May 2009 Financial News

RBC/RBTT sound

May 14, 2009

THE Royal Bank of Canada/RBTT merger prior to the onset of the world financial crisis last September was timely. According to RBTT Financial Group CEO Suresh Sookoo, “The alliance comes at a time when customers need, more than ever, to feel secure about the stability of their banking institutions.” Sookoo expressed this view at the opening of RBC’s new Caribbean headquarters in St Clair on Tuesday.

The RBC/RBTT merger took place on June 16, 2008 when RBC acquired RBTT in a US$2.2 billion transaction. This transaction resulted in the creation of a regional financial institution spanning 18 Caribbean nations, with total assets of US$13.6 billion. “We are living in uncertain times. Across the globe, we are seeing countries moving from relative strength to structural weakness and companies challenged by softening markets and persistent uncertainty.” Sookoo said while “we cannot promise to be unscathed by the global economic crisis,” RBTT promises to apply the best practices that have kept RBC as one of the most profitable banks in the world.

RBC Group Head (international banking and insurance) Jim Westlake said RBC and RBTT’s combined operations, “make us the second largest banking group in the English-speaking Caribbean.”


Source:
Trinidad Newsday
Thursday, May 14 2009

http://www.newsday.co.tt/business/0,100123.html