Royal Bank of Canada (RBC) has signed agreements to divest its operations in the Eastern Caribbean to local banks.
The move is part of its plan to focus on the core markets and shed non-core operations.
The businesses will be acquired by 1st National Bank of St. Lucia, Antigua Commercial Bank, National Bank of Dominica, the Bank of Montserrat and Bank of Nevis.
However, the financial details of the transaction were not divulged by the company.
The scope of divestment includes RBC branches in Antigua, Dominica, Montserrat, St. Lucia, and St. Kitts and Nevis. The Canadian lender will also shed its regional businesses operating under RBC Royal Bank Holdings (EC) in Nevis, Grenada and St. Vincent and the Grenadines.
RBC Caribbean Banking head Rob Johnston said: Consistent with our strategy of being a competitive leader in the markets where we operate, RBC is always evaluating opportunities for our business.
Earlier this year, we were approached by a consortium of indigenous banks with their proposal to acquire all RBC Eastern Caribbean operations.
After a review of our operations and strategy, we determined this opportunity was a good decision for the long-term future success of RBC Caribbean, and also, that it aligned with our vision to help our clients thrive and communities prosper.
The divestment is expected to close in the coming months, subject to regulatory approval and other customary closing conditions.
Earlier this month, RBC reported a 4% year-on-year increase of its net income to C$12.9bn in fiscal year 2019. Revenue across the group also jumped 8% to C$46bn.
More:
Canada's RBC to divest Eastern Caribbean operations - Verdict
- Caribbean - Wikipedia, the free encyclopedia [Last Updated On: June 10th, 2016] [Originally Added On: June 10th, 2016]
- Cheap Caribbean [Last Updated On: June 10th, 2016] [Originally Added On: June 10th, 2016]
- Brien's Caribbean Radio Guide @ www.caribbean-radio.com [Last Updated On: June 16th, 2016] [Originally Added On: June 16th, 2016]
- Caribbean Dating & Singles at CaribbeanCupid.com [Last Updated On: June 16th, 2016] [Originally Added On: June 16th, 2016]
- Caribbean360 | Caribbean news coverage impacting society ... [Last Updated On: June 16th, 2016] [Originally Added On: June 16th, 2016]
- Caribbean All Inclusive [Last Updated On: June 16th, 2016] [Originally Added On: June 16th, 2016]
- Caribbean Map / Map of the Caribbean - Worldatlas.com [Last Updated On: June 21st, 2016] [Originally Added On: June 21st, 2016]
- Caribbean - New World Encyclopedia [Last Updated On: June 22nd, 2016] [Originally Added On: June 22nd, 2016]
- Caribbean Cruise Caribbean Cruises - Princess Cruises [Last Updated On: June 22nd, 2016] [Originally Added On: June 22nd, 2016]
- Caribbean - Wikitravel [Last Updated On: June 22nd, 2016] [Originally Added On: June 22nd, 2016]
- Caribbean Holidays 2015 & 2016 - Royal Caribbean Cruises [Last Updated On: June 27th, 2016] [Originally Added On: June 27th, 2016]
- Caribbean Travel [Last Updated On: June 27th, 2016] [Originally Added On: June 27th, 2016]
- Caribbean Sea - Wikipedia, the free encyclopedia [Last Updated On: June 27th, 2016] [Originally Added On: June 27th, 2016]
- Caribbean Vacation Packages & Travel Deals | BookIt.com [Last Updated On: June 27th, 2016] [Originally Added On: June 27th, 2016]
- Caribbean Cruise Vacations - Caribbean Cruises - Holland ... [Last Updated On: June 29th, 2016] [Originally Added On: June 29th, 2016]
- Caribbean - Lonely Planet [Last Updated On: June 29th, 2016] [Originally Added On: June 29th, 2016]
- CaribbeanCricket.com - The Independent Voice of West ... [Last Updated On: October 4th, 2016] [Originally Added On: October 4th, 2016]
- Caribbean Sea | sea, Atlantic Ocean | Britannica.com [Last Updated On: October 6th, 2016] [Originally Added On: October 6th, 2016]
- Caribbean [Last Updated On: October 6th, 2016] [Originally Added On: October 6th, 2016]
- Caribbean Information Office [Last Updated On: October 6th, 2016] [Originally Added On: October 6th, 2016]
- Caribbean Vacation - Expedia [Last Updated On: October 6th, 2016] [Originally Added On: October 6th, 2016]
- Beaches [Last Updated On: October 6th, 2016] [Originally Added On: October 6th, 2016]
- Holidays to the Caribbean 2016 / 2017 | loveholidays.com [Last Updated On: October 6th, 2016] [Originally Added On: October 6th, 2016]
- Caribbean - Wikipedia [Last Updated On: October 20th, 2016] [Originally Added On: October 20th, 2016]
