Bank of Nevis Opens in St Kitts Heralding New Historical Era of Indigenous Banking

By CS Global Partners8 days ago

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LONDON, April 8, 2021 /PRNewswire/ -- In a historic move, the Bank of Nevis has opened a branch in Basseterre, St Kitts, following a recent acquisition of assets and liabilities owned by the Royal Bank of Canada (RBC). The ribbon-cutting ceremony took place on April 6th at the former location of the RBC, attended by several high-ranking officials, including Prime Minister Timothy Harris and Dr Timothy Antoine, Governor of the Eastern Caribbean Currency Union (ECCU).

The opening of the Bank of Nevis furthers the integration of the dual-island nation whilst also boosting a developmental footprint and strengthening its economy. The achievement also certifies that banking can be a local endeavour rather than a reliance on an international institution. While commercial banking is important to the region, indigenous banking brings power back to the locals.

The acquisition marked the end of RBC's presence in the ECCU, establishing the Bank of Nevis as a 'premier league' bank, as recognised by Governor Antoine. “As far as I am concerned, any bank in the Eastern Caribbean Currency Union (ECCU) that has assets in excess of one billion dollars is in the Premier League of Banks in the ECCU,“ Dr Antoine stated. “But there is more, with this acquisition, the Bank of Nevis has more than tripled its asset size, moving from just over $500 million to just over $1.7 billion,“ he added.

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