Hot on the heels of an agreement to sell RBC Royal Bank (Suriname) N.V. (“RBC Suriname”), to Republic Bank in Trinidad, word reaching IC Insider is that Royal Bank’s operations in the Cayman Island is being sold.
The bank’s website shows three branches in that territory. IC Insider’s source informs us that Michael Lee Chin, Chairman of National Commercial Bank has been seen on the island frequently in recent times, but a comment from National Commercial Bank’s Cayman representative was numb when asked if his bank is buying the RBC operations, but there was no denial suggesting, strongly that NCB is a potential candidate.
RBC Canada stated when they announced the sale of the Suriname bank that “As we continue to focus our Caribbean operations on markets in which we can be a leading competitor for the long-term, we have made the decision to sell RBC Suriname to Republic Bank Limited,” said Kirk Dudtschak, executive vice-president and head, RBC Caribbean Banking. “This transaction supports the successful repositioning of our Caribbean business for the future and allows us to focus on markets where we can strengthen our operational capabilities and where we see opportunities for growth.”
Last year RBC sold the Jamaican operations to Sagicor Group after the entity lost billion of dollars and showed no sign of a turn around.