By Elesha George
The Manager of Antigua Commercial Bank (ACB) Caribbean Mortgage and Trust, Peter Ashe, said all former Royal Bank of Canada (RBC) employees in Antigua and in Grenada will remain with the new institution after the acquisition.
Antigua and Barbuda and four other regional banks acquired the RBC operations in their respective territories on April 1, 2021 with a focus on scaling the business of their individual banks.
“We’ve had several meetings with them so they will continue to run the operation on the corner of High and Market Street, so there will be no issues there. Of course, over time we will streamline the operations to make it more efficient in what we do, in terms of delivery to our customers,” Ashe said on state media.
Antigua Commercial Bank (ACB) started operation in 1955 and has now become a multinational financial institution, after purchasing RBC Antigua and Grenada.
All branches of the former RBC and RBTT opened for business in both locations as of April 6, 2021 and, for now, it will remain business as usual until ACB fully transitions later this year.
Ashe noted that services for former RBC customers on the corner of High Street and Market Street and the other in St Georges, Grenada, will continue as normal.
Currently, ACB Caribbean has majority shares (62%) of RBTT Bank Grenada because of the unique shareholding system that exists.
According to Ashe, “there is still some other shareholders that we would have to work with like the statutory corporation in Grenada [that] has some shareholdings there and some other minor shareholders that will form part of that operation in Grenada”.
There is also another branch in Grenada at St George’s University Campus, True Blue, which has been closed for over a year due to the ongoing Covid-19 pandemic but ACB Caribbean intends to open that branch at a date to be confirmed.
Each member bank that has acquired RBC will form their operation individually. For example, RBC Dominica is now the National Bank of Dominica and it is the same for the 1st National Bank St Lucia, the Bank of Nevis, and the Bank of Montserrat who purchased the entity.
In the meantime, Ashe said current ACB shareholders will be able to enjoy added value for which they are excited for.
Prior to the acquisition of RBC Antigua and Grenada, ACB had an asset base of over EC $1.3 billion.