Royal Fidelity Merchant Bank & Trust Limited announced that, as a result of a management-led buyout, RF Holdings Limited, a newly formed Bahamian holding company, has agreed to acquire 100 percent 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 percent of Royal Fidelity’s operations in the Bahamas and Barbados.
“It’s an exciting time for Royal Fidelity. We’ve come a long way from our beginnings 20 years ago as a subsidiary of Fidelity Bank,” said Mr. Michael Anderson, Royal Fidelity president, in a press release.
“While the partnership with Fidelity and RBC has worked well for all of us and Royal Fidelity has developed significantly as a result, the time is right for us to move forward independently. We very much value the strong relationship that we have with both RBC and Fidelity and look forward to working closely with both companies,” he added.
Mr. Anderson will assume the role of president & CEO of RF Holdings and maintain his roles as president and CEO of Royal Fidelity in 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 the Bahamas and Barbados.
Royal Fidelity is also the new headline sponsor of the Cayman Economic Outlook conference on Feb. 28 at the Kimpton Seafire Resort.