By Lesroy W. Williams Observer Reporter
” (Frigate Bay, St. Kitts) ” The gloom, doom and panic of Wall Street has not reached everywhere, at least not yet. At least one bank is celebrating its expansion. “RBTT Bank Caribbean Ltd recently marked the opening of their branch in St Kitts with a special reception at the St. Kitts Marriott Resort. Dignitaries, government officials, members of the diplomatic corps and business leaders gathered for the auspicious event in the Marriott Ballroom on Sept. 27. The Governor General, His Excellency Sir Cuthbert Sebastian, the Deputy Governor General, His Honor, Mr. Eustace John and Mrs. John, Acting Prime Minister, the Hon. Sam Terrence Condor and Mrs. Condor, Speaker of the National Assembly, the Hon. Curtis Martin, Resident Puisne Judge, His Lordship Justice Francis Belle, Governor of the Eastern Caribbean Central Bank, Sir Dwight Venner, Deputy Governor of the Eastern Caribbean Central Bank, Mr. Trevor Braithwaite, Resident Judge in Nevis, Lady Ianthea Leigertwood-Octave, were in attendance for the event.”” RBTT Bank Caribbean Ltd opened their doors to the public in St. Kitts on August 11, 2008. Since then the bank has been offering a range of banking services to the people of St. Kitts. Country Manager of RBTT Bank in St. Kitts and Nevis, Mrs. Corliss Charles-Sutton, gave welcoming remarks. “At the TDC Mall, we are strategically and conveniently located in the heart of the commercial district and are, therefore, well-positioned to make our mark,” Mrs. Charles-Sutton said. “I know most of you would have already availed yourselves of the many services on offer at the centre, since we opened our doors on August 11. As RBTT has been doing in Nevis since 1996, at our new location, we aim to meet the needs of both corporate and individual clients by providing loan, new account, deposit, mortgage, and credit card services,” she said. Mrs. Charles-Sutton mentioned that on June 16, the Royal Bank of Canada completed the acquisition of RBTT. “Many of you may already be familiar with the lion, as RBC has been in St. Kitts since 1915 and serves customers through two branches in Basseterre,” Mrs. Charles-Sutton said. “The establishment of this centre is in keeping with the growth plans for the RBC/RBTT Caribbean network. You will find that, combined, RBTT and RBC have enhanced resources and the global clout that can help position St. Kitts/Nevis as a financial centre,” she said. “The integration of RBC and RBTT is currently underway and is expected to take between two to three years to complete. During this integration period, RBC and RBTT will continue to operate as separate entities. Once the two companies are fully integrated, the RBTT Business Banking Centre will serve as the Mortgage and Business Banking Centre for both RBC and RBTT’s clients in St. Kitts. RBC’s existing branches will then serve retail clients of both banks,” she added. She said that RBC and RBTT continue to work towards full integration. “I thank you all for making the time to celebrate with us this evening, and I look forward to working with you to achieve your financial objectives and, by extension, advance the development of St. Kitts/Nevis,” Mrs. Charles-Sutton said. Sir Dwight Venner gave special remarks and situated the banking business in the current climate of the collapse of Wall Street. “We meet in very interesting times as we witness the virtual unraveling of the largest and most sophisticated financial system in the international community. Not since the Great Depression has there been such a crisis in the American financial system. The impact on the international financial system is already apparent in the slowing of the global economy,” Sir Dwight said. “The lessons to be learnt from this episode of financial instability are going to be fundamental and the impact is going to be felt for a very long time to come,” he said. He said that this financial crisis comes at a time when there is also an energy crisis, a food crisis and the coming looming spectacle of the negative impact of climate change on our civilization. “What does all this mean for us in the Caribbean?” Sir Dwight asked. “Clearly, we cannot stop the world so we could get off. We have to be resolute to sum up the discipline, stamina and courage in order to make a meaningful contribution to these global problems,” Sir Dwight said. This means among other things, an objective examination of our current circumstances and the optimism and faith in our ability to create a viable future, he said. He added that the opening of the RBTT Banking Center may be described as an expression of confidence in the prospects of St. Kitts and the Eastern Caribbean Currency Union. The Eastern Caribbean Central Bank has collaborated with government and other banks for 32 years in order to maintain the stability of the EC dollar, he mentioned. “The evolution of the financial system in the Eastern Caribbean Currency Union has been carefully thought through and strategically implemented to ensure that it is safe, sound and appropriately innovative given our particular circumstances,” Sir Dwight said. Jokingly, Sir Dwight said that RBTT stands for the Right Bank for Today and Tomorrow. Head of the Eastern Caribbean RBTT Bank Limited, Mr. M.A. Robert de Silva, gave the closing remarks. Mr. de Silva said that RBTT’s first branch in St. Kitts and Nevis comes at a time when they have joined forces with the fifth largest bank in North America. “The opening of this centre is tangible evidence of the growth plans that are at the core of RBC’s acquisition of RBTT. The Caribbean is a key component of RBC’s international growth strategy, and developments like the establishment of this centre gives credence to that strategy,” Mr. de Silva said. When the transition is complete, RBC/RBTT will become the fourth largest bank in the Caribbean and the second largest in the English-speaking Caribbean, he said. Mr. de Silva said that RBC is committed to strengthening community connections. RBC President and CEO, Gordon Nixon, announced plans to establish a Caribbean Children’s Cancer Fund with a US$1 million contribution and a US$100,000 pledge to fund a three-year computer skills programme that will benefit youth across the Eastern Caribbean, Mr. de Silva said. He said that they propose to launch the computer skills programme as a pilot in St. Kitts and Nevis.”””””
