Nov 2010 Financial News

Royal Bank anoints Sookoo regional boss

Nov 12, 2010

RBC International Banking said this week that it has tapped Suresh Sookoo to head its Caribbean operation.

The move would be in line with market expectations, as it formalises an announcement first made two years ago.

RBC International is a division of Royal Bank of Canada, which two years ago acquired RBTT Financial Group for US$2.2 billion in one of the biggest deals yet for the Caribbean.

Sookoo, who was chief executive officer of RBTT from 2006 and a member of the transition team, has now been appointed CEO of Caribbean Banking, overseeing retail, business and corporate banking operations.

"Suresh's deep understanding of our business and his proven success as a leader make him the ideal person for this expanded role," said Jim Westlake, group head, RBC International Banking, in a company-issued statement.

"Suresh will focus on integrating our businesses on to a common platform across the Caribbean, enhancing the end-to-end and client experience by simplifying the way we do business, and improving the productivity in our banking network."

RBC calls the appointment "the next step" in the integration of RBC Caribbean Banking businesses ongoing since the 2008 acquisition.

The bank plans to rebrand RBTT operations under the 'Royal Bank' banner.

Its Caribbean operations now span 20 countries and territories across the region, encompassing 129 combined branches and close to 7,000 employees serving more than 1.6 million clients.

Before the acquisition, Royal Bank, which is now Canada's largest by assets, had regional branches only in The Bahamas, Cayman Islands and Barbados.

After the deal, it said it was positioned as the No. 4 group in the region behind Scotiabank and ahead of CIBC-owned FirstCaribbean.


Source:
business@gleanerjm.com
Jamaica Gleaner
Friday November 12, 2010

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