Jun 2008 Financial News

RBTT shares delisted as RBC completes takeover

Jun 18, 2008

The T&T Stock Exchange (TTSE) yesterday removed the shares of RBTT Financial Holdings Ltd from the exchange’s official list, completing the delisting process.

In a statement the TTSE said it applied to the Securities and Exchange Commission and got an order authorising the de-listing of the shares.

This follows the sale of RBTT Bank to the Royal Bank of Canada (RBC) a transaction authorised by RBTT shareholders voting in a special general meeting on March 26.

Meanwhile, RBC yesterday announced it had completed the acquisition of RBTT Financial Group at the agreed price of TT$13.7 billion (US$2.2 billion).

In a statement, RBC said the acquisition marked its return to T&T, a market it left in 1987. The statement added that RBC was working with local regulatory authorities on the possibility of issuing depository receipts backed by RBC common shares.

RBC said its takeover of RBTT created one of the largest banking networks in the region with a presence in 18 countries and territories, more than 130 branches, 7,000 employees, more than US$13.7 billion in assets and over 1.6 million clients.

RBTT group chairman, Peter July, said, “The combination of these two organisations is all about growth and expansion, which creates new opportunities for our stakeholders.”

RBTT group CEO Suresh Sookoo and RBC’s head of Caribbean banking, Ross McDonald, will be responsible for ensuring a smooth transition and Sookoo will become CEO of RBC’s Caribbean retail banking operations.

Source: Trinidad Guardian
Website: http://www.guardian.co.tt/business1.html