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Financial News

Jul 2009 Financial News

Kumar resigns from RBTT

Jul 16, 2009

Catherine Kumar, the president and country head of one of this nation's leading banks, RBTT Bank, has resigned from the job, but says her departure will not affect its performance.

"I don't see why it should. The bank is in very good hands. We have really top management," Kumar told the Express in a brief telephone interview yesterday.

"The executive is a competent executive and they will ensure that there are no gaps after my departure."

She did so after RBTT Financial Group issued a news release announcing her resignation from its subsidiary, RBTT Bank, effective September 10.

Kumar served in the RBTT top post for the past three years and was involved in the bank's discussions with the Royal Bank of Canada (RBC), which acquired RBTT for $13.7 billion.

RBTT Bank Ltd has posted after-tax profits of $346 million for its financial year ended March 31, 2009, which marked an increase from the $326 million after-tax profit it recorded in 2008.

Kumar, who is also the president of the Bankers' Association of Trinidad and Tobago, is one of the few women to have served in such a high-ranking post in any bank in this country.

"Ms Kumar, who has led RBTT's banking operations in Trinidad and Tobago for the last three years, said her decision to resign was for personal reasons, and she thanked RBTT for the opportunity to have served as part of the bank's leadership," the bank's release said.

Asked to elaborate on the exact reasons for her decision to resign, Kumar said she would not get into the details at this time, but expressed her satisfaction in the job she has done.

"I am very satisfied with my three years here and my tenure, what I have done," Kumar said.

RBTT Financial Group CEO Suresh Sookoo, in the release, said of Kumar, "It has been a pleasure working with Catherine and I wish her all the best in her future endeavours."

Kumar had been the managing director of insurance company Algico and served as a senior executive at the Central Bank of Trinidad and Tobago before joining RBTT.

Source: Trinidad Express
http://www.trinidadexpress.com/index.pl/article_news?id=161505083
Article by: Juhel Browne jbrowne@trinidadexpress.com
Date Published: Thursday, July 16th 2009