The Eastern Caribbean Central Bank (ECCB) has advised that effective 1 February 2023, the operations of BON Bank Limited, located at Chapel Street, Charlestown, Nevis will cease, having been subsumed into the operations of The Bank of Nevis Limited.

BON Bank Limited was formerly RBTT Bank (SKN) Limited and owned by Royal Bank of Canada (RBC).

Under Phase I of the RBC acquisition, the Bank of Nevis Limited acquired the 95.78 per cent majority shareholding and 1000 Class A shares of RBTT Bank (SKN) Limited on 1 April 2021. Subsequently, RBTT Bank (SKN) was renamed BON Bank Limited.

Under Phase II of the transaction The Bank of Nevis Limited purchased the assets and liabilities of BON Bank Limited.

The Banking Business Vesting Order was gazetted in Saint Christopher (St Kitts) and Nevis on 31 January 2023.

Therefore, as of Wednesday, 1 February, BON Bank Limited will no longer operate and will become a branch of The Bank of Nevis Limited.

The financial sector in the ECCU is evolving, citizens and residents in our Currency Union are encouraged to stay abreast of developments.

For its part, the ECCB remains resolute on its mandate to supervise all licensed financial institutions under the Banking Act.