stay abreast of developments.

“For its part, the ECCB remains resolute on its mandate to supervise all licensed financial institutions under the Banking Act,” it added.

CMC/