BOM Chairman Welcomes Decision by the ECCB to Advance RBC Sales
Chairman of the Bank of Montserrat Dalton Lee has welcomed the decision by the Eastern Caribbean Central Bank to advance the acquisition of the Royal Bank of Canada.
Governor of the ECCB Timothy Antoine made the announcement at the 98th meeting of the Monetary Council held virtually.
He said that the vesting orders were submitted to the finance ministers on February 11th, 2021.
This is an important legal instrument to transfer assets from one bank or banking entity to another.
The RBC assets will be sold to a consortium of indigenous banks within the Eastern Caribbean Currency Union (ECCU) jurisdiction.
This includes the Bank of Montserrat Limited.
In an interview with ZJB News, on Tuesday Mr Lee said the decision by the ECCB is another step towards completing the takeover of RBC operations by the Bank of Montserrat.
Chairman of the Bank of Montserrat Dalton Lee