Published: Wednesday June 18, 2008
Royal Bank of Canada and RBTT will continue to operate under their respective brand names, for now, said a spokesman for RBTT Financial Holdings group in the wake of Monday's announcement that the merger transaction has been finalised, creating a new in the region under a cash and shares deal valued at around TT$13.7 billion (US$2.2 billion).
"RBC and RBTT are both very strong brands with which we are very happy," said Paul Charles, head of RBTT group communications in response to Wednesday Business queries.
"We, therefore, have no immediate plans to re-brand. For now, we will continue to operate under our respective names, and during the integration we will determine the re-branding strategy."
No retrenchment of staff
The Canadian bank has said it plans no retrenchment of RBTT staff, which numbers about 7,000 across the region.
On Tuesday, Charles also said the same holds for the merged bank's country managers in the 17 markets where RBTT operates commercial banks and that the only movements would come from "normal activity" such as retirement or promotions.
They join a banking group that is number one in its home market, and has 75,000 employees in 47 countries.
The RBC/RBTT merger deal has closed eight months after its October 2007 announcement. Payment to RBTT shareholders is expected to start today, June 18. The stock has also been delisted from regional exchanges.
"RBTT's network complements our Caribbean retail banking operations perfectly," said Jim Westlake, RBC's head of International Banking and Insurance.
The deal gives the new RBC Caribbean 130 branches across the region, assets of US$13.7 billion and 1.6 million clients.
Behind scotiabank
The merger has placed RBC/RBTT ahead of CIBC-owned FirstCaribbean - which commands assets of US$12 billion, and has 100 branches in 17 countries - in the regional banking sector, but behind Scotiabank whose network is the most expansive, numbering 200 branches across 21 markets, and assets of some C$17 billion.
The amalgamation of the banks' operations will occur in the coming months, said a joint release from the parties to the deal, led by RBTT group CEO Suresh Sookoo, and RBC's current head of Caribbean banking, Ross McDonald, who "will share responsibility for leading a smooth transition."
Senior management from both organisations will be integrated, the release said.
Sookoo will head the new RBC Caribbean, whose corporate headquarters will be Port of Spain.
Source: Jamaica Gleaner
http://www.jamaica-gleaner.com/gleaner/20080618/business/business4.html
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