Tuesday April 06, 2021 saw the first day of business at ACB Caribbean, formerly the Royal Bank of Trinidad and Tobago (RBTT).
The Antigua Commercial Bank, trading as ACB Caribbean, is one of five indigenous Banks that acquired the OECS assets of RBC and/or shares of RBC in RBTT Saint Vincent, Grenada and Nevis, as the Canadian institution exited this part of the Caribbean region, on the close date of the sale, April 01, 2021.
The acquiring Banks are 1st National Bank Saint Lucia, Bank of Nevis, National Bank of Dominica, Bank of Montserrat and Antigua Commercial Bank.
Antigua Commercial Bank has acquired the assets of Royal Bank of Canada (RBC) Antigua to include the Market & High Streets Branch location in St John’s, Antigua and the majority shares of RBTT Bank Grenada with its main location in Grand Anse, Saint George, Grenada.
In an April 03 press release, the acquiring banks noted that “ACB has a strong management team, led by its General Manager Ms Joanna Charles and a Board of Directors led by Dr Lorraine Raeburn that provides visionary leadership on the overall strategic direction to the team.”
In addition, the Banks said, “We remain focused on providing world-class customer care to our valued customers, maximizing shareholder value and providing a welcoming, caring and professional environment for our employees.
Sensitization, orientation and training sessions have been ongoing for all employees in an effort to ensure a smooth transition for all stakeholders, alongside a well-managed merger of organizational cultures.”
According to the Eastern Caribbean Central Bank (ECCB), in consultation with the ECCB Monetary Council, it approved on December 22, 2020, the applications for the transfer of the assets and liabilities of RBC to the Consortium of Banks in the aforementioned member countries, pursuant to Section 43 of the Banking Act, 2015.
Thursday, April 01 was the first day of the transition.
The ECCB in an April 06 news release said, “The former RBC branches will remain open to the public, but each acquiring bank will make decisions regarding the future of these branches in the coming months.
Pursuant to these approvals, the ECCB issued updated banking licences to the Consortium. The Banking Business Vesting Orders have been signed and gazetted in the aforementioned countries. The Consortium and RBC are bound by transition services agreements, which facilitate the sharing of services for a 12-month period to ensure a smooth transition post acquisition.”
As it relates to ACB Caribbean, which now operates in Grenada, it is the largest public indigenous commercial bank in Antigua & Barbuda, with an asset base of over EC$1.3 billion.
ACB Caribbean was incorporated on October 20, 1955, as The Antigua Co-operative Bank Limited, when it registered a share capital of $100,000 and became the country’s first indigenous bank and public company. The Bank’s share capital has since increased to $36 million with over 5000 shareholders. The Bank’s operations started on January 03, 1956, at the former Chelsea Building on Newgate Street in St John’s, Antigua, its first location.
Since then, ACB has grown into a multi- faceted indigenous Bank in Antigua and has experienced steady growth over the years, with four locations to include its subsidiary, ACB Mortgage & Trust Company Limited in Antigua and a branch in Barbuda.
The ACB Caribbean now operates its new subsidiary, ACB Grenada Bank Ltd. with branch locations in True Blue and Grande Anse.
The ACB Caribbean said it “is a proud corporate citizen, and is actively involved in the development of culture, sports, community development and education in Antigua & Barbuda and looking forward to implementing this strategy in Grenada.”