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Financial News

Jul 2004 Financial News

RBTT's 24th branch opens in Portmore

Jul 26, 2004

Amrit Sinanan managing director of RBTT Bank Jamaica Ltd, said the bank plans to honour its obligation as an exemplary private sector benefactor in the Portmore community.

He gave this assurance while speaking at the opening of the bank's newest branch in the community on Thursday evening.

The opening saw a number of the bank's senior management officials, members of the Portmore business community, politicians and local residents in attendance.

RBTT's 24th branch is located in the Portmore Pines plaza and represents a $22 million investment. According to the branch manager, Lloyd Black, the branch was deliberately designed with the customer in mind. "The aesthetics and design emphasise a one-to-one personal banking relationship," he said.

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"There is a special line for senior citizens, drive-through banking facilities and ATM services. The branch's business hours are an acknowledgement of the unique features of the Portmore community. The opening hours are Monday to Friday, 9:00 a.m. to 7:00 p.m. and Saturdays, 10:00 a.m. to 2:00 p.m."

The RBTT Group bought the then Unionbank in 2001 from the Financial Sector Adjustment Company (FINSAC). The group is the region's largest network of Caribbean-owned banks and financial institutions. With assets of over US$6 billion, it comprises 10 commercial banks and over 24 companies in the region.

Under the direction of Mr. Sinanan, the bank has recovered $2.7 billion of inherited accumulated losses and has repaid a $4.6 billion loan from FINSAC. The company has transformed itself into one of the most competitive and profitable commercial banks in the country.

RBTT's new venture in Portmore underscored the RBBT group's confidence in the Jamaican economy and the country's economic future. According to Mr. Sinanan, the bank's presence "demonstrates our strong faith and confidence in the capabilities of our staff, confidence in the Portmore community and the overall future of Jamaica."

RBTT, he said, "will continue to seek other opportunities for further investment in Jamaica."

Directing his comments to the Mayor of Portmore George Lee, the RBTT CEO said, "As a good corporate citizen I can assure you of RBTT's strong support and full co-operation."

He underscored the bank's commitment to social causes and pointed out that RBTT is involved in at least one major community project in each area where it is located. "We are now firmly a part of the city of Portmore. We cannot ignore the community around us. Whilst we must remain financially secure, we are strong advocates of the philosophy that a 'a man's true wealth is the good he does in this world.'"

Source: http://www.jamaica-gleaner.com/gleaner/20040724/business/business1.html