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Best bank: Royal Bank of Trinidad and Tobago |
In October, Royal Bank of Canada (RBC) added Royal Bank of Trinidad and Tobago (RBTT) to its set-up in the Caribbean. The Canadian bank announced a $2.2 billion acquisition of RBTT Financial Group. RBTT started discussions with potential buyers in April 2007. These included Canadian rivals Scotiabank and CIBC, through its FirstCaribbean unit. RBC is paying 60% cash and 40% in RBC shares. The combined entity now boasts $13.7 billion in assets and 130 branches in 18 Caribbean countries and territories.
In the year to March 2008, RBTT Financial Holdings announced pre-tax earnings of $207 million, 11% up. This was underpinned by strong performances by the retail and commercial banking entities.