RBTT's history in Trinidad and Tobago began in 1902 when the
Union Bank of Halifax, based in
Nova Scotia, Canada, opened a branch in
Port of Spain. Union Bank, like many other
Canadian banks, was drawn to the West Indies by the flourishing trade between the
Canadian Maritimes (e.g. Nova Scotia) with the wider
West Indies region. In 1910 the
Royal Bank of Canada (RBC) acquired the Union Bank. In time RBC expanded its operations from a single location to several different branches across Trinidad and Tobago. In 1962, Trinidad and Tobago gained its independence from the
United Kingdom. With several independent countries in the former
British West Indies engaging in left-leaning policy experiments, seen by many as heading down the road towards
socialism or "Communism", many Canadian banks were seeking to sever their ties in the Caribbean region so as to avoid having their operations nationalized. • 1972 RBC, at the urging of the local government, incorporated the
Royal Bank of Trinidad and Tobago (
RBTT) to take over its operations in the country. • 1985 RBTT formed
Caribbean Banking Corporation Limited (CBC), its first venture outside of Trinidad and Tobago, to acquire the branch operations of the Royal Bank of Canada in St. Vincent and the Grenadines. CBC was a 50/50 joint venture with the Neal & Massy Group. CBC is now
RBTT Bank Caribbean. By 1986, RBC had divested itself of 53% of its shares in RBTT. Then in 1987 RBC divested itself of its remaining shares in RBTT, putting 100% of its shares in the hands of local shareholders, including 21% in the hands of bank employees. To propel future growth, the bank created the parent holding company known as the
Royal Bank of Trinidad and Tobago, Limited for banking operations. In 1990, RBTT decided to transform The Royal Bank of Trinidad and Tobago Limited into a full-fledged regional institution offering financial services across the Caribbean. • 1991 CBC (now RBTT Bank Caribbean) established a branch at
Bequia, in the
Grenadines. • 1992 CBC established a branch in
Antigua. • 1993 CBC established itself in
Saint Lucia. • 1995 RBTT acquired
St. Maarten Commercial Bank and changed its name to
Antilles Banking Corporation (Sint Maarten). • 1996 RBTT, with the encouragement of the
Eastern Caribbean Central Bank, acquired a 94% interest in the
Nevis Corporative Bank, established in 1955, and changed its name to
Caribbean Banking Corporation (SKN). RBTT also acquired
Nevis Banking Company (est. 1955), and merged it into CBC (SKN). RBTT acquired the
McLaughlin Bank in
Curaçao, and changed the name to
Antilles Banking Corporation (Curaçao). • 1997 RBTT acquired a 50% interest in the
Grenada Bank of Commerce (est. 1983), which it has since increased to 62%. RBTT also acquired Neal & Massy’s 50% interest in CBC, making CBC a wholly owned subsidiary. This is now RBTT Bank Caribbean, with branches in St. Lucia, Antigua, St. Vincent, and Bequia, and owns RBTT Bank (SKN) in
Nevis and RBTT Bank
Grenada. • 1998 RBTT acquired the
First National Bank of Aruba, with two subsidiaries offering both onshore and offshore services. The bank also formed RBTT Financial Holdings Limited, a new holding company. • 1999 Antilles Banking Corporation acquired the operations of the
Chase Manhattan Bank in St. Maarten. RBTT restructured its ownership and
Grenada Bank of Commerce became a subsidiary of CBC. • 2000 RBTT acquired
FINSAC's 99.9% shareholding in
Union Bank of Jamaica . The bank changed its name to
RBTT Bank (Jamaica). Union Bank was the result of a merger of the business of four (4) FINSAC controlled commercial banks and their three (3) allied merchant banks, all seven of which sought Government intervention when faced with insolvency:
Citizens Bank;
Eagle Commercial Bank;
Island Victoria Bank;
Workers Savings & Loan Bank;
Citizens Merchant Bank;
Corporate Merchant Bank; and
Island Life Merchant Bank. • 2000 Antilles Banking Corporation (Curaçao) N.V acquired all of
ABN AMRO branches in Curaçao and
Bonaire. Antilles Banking Corporation (Sint Maarten) acquired the operations in
Sint Maarten. RBTT merged the operations of
ABN AMRO Netherlands Antilles and ABC and continued the combined business under the name
RBTT Bank Antilles. ABN AMRO held a minority of the shares in ABC for a maximum period of up to three years. ABN AMRO traced its origins in the Netherlands Antilles back to
Edwards, Henriquez & Co., established in 1856 in Curaçao, whose main activity was trade and sea transportation. • 2000
First National Bank of Aruba acquired ABN AMRO’s branches in Aruba. RBTT merged the banking activities of
ABN AMRO Aruba and
First National Bank of Aruba and continued the combined business under the name
RBTT Bank Aruba. First National Bank of Aruba also owned
Banco Nacional de Hipotecas, a licensed mortgage bank. • 2000 RBTT acquired all of ABN AMRO Bank’s branches in
Suriname through its wholly owned subsidiary
RBTT Bank (Suriname). On 22 April 2002, the bank celebrated its 100th anniversary and rebranded itself legally to the acronym form of the
Royal Bank of Trinidad and Tobago or "RBTT". This led to a regional rebranding of all RBTT businesses of the financial group. Today, all commercial banking subsidiaries carry the RBTT brand in their official name. • 2003 RBTT acquired Ernst & Young Trust Corporation in Barbados and renamed it RBTT Trust Corporation. • 2004 RBTT acquired Caribbean Commercial Bank in
Barbados. This is now RBTT Bank Barbados. • 2005 RBTT opened a representative office in
Costa Rica as the first step in a strategy of greater involvement in Central America. • 2007 RBC announced it would acquire RBTT, which would mark the return of RBC to Trinidad and Tobago after an absence of 20 years.[http://www.rbtt.com/applicationloader.asp?app=newsarticles&cmd=view&articleid=569 • 2008 RBTT shareholders voted in favour of the acquisition by the
Royal Bank of Canada; the transaction was completed in June 2008.
Stock market The company was listed on the
Trinidad and Tobago Stock Exchange (TTSE) under the symbol RBTT. RBTT shareholders are receiving both cash and RBC shares for their stock in RBTT. RBC is considering listing depository receipts for RBC shares on the TTSE. ==Subsidiaries and units==