- Caribbean Vacation Rentals - VRBO [Last Updated On: December 7th, 2016] [Originally Added On: December 7th, 2016]
- Caribbean Sea - Wikipedia [Last Updated On: January 16th, 2017] [Originally Added On: January 16th, 2017]
- Brenton Thwaites to Star in Thriller 'Ghosts of War' | Variety - Variety [Last Updated On: February 7th, 2017] [Originally Added On: February 7th, 2017]
- Michael Perry: Caribbean work day | Recent columns by Michael ... - Madison.com [Last Updated On: February 7th, 2017] [Originally Added On: February 7th, 2017]
- New Kokomo bar has Caribbean theme - Kokomo Tribune [Last Updated On: February 7th, 2017] [Originally Added On: February 7th, 2017]
- Link-Caribbean Awards US$125000 To Five Caribbean Firms - Caribbean360.com (subscription) [Last Updated On: February 7th, 2017] [Originally Added On: February 7th, 2017]
- Orlando Bloom Returns as Will Turner in Pirates of the Caribbean 5 First Look - MovieWeb [Last Updated On: February 7th, 2017] [Originally Added On: February 7th, 2017]
- HIV/AIDS in the Caribbean - Wikipedia [Last Updated On: February 7th, 2017] [Originally Added On: February 7th, 2017]
- NIACC Presents Pearls of the Caribbean film - Mason City Globe Gazette [Last Updated On: February 9th, 2017] [Originally Added On: February 9th, 2017]
- Norwegian, Royal Caribbean expand Cuba sailings through end of the year - Orlando Sentinel [Last Updated On: February 9th, 2017] [Originally Added On: February 9th, 2017]
- Obama kiteboards in Caribbean with billionaire Richard Branson - Reuters [Last Updated On: February 9th, 2017] [Originally Added On: February 9th, 2017]
- Classics Gather in Caribbean | Sailing World - Sailing World [Last Updated On: February 9th, 2017] [Originally Added On: February 9th, 2017]
- CCGA enters partnership with Caribbean college - The News (subscription) [Last Updated On: February 9th, 2017] [Originally Added On: February 9th, 2017]
- Caribbean Series artifacts to be displayed in Hall - MLB.com [Last Updated On: February 9th, 2017] [Originally Added On: February 9th, 2017]
- World Bank Appoints New Country Director for the Caribbean - St ... - St. Lucia Times Online News (press release) [Last Updated On: February 10th, 2017] [Originally Added On: February 10th, 2017]
- Caribbean Charm Enjoying New Location - Hartford Courant [Last Updated On: February 10th, 2017] [Originally Added On: February 10th, 2017]
- Caribbean Hoteliers Optimistic for 2017 - Caribbean Journal [Last Updated On: February 10th, 2017] [Originally Added On: February 10th, 2017]
- The secrets to taking better photos on your Royal Caribbean cruise - Royal Caribbean Blog (blog) [Last Updated On: February 10th, 2017] [Originally Added On: February 10th, 2017]
- AP PHOTOS: Editor selections from Latin America, Caribbean - Journal Times [Last Updated On: February 10th, 2017] [Originally Added On: February 10th, 2017]
- Caribbean reports record of 29M visits - Beloit Daily News [Last Updated On: February 10th, 2017] [Originally Added On: February 10th, 2017]
- These Two Caribbean Properties Were Named Among The Best Vacation Villas Under The Sun - Caribbean360.com (subscription) [Last Updated On: February 11th, 2017] [Originally Added On: February 11th, 2017]
- US, EU Food Standards Major Hurdle for Caribbean Exporters - Caribbean360.com (subscription) [Last Updated On: February 11th, 2017] [Originally Added On: February 11th, 2017]
- Caribbean Brothers Bar & Grill opens along Route 30 in Lancaster Family Resort - LancasterOnline [Last Updated On: February 11th, 2017] [Originally Added On: February 11th, 2017]
- AP PHOTOS: Editor Selections From Latin America, Caribbean ... - ABC News [Last Updated On: February 11th, 2017] [Originally Added On: February 11th, 2017]
- Cruises that cater to the Chinese on Royal Caribbean's Ovation of the Seas - Miami Herald [Last Updated On: February 11th, 2017] [Originally Added On: February 11th, 2017]
- Humanitarian Bulletin Latin America and Caribbean Volume 30 | November December 2016 - ReliefWeb [Last Updated On: February 11th, 2017] [Originally Added On: February 11th, 2017]
- All inclusive Caribbean trips with nonstop flights hit the vacation spot - The Tennessean [Last Updated On: February 11th, 2017] [Originally Added On: February 11th, 2017]
- Puerto Rico edges Mexico for Caribbean Series title - MLB.com [Last Updated On: February 12th, 2017] [Originally Added On: February 12th, 2017]
- St. Louis' Man's Body Recovered in the Caribbean CBS St. Louis - CBS Local [Last Updated On: February 12th, 2017] [Originally Added On: February 12th, 2017]
