The Eastern Caribbean Central Bank (ECCB) announces that as of February 1, the operations of BON Bank Limited, based on Chapel Street in Charlestown, Nevis, will stop, as they have been absorbed by The Bank of Nevis Limited.
Formerly known as RBTT Bank (SKN) Limited, BON Bank Limited is currently owned by Royal Bank of Canada (RBC).
The Bank of Nevis Limited purchased the 95.78 percent majority shareholding and 1,000 Class A shares of RBTT Bank (SKN) Limited on April 1, 2021, as part of Phase I of the RBC acquisition. RBTT Bank (SKN) was subsequently called BON Bank Limited.
The Bank of Nevis Limited acquired the assets and liabilities of BON Bank Limited in Phase II of the transaction.
The Banking Business Vesting Order was published on January 31, 2023 in Saint Christopher (St. Kitts) and Nevis.
As a result, BON Bank Limited will cease operations on February 1 and become a branch of The Bank of Nevis Limited.
Citizens and inhabitants of the Currency Union are encouraged to stay updated of developments in the ECCU’s financial sector.
The ECCB, for its part, remains steadfast in its mission to oversee all licensed financial institutions under the Banking Act.
