Bank changes ownership

Newly formed Bahamian holding company RF Holdings Limited has agreed to acquire 100 per cent of Royal Fidelity Merchant Bank & Trust Limited, as a result of a “management led buyout”.

In a release on Tuesday, the company said the acquisition would result in RF Holdings owning 100 per cent of Royal Fidelity’s operations in Barbados and The Bahamas.

The issued and outstanding shares of the company were previously held on a 50/50 basis by RBC Royal Bank of Canada and Fidelity Bank (Bahamas) Limited.

Royal Fidelity VP and Country Head for Barbados Jillian Nunes said the company’s relationship with RBC and Fidelity Bank “has been invaluable and equipped us for this evolution”.

“Over the past decade we’ve enjoyed a mutually beneficial relationship and will certainly maintain close ties with them both in the future,” she said.

“This transition will enhance our services and ability to evolve faster in a continuously changing and competitive environment. We are proud of our heritage of being industry trendsetters and will continue to exceed industry standards through our international and local partnerships,” she added.

Under the new ownership, Nunes will retain her role as VP and Country Head for Royal Fidelity Barbados while Michael Anderson will assume the role of President & CEO of RF Holdings while maintaining his roles as President and CEO of Royal Fidelity in both The Bahamas and Barbados.

Ross McDonald will assume the role of Chairman of RF Holdings and will maintain his role as Chairman of Royal Fidelity in both The Bahamas and Barbados.

Royal Fidelity is assuring its Barbados and Bahamas clients that they should expect to continue with their regular business as usual, with no material changes to personnel or Royal Fidelity’s products and services.

Contact numbers will remain the same and there will be no changes to account information.

There will be a new employee share option plan, which means that all Royal Fidelity staff in Barbados and The Bahamas will become shareholders of RF Holdings. Under the new ownership, the Royal Fidelity Barbados team will continue in their existing positions and on the same premises, the company said in the announcement.

“Clients are assured that they will continue to receive the same high level of expertise and professionalism that they have come to expect from Royal Fidelity,” the release added.