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.
Basseterre, St. Kitts, April 06, 2021 (SKNIS): Governor of the Eastern Caribbean Central Bank (ECCB), Dr. Timothy Antoine, welcomed the Bank of Nevis to the “Premier League” during a ceremony on Tuesday (April 06, 2021) to mark the opening of its first branch on the island of St. Kitts.
The branch opening followed the recent acquisition of assets and liabilities owned by the Royal Bank of Canada (RBC) St. Kitts.
“As far as I am concerned, any bank in the Eastern Caribbean Currency Union (ECCU) that has assets in excess of one billion dollars is in the Premier League of Banks in the ECCU,” Dr. Antoine stated. “But there is more, with this acquisition, the Bank of Nevis has more than tripled its asset size, moving from just over $500 million to just over $1.7 billion.”
The ECCB governor said that this move represents an opportunity to further cement the integration of St. Kitts and Nevis as well as to expand its development footprint and impact on the Federation.
“For me, development is about handling our own business. It is about our increasing capacity to handle our business,” he added, noting that trends show that indigenous banks are assuming greater responsibility for the region’s development.
“That is a welcome step and, it is one that the Eastern Caribbean Central Bank supports,” Governor Antoine expressed.
The governor said that while international banks are essential to the currency union, indigenous banks are more in tune with the local context.
“Indigenous banks have a comparative advantage in respect of our banking arrangements because they are from here,” said Dr. Antoine. “They are not going to get up and leave. They are closest to the people of our region and very often … understand the needs of our people far better than any other institution can or would.”
The Board and Management of the Bank of Nevis were encouraged to be mindful of their added responsibility to continue to pay strong attention to corporate governance and risk management. Additionally, they were advised to listen carefully to customers.
RBC’s banking operations in the ECCU were sold to a consortium of banks. The sale of assets and liabilities last week marked the end of RBC’s presence in the ECCU.
]]>BASSETERRE, ST. KITTS, April 6, 2021 (MMS-SKN) — Prime Minister and Minister of Finance, Dr the Hon Timothy Harris, has hailed the opening on Tuesday April 6 of the Bank of Nevis Limited branch in Basseterre as a demonstration of the continuing close relationship between the islands of St. Kitts and Nevis.
Prime Minister Harris, who is also the Chair of the Eastern Caribbean Central Bank Monetary Council, said the opening of the bank branch on lower Fort Street in Basseterre was a historic and auspicious occasion that brought several pleasant commentaries to the fore. The opening follows the successful acquisition of the assets and liabilities of the Royal Bank of Canada (RBC) on St. Kitts by the Bank of Nevis.
“One of the things that is certain is that today our people in St. Kitts and Nevis, residents and citizens all now have more choices, more options, when it comes to satisfying their banking needs,” observed the Honourable Prime Minister. “The opening of this St. Kitts branch, of the Bank of Nevis, also reflects the continuing close strong relationship between our two islands and of course it demonstrates what can be achieved when we work closely together.”
According to Dr Harris, the Bank of Nevis has always promoted itself of having an interest in ‘Improving the Quality of Life’, a motto that has inspired its leaders over the years to grow the Bank’s business, emerging from humble beginnings to become one of the leading providers of banking services on the island of Nevis and now in the Federation.
“The Board and management of the Bank of Nevis have determined that this is a good juncture to expand its footprint for the benefit of the people of St. Kitts,” said Prime Minister Harris. “This provides an opportunity for the Bank to grow stronger and influence the development trajectory of the Federation as a whole.”
Also delivering remarks at the ceremony included the Governor of the Eastern Caribbean Central Bank, Mr Timothy Antoine, and Premier of Nevis and Federal Minister of Foreign Affairs, the Hon Mark Brantley.
The ceremony was chaired by BON Marketing Officer Mr Phéon Jones, and other remarks were delivered by General Manager of the Bank Mr Everette Martin, Chairman of the bank Mr Laurie Lawrence, and Project Manager Ms Dwane Williams.
In attendance included Governor General’s Deputy His Excellency Michael Morton, Minister of Tourism the Hon Lindsay Grant and Mrs Wendy Grant, first BON Manager Richard Lupinacci, Lady Sheila Daniel, widow of Nevis’ first Premier and National Hero the Right Excellent Dr Sir Simeon Daniel, and directors of the bank from Nevis and from St. Kitts. Lady Daniel, assisted by Prime Minister Harris, cut the ribbon to open the branch.
“This RBC Building is already well known to many people and has long played a role in the commercial life of our island,” pointed out Prime Minister Harris. “Today it will be renamed, and already it has been, The Bank of Nevis Limited, and will become the new home for Bank of Nevis customers. This name change is also an example of the modernisation of our economy, and the new choices people have when it comes to their finances.”
He added: “Today it is an honour for me to witness the culmination of the journey of the Bank of Nevis Limited since it took the bold decision to purchase the operations of RBC and RBTT operations in the Federation of St. Kitts and Nevis.”
]]>BASSETERRE, St. Kitts, April 06, 2021 (Press Unit in the Office of the Prime Minister) – Prime Minister of St. Kitts and Nevis, Dr. the Honourable Timothy Harris has hailed the opening of the Bank of Nevis Limited branch in St. Kitts as a testament to the strong and close relationship that now exists between the Federal Cabinet and the Nevis Island Administration (NIA), and between the peoples of both islands.
Prime Minister Harris made this remark when he addressed the opening ceremony of the bank’s new branch, located at Fort Street, Basseterre, on Tuesday, April 06, 2021.
“The opening of this St. Kitts Branch by the Bank of Nevis (BON) also reflects the continuing close, strong relationship between our two islands and of course it demonstrates what can be achieved when we work closely together,” said Prime Minister Harris, who is also Minister of Finance in the Federal Cabinet.
Tuesday morning’s ceremony was also attended by the Premier of Nevis, the Honourable Mark Brantley, Lady Sheila Daniel, wife of the late Right Excellent Dr. Sir Simeon Daniel, and banking executives from both St. Kitts and Nevis.
Prime Minister Harris further noted that the Board and Management of the Bank of Nevis have determined that this is a good juncture to expand its footprint for the benefit of the people of St. Kitts.
“This provides an opportunity for the bank to grow stronger and influence the development trajectory of the Federation as a whole,” Dr. Harris added.
Meanwhile, Premier Brantley said the permanent presence of a major business headquartered in Nevis on the island of St. Kitts represents a stark improvement in the relationship between the islands.
He said, “When we look at the business community in this country, the people of Nevis are accustomed to TDC which has come there from here [St. Kitts]; they’re accustomed to Horsford which has come there from here; they are accustomed of course to Delisle Walwyn which has come there from here and they are accustomed to RAMS which has come there from here. Well today, the Bank of Nevis is coming from there to here and I think that that is a welcomed development, and it shows how inextricably bound up these two islands have become. In terms of family ties, we know that those have always existed but now in terms of business and commerce the two islands are certainly moving forward together as one.”
The Bank of Nevis acquired the assets and liabilities of the Royal Bank of Canada (St. Kitts) effective April 01, 2021.
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