ACB COMPLETES ACQUISITION OF RBC OPERATIONS IN ANTIGUA AND BARBUDA

Antigua Commercial Bank has completed the acquisition of the operations of Royal Bank of Canada in Antigua. ACB is among a consortium of indigenous banks across the Eastern Caribbean to acquire the assets of the Canadian bank in their respective territories. RBC’s head of Caribbean banking, Rob Johnston is quoted as saying the sale to indigenous banks will strengthen the financial system in the regional territories. Antigua and Barbuda’s Prime Minister Hon. Gaston Browne had insisted the Canadian banks seeking to off-load their assets offer the opportunity first to indigenous banks.