Nov 2006 Financial News

Republic: DR corporate market more attractive

Nov 02, 2006

The sale of Republic Bank’s personal banking unit in the Dominican Republic to focus on corporate banking is a strategic decision.

Anna-Maria Garcia-Brooks, Republic’s general manager of its group marketing and communications department said the bank’s decision came after a review of “operations in that country, to focus its energy and resources on the corporate banking market in the Dominican Republic, since this was a growing business area, which would benefit from the facilities that a well respected regional bank such as Republic Bank was able to offer.”

Republic did not disclose the sale price but the returns will be used to re-capitalise its Dominican Republic’s operations.

“Additionally, our competitive advantage since purchasing the operations three years ago, has been in the corporate sector and there is tremendous potential for future growth in that area. We sold the retail operations because our small size made it difficult to compete in the market place,” Garcia-Brooks said.

She noted that Republic has been successful in the area of corporate finance in T&T as well as in the territories in which it operates subsidiaries.

“This technical expertise and financial know-how would be brought to bear on the Dominican Republic’s corporate market,” she said.

Source:
ASHA JAVEED
The Trinidad Guardian
Thursday 2nd November, 2006


http://www.guardian.co.tt/business2.html