BASSETERRE, St. Kitts, April 06, 2021 (Press Unit in the Office of the Prime Minister) – The Bank of Nevis Limited has now commenced operations on the island of St. Kitts, following the official opening of its new branch on Fort Street, Basseterre today, Tuesday, April 06.
The opening of the St. Kitts branch comes after the Bank of Nevis’ successful acquisition of the assets and liabilities of the Royal Bank of Canada (RBC) St. Kitts, effective April 01, 2021.
Prime Minister and Minister of Finance, Dr. the Honourable Timothy Harris was among the specially invited guests in attendance at Tuesday’s opening ceremony at the branch office (formerly Royal Bank) located at the bottom of Fort Street, Basseterre.
While delivering remarks to mark the occasion, Prime Minister Harris said through this move, the Bank of Nevis has demonstrated its confidence in the local economy and its willingness to invest in it.
“As we open these doors, we know that the Bank of Nevis does much, much more than providing banking services to the local community. You create real jobs and opportunities, especially for our young people. You help to develop business and industries so even more jobs can be created. You help with improving our housing stocks, giving more families the best start in life with their own homes. You help mobilise savings, both local and foreign. You have much work to do and today you have a new home here in St Kitts in which to do it,” Prime Minister Harris said.
The prime minister further noted that the Bank of Nevis now plays an even greater role in building the local economy and promoting the prestige of the nation’s banking sector to the international community.
He added, “Your work in mobilising foreign savings, foreign exchange purchases, and sales and providing banking services to our diaspora are all a demonstration to the global community of how professional, trusted, and reliable the banking sector is here in St. Kitts and Nevis. You are a very much welcomed addition to the St. Kitts community, and it is wonderful that you have set up a permanent presence here.”
The sale of its assets and liabilities last week marked the end of the Royal Bank of Canada’s presence in St. Kitts and Nevis and the wider Eastern Caribbean Currency Union (ECCU).
RBC’s Eastern Caribbean banking operations were sold to a consortium of regional banks, comprising 1st National Bank of St Lucia, Antigua Commercial Bank, Bank of Dominica, Bank of Montserrat, and the Bank of Nevis.