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RBC promises 'familiar' service

Published:Wednesday | July 13, 2011 | 12:00 AM
Suresh Sookoo (left), CEO, Caribbean Banking, Royal Bank of Canada, in discussion with Minna Israel (right), president and country head of RBC Royal Bank Jamaica, and Byron Clarke, chief operating officer, after the ceremonial rebranding of RBTT to RBC Royal Bank, at the bank's corporate headquarters at 17 Dominica Drive in New Kingston on Monday, July 11. - Rudolph Brown/Photographer

Suresh Sookoo, chief executive officer of Caribbean Banking, Royal Bank of Canada, said Monday that the absorption of RBTT into the larger international financial services network that RBC operates would not be at the expense of what he described as comforting familiarities.

"I want to emphasise, however, that your relationships with local management and branch staff will go largely unchanged," Sukoo said.

Sookoo, who ran RBTT Financial Group up to 2008 when it was acquired by Royal Bank of Canada, said RBTT has made great strides since it entered the Jamaican market on the heels of the meltdown of the financial sector when it acquired Union Bank, the combined operations of four failed institutions - Island Victoria, Eagle Commercial, Citizens Bank and Workers Bank - in 2001. Those strides, he said, were "necessary for sustainability amidst the economic instability that has been playing a prominent role on the global financial stage for far longer than we all care to admit."

By combining "our Caribbean-ness with the strength of an international organisation", he said, RBC Royal Bank would put its global and regional strengths to work for stakeholders "as we strive to fulfil our strategic ambition to become the undisputed financial services leader in Caribbean markets we serve."

Sookoo emphasised that "with one brand, single leadership and a totally unified operation in the Caribbean, we are definitely well set to do just that."

Minna Israel, president and country head for RBC Royal Bank Jamaica, noting that the rebranding had long been anticipated locally, said it signalled "our confidence in the future and demonstrates the strength, heritage and stability of RBC to all our stakeholders and our continued commitment to our clients and the Jamaica banking sector."

Royal Bank of Canada is among the 20 largest banks globally, and top in its home country, with market capitalisation of US$86 billion.

RBC Caribbean, with combined assets of TT$74 billion at financial year ended October 2010, now has a presence in 19 countries in the region, with 125 branches and close to 7,000 employees serving more than 1.6 million clients.

mcpherse.thompson@gleanerjm.com