RBC Financial (Caribbean) yesterday officially launched its $35 million London Street Operations Centre for the bank's Southern Caribbean markets.
The unit will provide services covering credit administration, collateral and credit processing, statement processing as well as other item processing services across 20 countries, including Trinidad and Tobago, Suriname, and the Dutch Caribbean.
"With improved processes, this new centre is a critical support base for our expanding Personal Banking and Business Banking units across the Southern Caribbean and eventually, the entire Caribbean," RBC Caribbean chief executive Suresh Sookoo said.
The unit accommodates 400 employees and has been operational since about May, but was officially unveiled yesterday at a ceremony featuring Finance Minister Larry Howai, Trade Minister Vasant Bharath and chairman of the International Financial Centre Franco Sui Chong.
The ministers and Sui Chong welcomed the establishment of the centre, especially as the Government tries to increase investment in the financial services industry, one of its key diversification sectors — as a means of absorbing many of the skilled workers in the sector, while providing high-paying jobs.
This is the second announcement by a major commercial bank to make Trinidad the regional base for data and service processing. In August, another Canadian-based bank, Scotiabank, signed a memorandum of understanding for a $100 million investment to set up its regional service processing centre in Chaguanas. —Carla Bridglal