- FATCA hurting Caribbean: Revoke it, Mr Trump - Jamaica Observer [Last Updated On: February 12th, 2017] [Originally Added On: February 12th, 2017]
- Book review: 'Island People' brings Caribbean's humanity, color to life - Fredericksburg.com [Last Updated On: February 12th, 2017] [Originally Added On: February 12th, 2017]
- 10 Ways MSC Cruises is Elevating the Caribbean Cruise Experience - Cruise Fever [Last Updated On: February 13th, 2017] [Originally Added On: February 13th, 2017]
- Caribbean all-inclusive resorts: Top spots for families, foodies, more - USA TODAY [Last Updated On: February 13th, 2017] [Originally Added On: February 13th, 2017]
- Program Director, Latin America and Caribbean - Ecosystem Marketplace [Last Updated On: February 15th, 2017] [Originally Added On: February 15th, 2017]
- You can take a family vacation the Caribbean - AZCentral.com [Last Updated On: February 15th, 2017] [Originally Added On: February 15th, 2017]
- Royal Caribbean CIO Sets Sail For Digital Innovation - Forbes [Last Updated On: February 15th, 2017] [Originally Added On: February 15th, 2017]
- Caribbean's Carnivals Tip Their Hats to Trinidad - New York Times [Last Updated On: February 15th, 2017] [Originally Added On: February 15th, 2017]
- 2000 Royal Caribbean passengers stranded after ship fails life jacket inspection - Fox News [Last Updated On: February 15th, 2017] [Originally Added On: February 15th, 2017]
- Green Card-Carrying Caribbean Nationals Warned Not to Travel Out of US - Atlanta Black Star [Last Updated On: February 15th, 2017] [Originally Added On: February 15th, 2017]
- How being early is the secret to the best Royal Caribbean cruise, from start to finish - Royal Caribbean Blog (blog) [Last Updated On: February 15th, 2017] [Originally Added On: February 15th, 2017]
- Record Fleet for RORC Caribbean 600 - Scuttlebutt Sailing News [Last Updated On: February 15th, 2017] [Originally Added On: February 15th, 2017]
- Caribbean-style lagoon coming to Houston-area development ... - Chron.com [Last Updated On: February 15th, 2017] [Originally Added On: February 15th, 2017]
- Venezuela promotes trade with Caribbean - St. Lucia Times Online News (press release) [Last Updated On: February 17th, 2017] [Originally Added On: February 17th, 2017]
- New shark of the Caribbean | Global Ideas | DW.COM | 15.02.2017 - Deutsche Welle [Last Updated On: February 17th, 2017] [Originally Added On: February 17th, 2017]
- Black Caribbean Immigrants In The US Today 10 Things You Should Know This Black History Month - News Americas Now Caribbean And Latin America Daily... [Last Updated On: February 17th, 2017] [Originally Added On: February 17th, 2017]
- Disney World announces expansion at Coronado Springs, Caribbean Beach resorts - Orlando Sentinel [Last Updated On: February 17th, 2017] [Originally Added On: February 17th, 2017]
- The 8 Most Memorable Island Cocktails To Try On Your Next Caribbean Adventure - Huffington Post [Last Updated On: February 17th, 2017] [Originally Added On: February 17th, 2017]
- Blast of Caribbean heat destined for UK - The Guardian [Last Updated On: February 18th, 2017] [Originally Added On: February 18th, 2017]
- Why the United States is no longer turning up its nose at Caribbean medical schools - STAT [Last Updated On: February 18th, 2017] [Originally Added On: February 18th, 2017]
- Caribbean air will send February temperatures soaring in Cornwall ... - Cornwall Live [Last Updated On: February 19th, 2017] [Originally Added On: February 19th, 2017]
- Caribbean/American legislator dispels rumours about immigration sweep - Jamaica Observer [Last Updated On: February 19th, 2017] [Originally Added On: February 19th, 2017]
- Royal Caribbean cancels all cruise stops in Turkey in 2017 - Royal Caribbean Blog (blog) [Last Updated On: February 19th, 2017] [Originally Added On: February 19th, 2017]
- Lego's New Pirates of the Caribbean Ship Can Open Itself Up Like a Skeleton's Ribcage - Gizmodo [Last Updated On: February 19th, 2017] [Originally Added On: February 19th, 2017]
- Woman suffering diabetic shock airlifted by Coast Guard from Royal Caribbean cruise ship - ABC News [Last Updated On: February 19th, 2017] [Originally Added On: February 19th, 2017]
- CHTA to Hold CHIEF, Taste of the Caribbean in June - Caribbean Journal [Last Updated On: February 20th, 2017] [Originally Added On: February 20th, 2017]
- Dozens Starve to Death in Caribbean Prison - Newser [Last Updated On: February 20th, 2017] [Originally Added On: February 20th, 2017]