RBC efficiently completes sale of its Jap Caribbean banking operations

TORONTO, April 1, 2021 /CNW/ – Right now, Royal Financial institution of Canada (TSX: RY) (NYSE: RY) (“RBC”) introduced that it has obtained the required approvals from native governments and from the Jap Caribbean Central Financial institution for the sale of its Jap Caribbean banking operations. The transaction closes at this time.

This sale has RBC promoting its Jap Caribbean banking operations to a consortium of regional banks comprised of 1st Nationwide Financial institution of St. Lucia, Antigua Industrial Financial institution, Financial institution of Dominica, Financial institution of Montserrat, and The Financial institution of Nevis.

The sale contains RBC’s 11 branches in Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines.

“This transaction will permit RBC to align investments and assets into markets the place our imaginative and prescient for being the Caribbean’s digitally-enabled relationship financial institution may be executed most-successfully,” stated Rob Johnston, Head of Caribbean Banking. “The sale of our Jap Caribbean banking operations to indigenous banks can be a important step ahead in strengthening the home monetary companies sectors in every of the nations and territories concerned. This may assist create a stronger local weather for additional development, growth, and prosperity.”

Upon closing this transaction, RBC’s Caribbean presence – supported by 3,000 workers – will embrace 41 branches and places of work throughout Aruba, The Bahamas, Barbados, Bonaire, the Cayman Islands, Curaçao, Saba, Sint Maarten, Trinidad and Tobago, and the Turks and Caicos Islands.

About RBC within the Caribbean
With greater than 110 years of devoted service to the area, RBC has a presence in 10 nations and territories, with 38 branches and over 3,000 workers serving practically a million purchasers. As one of many Caribbean’s main diversified monetary companies corporations, RBC supplies private and business banking, wealth administration, company and funding banking, insurance coverage and belief and asset administration companies to a variety of purchasers, together with people, small companies, normal business entities, regional and multi-national companies and governments. For extra info, please go to rbc.com/caribbean.

About RBC
Royal Financial institution of Canada is a worldwide monetary establishment with a purpose-driven, principles-led strategy to delivering main efficiency. Our success comes from the 86,000+ workers who leverage their imaginations and insights to convey our imaginative and prescient, values and technique to life so we may help our purchasers thrive and communities prosper. As Canada’s largest financial institution, and one of many largest on the earth primarily based on market capitalization, we now have a diversified enterprise mannequin with a give attention to innovation and offering distinctive experiences to our 17 million purchasers in Canada, the U.S. and 34 different nations. Be taught extra at rbc.com.‎

We’re proud to help a broad vary of group initiatives via donations, group investments and worker volunteer actions. See how at rbc.com/community-social-impact.

SOURCE Royal Financial institution of Canada

For additional info: Canada: Andrew McGrath, RBC Communications, E: [email protected], T: +1 (416) 974-3749; Caribbean (English): Andrew Knowles, RBC Communications, E: [email protected], T: +1 (242) 826-1803; Caribbean (Dutch, Papiamento, Papiamentu): Hanneke Stomp-Harmsen, RBC Communications, E : [email protected], T : +599 (9) 670-8044

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