It was a historic transaction for an indigenous bank, as 1st National Bank, St. Lucia Limited announced the Saturday (April 3) purchase of the local operations of Royal Bank of Canada (RBC).

The operations of RBC St. Lucia has now been integrated into 1st National Bank, which sees the purchase as critical for future growth and expansion. Chairman of the Board of Directors of 1st National Bank, Nigel Fulgence, hailing the purchase, acknowledged that this is truly a proud and historic moment for the indigenous bank.

According to Fulgence, “This acquisition marks one of the most significant historical events in banking in Saint Lucia. For our part, 1st National Bank is experiencing its third wave of growth and expansion in its 83 years of operations established as the St Lucia Cooperative Bank then evolving into 1st National Bank St. Lucia Limited and now in its expansion by this groundbreaking purchase of an International Bank’s operations.  I think our founding fathers would be immensely proud of our stewardship and where we have come. I am grateful to our Executive and the teams across all the branches for their dedication and skill in closing this deal and creating tremendous potential for greater things yet to come.”

This strategic development has been long in planning and will be extensive in its benefits to RBC customers.  1st National Bank has admitted that there will be changes as well as new functionalities, promising to “keep lines of honest communication with all staff, stakeholders and customers during this period of transition.”

Domestic financial sector poised to become stronger thanks to purchase

Managing Director, Jonathan Johannes, who was a key player within the consortium that brought this transaction to a successful outcome, points out that the domestic financial sector in Saint Lucia has “the potential to become stronger, better and more prosperous because of this purchase.”

 “Our commitment to delivering superior financial products and service, powered by industry-leading technology, local knowledge and passion, is changed only in its capacity to deliver even more powerfully with this expansion,” Johannes said.

1st National explains that during the transition, the observable changes will initially be small. However, this historic accomplishment will quickly begin presenting itself through even more improved service and support for the financial goals of all customers.

According to the bank, the legacy continues as it builds better, together, on its journey from good to great.