January 21, 2022

Barbados Today: The effects of the sale of Royal Bank to a regional consortium

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By Barbados Today Since the departure of Barclays from the banking industry in the Caribbean approximately 17 years ago, there has been the withdrawal of the Bank of Nova Scotia and more recently, the sale of the Royal Bank of Canada to a consortium of indigenous Caribbean Banks. Of the English-speaking islands in the Caribbean […]

Antigua: Prime Minister Gaston Browne advocates for local consortium to take over Scotia Bank

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From Antigua News Room Prime Minister Gaston Browne is seeking to amend the Banking Act of 2016 on the heels of the proposed Scotiabank acquisition by the Trinidad-based Republic Financial Holdings Limited (RFHL). The PM seeks to strengthen its authority over final approval of sale or transfer of bank assets. “We are looking down the […]

Scotiabank Caribbean retreat marks shift after 129-year presence

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By Doug Alexander From Bloomberg Bank of Nova Scotia’s retreat from parts of the Caribbean marks a turnabout for a Canadian lender initially drawn to the region 129 years ago by the thriving trade in rum, sugar and fish. Scotiabank agreed to sell its banking operations in nine of the 21 Caribbean markets it operates […]

RBC closes customer accounts as Panama Papers review concludes

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By Doug Alexander From Bloomberg Royal Bank adds new tax compliance measures after examination Accounts of about 40 clients shut due to bank’s risk-tolerance Royal Bank of Canada closed accounts of about 40 clients and bolstered tax compliance following a review of offshore accounts tied to last year’s leak of records from a Panama law […]

Cayman Islands: Burglary of Royal Bank of Canada on Shedden Road Wed Night, 22 June

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From RCIPS This morning, Thursday, 23 June, personnel of RBC Bank discovered that a burglary of the bank’s premises on Shedden Road that had occurred sometime after business hours yesterday. Access was not gained to the vault, however a quantity of cash was taken from the cash dispensing units at cashiers’ desks. Detectives responded to […]

Caribbean resorts lure private equity as Canadian banks retreat

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By Ezra Fieser Bloomberg News From Leader-Post Even before last week’s rapprochement between the U.S. and Cuba, private equity companies from Bain Capital Partners LLC to billionaire Sam Zell’s Equity International were boosting investments in Caribbean resorts as the region’s traditional lenders scaled back operations. While Canadian banks including Bank of Nova Scotia and Royal […]

Corporate tax avoidance ‘scheme’ hurting Canada, expert says

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By Talin Vartanian, From CBC News Country’s corporate tax rate sits at about 25 per cent As Canadians dutifully file personal income tax returns during the coming weeks, consider this: many profitable companies pay little or no tax. In an interview this week on The Sunday Edition, Dennis Howlett, executive director of Canadians for Tax […]

Trinidad union warns of further RBC Royal Bank job losses

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From Caribbean360 Last month, RBC announced that it had entered into a definitive agreement to sell RBC Royal Bank (Jamaica) Limited and RBTT Securities Jamaica Limited to Sagicor Group Jamaica Limited. PORT-OF-SPAIN, Trinidad, Tuesday February 4, 2014, CMC – The Banking, Insurance and General Workers’ Union (BIGWU) says more workers will be put on the […]