By Carl Joseph
A consortium of Eastern Caribbean indigenous banks — of which Antigua Commercial Bank (ACB) is a member — announced on Thursday, December 12th, 2019 that it has entered into a definitive agreement to purchase all banking operations in the Eastern Caribbean from Royal Bank of Canada (RBC).
The transaction, according to a release from the ACB, is subject to regulatory approval and other customary closing conditions, and is expected to be finalised within the coming months.
The notice of acquisition had the blessings of the Cabinet of Antigua and Barbuda, spokesman, Information Minister Melford Nicholas said on Thursday. While many depositors and employees of both banks were being made aware of the acquisition early yesterday, ACB’s General Manager, Joanna Charles assured them that “there are no plans for any immediate changes to the operation of the business/branches that we are acquiring. In addition, where possible, we will adopt best practices of RBC to ensure we maintain the very high quality service levels that RBC customers have come to expect”.
Read more in today’s newspaper