St Kitts and Nevis: The Bank of Nevis Limited has now opened on the island of St Kitts, following the formal opening of its new division in Fort Street, Basseterre, on Tuesday, April 06, 2021.
The St. Kitts branch’s opening comes after the successful acquisition by the Bank of Nevis of the assets and liabilities of the Royal Bank of Canada (RBC) St Kitts, to be effective from April 1, 2021.
Prime Minister and Minister of Finance Dr Timothy Harris, was among the specially invited guests. The latter attended Tuesday’s opening ceremony at the branch office (formerly Royal Bank) at the bottom of Fort Street, Basseterre.
Prime Minister Harris said during this move that the Bank of Nevis had shown its belief in the local economy and its enthusiasm to invest in it.
“As we open these doors, we know that the Bank of Nevis is giving much much more than rendering banking services to the local community. You produce real jobs and possibilities, especially for our young people. You support develop businesses and industries so that even more jobs can be created. You are helping to improve our home supply, and thus get more families off to the best start in their own homes. You help mobilize local and foreign savings. You have a lot of job to do and today you have a new home here in St Kitts to do it,” said Prime Minister Harris.
The Prime Minister additionally noted that the Bank of Nevis is now representing a more significant role in developing the local economy and elevating the prestige of the country’s banking sector for the international community.
He added, “Your work to mobilize foreign savings, purchases and sales in foreign currency and to provide banking services to our diaspora is proof to the global community of how professional, reliable and dependable the banking sector here in St Kitts and Nevis is. You are a very welcome addition to the St. Kitts community, and it’s great that you’ve set up a permanent presence here.”
Last week, the sale of its assets and liabilities signalled the end of the Royal Bank of Canada’s presence in St Kitts and Nevis and the broader Eastern Caribbean Monetary Union (ECCU).
RBC’s East Caribbean banking operations were sold to a consortium of regional banks, consisting of 1st National Bank of St. Lucia, Antigua Commercial Bank, Bank of Dominica, Bank of Montserrat and the Bank of Nevis.
Premier of Nevis calls this move a ‘Welcome Development’
Premier of Nevis and Minister of Foreign Affairs and Aviation Mark Brantley reiterated this move as a ‘Welcome development. In his speech, Brantley said, “I think that this is a welcome development, and it displays how inextricable bounded these two islands have matured that in terms of family ties we know that those of ours existed but now in phases of business and commerce, that the two islands are absolutely moving unitedly as one,”
“This doesn’t mean that the Bank of Nevis is beginning to do business here because it has constantly done business on St Kitts. What it does signify is that the Bank of Nevis has built a physical presence here for the first time and I consider that it so be welcomed,”