The Jap Caribbean Central Financial institution (ECCB) has revoked the license of BON Financial institution Ltd, efficient December 15 of this 12 months.
In a press release launched by the ECCB, which acts because the central financial institution for Antigua and Barbuda, Dominica, Grenada, St. Lucia, St. Vincent and the Grenadines, and Montserrat, it was introduced that BON Financial institution Ltd has been built-in into the operations of The Financial institution of Nevis Restricted since January of this 12 months.
Integration of BON Financial institution Ltd into The Financial institution of Nevis Restricted
This transfer successfully ceased the banking actions of the Nevis-based monetary establishment, whereas stating that the revocation of BON Financial institution Ltd’s license is not going to affect the continued operations of The Financial institution of Nevis Restricted.
BON Financial institution Restricted was previously generally known as RBTT Financial institution (SKN) Restricted and was owned by the Royal Financial institution of Canada (RBC).
Phases of the acquisition
The ECCB had initially disclosed particulars of this transformative acquisition in January, highlighting the 2 phases of the transaction.
Within the first section, The Financial institution of Nevis Restricted acquired a powerful 95.78 per cent majority shareholding and 1000 Class A shares of RBTT Financial institution (SKN) Restricted on April 1, 2021.
Following this acquisition, RBTT Financial institution (SKN) was subsequently rebranded as BON Financial institution Restricted.
Within the second section of the transaction, The Financial institution of Nevis Restricted bought the property and liabilities of BON Financial institution Restricted, solidifying its presence within the monetary sector inside the Jap Caribbean Forex Union (ECCU).
