(CMC) – The Eastern Caribbean Central Bank (ECCB) says it has revoked the licence of BON Bank Ltd to carry on banking business effective, December 15, this year.
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 as a result the Nevis-based financial institution had ceased to conduct banking business and that “this revocation of licence will have no effect on 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).
In January, the ECCB said that under the first phase of the RBC acquisition, the Bank of Nevis Limited acquired the 95.78 per cent majority shareholding and 1000 Class A shares of RBTT Bank (SKN) Limited on 1 April 2021. Subsequently, 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.