Central Bank approves Bank of Nevis’ request to dissolve subsidiary BON Bank Limited
(Press release) The Bank of Nevis Limited has achieved a significant milestone by successfully completing the final phase of its acquisition of the former RBTT Bank (SKN) Limited in Charlestown, Nevis. Demonstrating a robust competitive spirit, the Bank has navigated the financial sector, once predominantly controlled by overseas institutions.
In the course of acquiring RBTT Bank (SKN) Limited, Bank of Nevis Limited established a separate financial entity named BON Bank Limited. However, post-acquisition, the dissolution of this subsidiary became imperative. Collaborating closely with the Eastern Caribbean Central Bank (ECCB), the Bank of Nevis Limited formally requested and obtained approval to dissolve BON Bank Limited, effectively discontinuing its subsidiary license.
Following this regulatory process, BON Bank Limited seamlessly integrated into the operations of the parent company, The Bank of Nevis Limited, which proudly serves an expanding clientele both in St. Kitts & Nevis and abroad.
The ECCB, in confirming the full integration of BON Bank Ltd into The Bank of Nevis Limited in January 2023, assured stakeholders that the dissolution of BON Bank Limited as a subsidiary would not impact the operations of the parent company. The Bank of Nevis Limited, now operating from three locations, continues to uphold its commitment to excellence in financial services.
Marking its 38th Anniversary in early December, The Bank of Nevis Limited celebrated not only its rich history but also the launch of its enhanced online and mobile App, B-Online. This transformative digital platform has revolutionized customer transactions, reflecting the bank’s dedication to staying at the forefront of technological advancements.
From its humble beginnings with a single branch in 1985, The Bank of Nevis Limited has evolved into one of the Eastern Caribbean’s fastest-growing indigenous financial institutions. With two additional branches in Basseterre, St. Kitts, the Bank stands as a testament to resilience, growth, and unwavering commitment to customer satisfaction.
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