The Jap Caribbean Central Financial institution (ECCB) says it has revoked the licence of BON Financial institution Ltd to hold on banking enterprise efficient, December 15, this yr.
In a quick assertion, the ECCB, which serves as a central financial institution for the islands of Antigua and Barbuda, Dominica, Grenada, St Lucia, St Vincent and the Grenadines, and Montserrat, mentioned that BON Financial institution Ltd was subsumed into the operations of The Financial institution of Nevis Restricted since January this yr.
It mentioned consequently the Nevis-based monetary establishment had ceased to conduct banking enterprise and that “this revocation of licence could have no impact on the operations of The Financial institution of Nevis Restricted”.
BON Financial institution Restricted was previously RBTT Financial institution (SKN) Restricted and owned by Royal Financial institution of Canada (RBC).
In January, the ECCB mentioned that underneath the primary part of the RBC acquisition, the Financial institution of Nevis Restricted acquired the 95.78 per cent majority shareholding and 1000 Class A shares of RBTT Financial institution (SKN) Restricted on 1 April 2021. Subsequently, RBTT Financial institution (SKN) was renamed BON Financial institution Restricted.
Below the second part of the transaction The Financial institution of Nevis Restricted bought the property and liabilities of BON Financial institution Restricted.
“The monetary sector within the ECCU (Jap Caribbean Foreign money Union) is evolving, residents and residents in our Foreign money Union are inspired to remain abreast of developments,” the ECCB mentioned when the takeover was accomplished.
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