National Bank of Dominica takes over Royal Bank of Canada operations

National Bank of Dominica takes over Royal Bank of Canada operations

National Bank of Dominica

ROSEAU – Cabinet has approved several banking orders giving the National Bank of Dominica (NBD) ownership of all Royal Bank of Canada (RBC) operations and assets here.

“We are about to proudly witness another significant accomplishment of our own national bank…. This new acquisition is a true reflection of the stability of the bank,” Minister for Public Works and the Digital Economy, Senator Cassani Laville said on state-owned DBS Radio last week.

The National Bank of Dominica was among a consortium of banks in the Eastern Caribbean Union (ECCU) – the others being 1st National Bank in St Lucia, Antigua Commercial Bank, Bank of Montserrat, and Bank of Nevis – that last December signed sales agreements with RBC to acquire its branch operations in their respective countries, subject to the approval of the regulators.

Laville said a number of procedures had to be concluded to facilitate the transfer of RBC’s assets to NBD, including the acquisition of a banking business vesting order from the Eastern Caribbean Central Bank (ECCB).

The Minister said RBC had been successful in its application.

“The Governor of the ECCU has advised the Minister for Finance that he has investigated the application, and based on his findings recommends the issuance of the order. The Minister for Finance took the matter to the Cabinet for consideration and we are happy to report to the nation that on March 9, 2021, Cabinet approved of the making of this banking business vesting order,” he confirmed.

“The order will facilitate National Bank’s acquisition of the Royal Bank of Canada branch in Dominica, which will give NBD ownership of all the operations and assets in Dominica.”

Curtis Augustus, Secretary-General of the Waterfront and Allied Workers’ Union (WAWU) which represents RBC’s employees in Dominica, said their jobs would not be affected by the acquisition.