SKN CIC Congratulates The Bank Of Nevis Limited (BON)

The Bank of Nevis Ltd (BON) opened its branch in Basseterre, St. Kitts, this morning (April 6,
2021) after having completed the administrative and other related procedures for the acquisition
of the Royal Bank of Canada (RBC). The Bank of Nevis Ltd also acquired majority shares in RBTT Bank (SKN) Limited, located in Nevis.

It should be noted that BON commenced operations on December 8, 1985, when the Bank was
created in an effort and desire to provide banking services to the local Nevis community. BON
commenced operations with a staff of five and capital of approximately $250,000. As of June
2020, its capital resources had grown to over $82.3 million and total assets to over $522.5 million.

The establishment of the Branch in St. Kitts is seen as the continued expansion of opportunities
to provide access to banking and financial services to the business community and the people
of the Federation.

The President, Board of Directors and members of the St. Kitts Nevis Chamber of Industry and
Commerce (SKNCIC) welcomes this significant achievement by BON and extends sincere
congratulations to the management and staff of the Bank. BON has been an active member of
the Chamber, and we look forward to continued growth and expansion of its operations.
The acquisition of RBC in St. Kitts and the procurement of majority shares in RBTT Bank (SKN)
Limited was made possible and achieved through the sale by RBC of its Eastern Caribbean
banking operations to a consortium of regional banks. Those banks included the 1 st National
Bank of St. Lucia, Antigua Commercial Bank, Bank of Dominica, Bank of Montserrat, and The
Bank of Nevis.

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