Sinanan"THE recipe for success in my view is to have a vision, to live and feel that vision and to make it work. When you get incremental benefits, it tends to sustain you and inspire you even more, so that the results bring even more confidence and success," says the Managing Director of RBTT Jamaica, Amrit Sinanan.
In 2001, RBTT purchased the then Union Bank from the Government for a total of $3.6 billion, making an initial payment of $1.6 billion. By the end of this year under the stewardship of Mr. Sinanan, the bank would have paid for itself, thus ensuring that within three years the parent company would have acquired and paid for a most prized asset.
Amrit Sinanan is a man of few words, but what is immediately discernible are his leadership traits and penchant for hard work. His accomplishments across the region have made the name Amrit Sinanan synonymous with ethical leadership and high performance teams.
Prior to joining RBTT, he acquired extensive experience from two international banks based in Trinidad Citibank N.A. and Bank of Commerce Trinidad & Tobago, an affiliate company of CIBC Canada. It was during his tenure at Citibank that Mr. Sinanan copped the prestigious and coveted P. Henry Mueller Award for "excellence in credit and risk management", a major accomplishment as he competed against 13 countries within the Caribbean Basin Division including Venezuela, Columbia, Ecuador and Mexico. It is important to note that this achievement has not been repeated by an employee of Citibank, Trinidad. Benefiting from the marked differences in management style at Citibank and Bank of Commerce, in 1994 Mr. Sinanan joined the RBTT group at a time when the group's drive to acquire assets across the Caribbean was heating up. "So having worked for an American company, which I thought was aggressive and a Canadian company, which was conservative and more people focused, I then started to work for a regional company. My previous experiences brought perspective and focus in terms of building the region", he added.
Equipped with the expertise and knowledge to undertake assignments throughout the Caribbean, including Antigua, St. Kitts & Nevis, St. Vincent, Bequia, Grenada, St. Lucia, Trinidad & Tobago, Mr. Sinanan would earn the reputation as "the man with results."
His first assignment with the group was country manager Caribbean Banking Corporation Limited in Antigua where "the bank wasn't doing very well and it was felt that somebody very results oriented had to move in to deal with the business and operational issues of the bank, to tackle them and to turn the situation around. This was accomplished resulting in great turnaround performance," noted Mr. Sinanan.
That achievement catapulted him to the position of managing director Caribbean Banking Corporation Limited supervising the islands of St. Kitts & Nevis, Antigua, St. Lucia, St. Vincent and Bequia. With this exposure, Mr. Sinanan gained a greater understanding of the different cultures that are endemic to the Caribbean, again achieving positive results as he learnt about societal differences and how best to work with them to accomplish set goals and targets.
In March 2001, Amrit Sinanan was given another challenge. He arrived in Jamaica with his family determined to conquer the Jamaican marketplace despite the failure of the 4 legacy banks that the RBTT group inherited. Armed with years of experience of turning around non-performing banks, Mr. Sinanan immediately brought the executive team together relying on their support to motivate and drive both managers and staff to understand RBTT's vision, philosophy and core values.
"When we started this company, I had a hundred year vision, not just a medium term perspective. I always felt that in setting up the company from scratch, we had to involve the members of the team, using their contributions to build a strong foundation.
These are the crucial aspects of the evolution of RBTT in Jamaica. What we have done is to leave no stone unturned and to nurture and incorporate the right standards from inception so the company can endure in the long haul," notes Mr. Sinanan.
This strategy has proven to be effective as within a year, the company increased its loan and deposit portfolio resulting in increase competitiveness in the marketplace. Other strategies employed included the launching of new products and campaigns that were both innovative and new to the banking sector. As a result, other banks followed suit and developed similar campaigns, thereby branding RBTT as the leader and trendsetter in innovation.
Today, RBTT's Jamaica's assets total J$40.5 billion, an increase of 28 per cent from J$31.61 billion, its net loans and advances increased significantly from $1.18 billion to $16 billion and its profit before tax moved from J$420 million to J$1.2 billion.
With this exceptional financial performance in record time, it is no surprise that in 2002, RBTT Bank Jamaica Limited received the prestigious "Bank of the Year Award Sinanan immediately brought the executive team together relying on their support to motivate and drive both managers and staff to understand RBTT's vision, philosophy and core values.
"When we started this company, I had a hundred year vision, not just a medium term perspective. I always felt that in setting up the company from scratch, we had to involve the members of the team, using their contributions to build a strong foundation.
These are the crucial aspects of the evolution of RBTT in Jamaica. What we have done is to leave no stone unturned and to nurture and incorporate the right standards from inception so the company can endure in the long haul," notes Mr. Sinanan.
This strategy has proven to be effective as within a year, the company increased its loan and deposit portfolio resulting in increase competitiveness in the marketplace. Other strategies employed included the launching of new products and campaigns that were both innovative and new to the banking sector. As a result, other banks followed suit and developed similar campaigns, thereby branding RBTT as the leader and trendsetter in innovation.
JAMAICA'S ASSETS
Today, RBTT's Jamaica's assets total J$40.5 billion, an increase of 28 per cent from J$31.61 billion, its net loans and advances increased significantly from $1.18 billion to $16 billion and its profit before tax moved from J$420 million to J$1.2 billion.
