With effect from April 1, 2021, Antigua Commercial Bank Ltd., now trading as ACB Caribbean, acquired the majority shareholding interest in ACB Grenada Bank Ltd. (formerly RBTT Bank Grenada Limited).
At the outset, we wish to thank the Government and citizens of Grenada for welcoming us to your shores. As an indigenous financial institution, we recognise the common interests of our people and look forward to meeting your financial needs under a renewed brand.
Today, some of our staff members have decided to take strike action to highlight their disagreement with the former majority owners, Royal Bank of Canada’s decision to challenge the Minister of Labour’s recent recommendation for the staff to be given the option to accept severance.
We respect the staff’s decision, as guided by their union representative, the Grenada Technical and Allied Workers’ Union (GTAWU), noting that this action is within their rights so to take. While we understand that the staff may be frustrated at this time, we are committed to working with both the union and the staff on this issue.
ACB Caribbean subscribes to open dialogue on employee-related issues and look forward to the staff’s co-operation and understanding under the circumstances.
We have secured agreement from RBC to retain sole responsibility for the conduct of this outstanding labour dispute. We have also ensured that any and all severance entitlements that may be finally determined due and payable are secured in an escrow fund in a segregated account.
Under the circumstances therefore, we ask that the Staff recognise that the dispute resolution process under the Collective Agreement must now be exhausted.
We have since activated our Business Continuity Plan and wish to advise our loyal and valued customers, that our business operations continue uninterrupted. We remain open for in-branch transactions, and customers are encouraged to utilise their online banking, as this service continues during the transition period. Please visit our website www.acbonline.com to find out more about us, and we invite you to like and follow ACB Caribbean on Facebook and Instagram for our latest news and updates.
We look forward to continued dialogue with both the GTAWU and the staff to realise an amicable solution to the issue at hand.
ACB Caribbean is the largest public indigenous commercial bank in Antigua & Barbuda, with an asset base of over 1.3 billion Eastern Caribbean dollars. ACB Caribbean was incorporated on 20 October 1955, as The Antigua Co-operative Bank Limited, when it registered a share capital of $100,000 and became the country’s first indigenous bank and public company. The Bank’s share capital has since increased to $36 million with over 5,000 shareholders. The Bank’s operations started on 3 January 1956, at the former Chelsea Building on Newgate Street in St John’s, Antigua, its first location. Since then, ACB has grown into a multi-faceted indigenous bank in Antigua and has experienced steady growth over the years, with 4 locations to include its subsidiary, ACB Mortgage & Trust Company Limited in Antigua and a branch in Barbuda.
On 1 April 2021, ACB Caribbean acquired the majority shares of RBTT Grenada and RBC Antigua’s assets, and expanded its operations in keeping with its expansion strategy. The ACB Caribbean now operates its new subsidiary, ACB Grenada Bank Ltd. with branch locations in True Blue and Grande Anse. ACB Caribbean is a proud corporate citizen, and is actively involved in the development of culture, sports, community development and education in Antigua & Barbuda and looking forward to implementing this strategy in Grenada.
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