Royal Fidelity Merchant Bank & Trust Limited announced today that, as a result of a management led buyout, RF Holdings Limited – a newly formed Bahamian holding company – has agreed to acquire 100 per cent of its issued and outstanding shares that were previously held on a 50/50 basis by RBC Royal Bank of Canada and Fidelity Bank (Bahamas) Limited. The acquisition will result in RF Holdings owning 100 per cent of Royal Fidelity’s operations in Barbados and The Bahamas.
“Our 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,” said Jillian Nunes, Royal Fidelity VP and Country Head for Barbados. “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.”
Nunes will maintain her role as VP and Country Head for Royal Fidelity Barbados under the new ownership. Michael Anderson will assume the role of President & CEO of RF Holdings and maintain 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 the role of Chairman of Royal Fidelity in both The Bahamas and Barbados.
A newly formed Employee Share Option Plan will mean 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.
“Royal Fidelity has gone from strength to strength over the last 20 years, for the first ten years as a wholly owned subsidiary of the Fidelity Group and the last 10 years under the joint venture between RBC and Fidelity, said Gowon Bowe, CFO of the Fidelity Group. “We look forward to continuing to build on Fidelity’s relationship with Royal Fidelity and providing our staff and customers continued access to their investment products and services.”
“We have developed an excellent relationship with Royal Fidelity over the last ten years and our clients have benefitted from access to Royal Fidelity’ extensive range of investment products and services,” said Rob Johnston, Head of RBC Caribbean Banking, “Royal Fidelity has a strong, knowledgeable team and we look forward to continuing to partner with them for our customers’ investment needs.”
Royal Fidelity Barbados and Bahamas clients 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. Should clients have any questions, Royal Fidelity encourages them to reach out to their account manager or call 435-1955.