With this exceptional financial performance in record time, it is no surprise that in 2002, RBTT Bank Jamaica Limited received the prestigious "Bank of the Year Award 2002", an award presented by the Banker, a one hundred per cent subsidiary of the Financial Times of London.
RBTT's recognition was attributed to its consistent asset growth and its Information Technology upgrade initiatives, which resulted in greater efficiency and economies of scale.
"When you look at our performance in 3 years, some people even in our own group, and I'm sure some of the customers, forget that we have operated within Jamaica for 3 years," noted Mr. Sinanan.
Born in rural Trinidad, Mr. Sinanan spoke candidly about his family, in particular, his siblings who have excelled academically. "While we have not acquired a lot of tangible assets and so on, we have benefited in terms of our approach and attitude towards academic achievements and excellence, which I'm very proud of," noted Mr. Sinanan.
He stipulated that his younger sister is now one of the best medical consultants in the region. Her abilities became pronounced after placing third from a list of approximately a hundred and fifty persons after an entrance examination for the Royal School of Surgeons in Dublin, one of the best medical schools in the world. Today, her daughter continues that legacy by also gaining a place in that same school.
His younger brother who went to Oxford, completed his Master's Degree in law in one year despite discouragement from his Professors. He was offered a scholarship to do his PhD at the University of Birmingham and is now lecturing at a University in London.
Of course, Mr. Sinanan's wife and children are also doing quite well, he is proud of this fact. Jamaica has adopted them and today they continue to immerse themselves into the Jamaican culture and lifestyle, a definite advantage to being successful in Jamaica.
Now with all the demands of a busy executive, one is somewhat amazed at the time he would find to relax. This is no problem for him as he revels in his many long drives to the country especially Negril "as this is one of the most beautiful places in the world. I wish I could spend the rest of my days there and believe me I've seen some of the most beautiful beaches and places in the Caribbean," he exclaimed.
Southfield, Santa Cruz, Mandeville and Ocho Rios are also top on his list of places he loves to visit. His love for the countryside and the people keeps him grounded as they meet and greet you with warmth that is typically Jamaican.
While you may not find the M.D. at one of the Kingston's "night spots", he does find the time to enjoy music in all its forms. However, when relaxing a good inspirational book is always in hand to regenerate him and keep him focused.
A connoisseur of fine food, Mr. Sinanan admits this is one of his weaknesses as he and his family indulge their epicurean appetites by treating their palates to different Jamaican foods, chief among them Boston Jerk Pork and Seafood. "We also like Thai food and when we travel we look for a good restaurant to enjoy a really good meal," said Mr. Sinanan.
When asked about his busy schedule, Mr. Sinanan was quick to point out that he manages his time very wisely and effectively with time to spend with his family. His days are usually very busy, an expected fact as he is charge of approximately eight hundred and fifty members of staff. He tries to spend as much time as possible motivating and encouraging his team to excel.
Never content to sit in his office all day, he schedules time to have department, branch and breakfast meetings with the staff. At these meetings feedback is provided on the direction of the company and any pertinent issue that concerns the staff is dealt with immediately. This is very important, as he believes that staff input is very critical to the continued success of the company.
In fact, with communication being such a critical issue for him, staff is informed regularly about data to be publicised and any other issue that affects them and the company. With such a time consuming job, one is still surprised at the Managing Director's ability to maintain such a good relationship with his team, whom he speaks to on a first name basis.
CHARITABLE PROJECTS
He is also an avid believer in charitable projects, and as such finds the time to appropriate in the branches, departments and the company's Care-A-Bit Committee's many projects that contribute meaningful to the well-being of the communities in which the company operates.
"RBTT Group believes strongly in giving back to the community, so you'll find that whatever country we're in, we tend to get involved in the communities and become an integral part of people's lives," notes Mr. Sinanan.
While he may be a Trinidad by birth, Jamaica has adopted him, which is no surprise as he also speaks about the quality of life some Jamaicans to endure.
A graduate of the U.W.I., Harvard Business School and University of Western Ontario Senior Executive Programmes, Mr. Sinanan believes education is the key to the country's advancement, hence his commitment as an individual and part of the RBTT team to make a difference in people's lives so as to eventually lessen the gap between the "haves and the have nots."
Amrit Sinanan is a true visionary, determined to contribute to a Jamaica where violence and strife are replaced by the common love for mankind. His reserved nature, quick wit, dedication and keen business acumen have made him one of the top players in the banking sector in Jamaica. He has been a member of RBTT Group's Senior Executive Committee, Assets and Liabilities Committee and Nirvana Management Committee since 2001.
In March 2003, he was appointed to the board of Jamaica Promotions Corporations, JAMPRO whose mandate is to initiate and co-ordinate the development of plans, programmes and policies for the economic and financial development of Jamaica. As a Director, Mr. Sinanan represents both the local banking sector and the interests of investors from the Caribbean. He is a Director of RBTT International, parent company of RBTT Bank Jamaica Limited.
He is also the Chairman of the Trinidad Nitrogen Company, TRINGEN, a company that supplies natural gas, electricity and water to various agencies of the Government of Trinidad & Tobago.
Tringen's financial performance continues to be very strong with assets totalling approximately TT$830 million with consistently increased profitability over the years. Creating such an impact here and abroad, one cannot help but note that Amrit Sinanan, although a visionary, philanthropist, hard worker and the consummate professional is first and foremost a career banker with a proven track record of excellence, that will instil confidence in his team and his customers.
