Financial institution of Nevis Restricted acquires BON Financial institution Restricted
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Financial institution of Nevis Restricted acquires BON Financial institution Restricted

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The St. Kitts-based Japanese Caribbean Central Financial institution (ECCB) Wednesday stated the operations of BON Financial institution Restricted in Nevis will stop from at the moment having been subsumed into the operations of The Financial institution of Nevis Restricted.

BON Financial institution Restricted was previously RBTT Financial institution (SKN) Restricted and owned by Royal Financial institution of Canada (RBC).

The ECCB stated underneath Section I of the RBC acquisition, the Financial institution of Nevis Restricted acquired the 95.78 % majority shareholding and 1000 Class A shares of RBTT Financial institution (SKN) Restricted on April 1, 2021.  Subsequently, RBTT Financial institution (SKN) was renamed BON Financial institution Restricted.

– Commercial –

“Below Section II of the transaction The Financial institution of Nevis Restricted bought the property and liabilities of BON Financial institution Restricted. The Banking Enterprise Vesting Order was gazetted in Saint Christopher (St Kitts) and Nevis on 31 January 2023.

“Due to this fact, as of Wednesday, 1 February, BON Financial institution Restricted will not function and can change into a department of The Financial institution of Nevis Restricted.”.

The ECCB stated the monetary sector within the Japanese Caribbean Forex Union (ECCU) is evolving and residents and residents in Anguilla, Antigua and Barbuda,. Dominica, Grenada, Montserrat, St. Kitts-Nevis, St. Lucia and St. Vincent and the Grenadines “are inspired to remain abreast of developments.

“For its half, the ECCB stays resolute on its mandate to oversee all licensed monetary establishments underneath the Banking Act,” it added.

CMC/