RBC Royal Bank does not “at this time” intend to close any branches, the company said in a full page ad published in the national press.
The ad, which first appeared on Sunday, features a joint statement by RBC Royal Bank’s chief executive officer for Caribbean Banking Suresh Sookoo and Trinidad and Tobago managing director Darryl White, said because of a tough economic climate and challenging market conditions in many parts of the Caribbean, the bank had been restructuring its business in recent months to improve its performance, service and competitiveness.
“Our goal is to ensure that RBC faces the future from a position of strength and stability in Trinidad and Tobago,” the ad said.
The ad follows several media reports over the past month that highlighted the bank’s staff downsizing and consolidation of certain divisions within others; its profit performances; and rumours of potential branch closings and a buy-out from global banking powerhouse HSBC.
“Restructuring always involves difficult decisions, particularly when our employees are impacted, and we are not taking this action lightly. We are supporting our employees; we will provide career and financial support for those unable to find other roles at RBC,” the bank said.
The bank said Trinidad is a high potential market, and it is committed to building on the legacy of the RBTT brand.
In 2008, the Royal Bank of Canada, that country’s largest financial institution, completed its $14 billion acquisition of RBTT Bank and all its Caribbean subsidiaries.
Earlier this month it was reported that RBC had sold its Jamaica holdings to Sagicor Jamaica.
The bank also laid off more than 20 employees from its former Business Development Unit, following previous layoffs last November.