Suriname bank with half billion US dollars in assets acquired by Trinidad’s Republic Bank

August 03, 2015 3:28 PM
PORT OF SPAIN, Trinidad - Republic Bank Limited has welcomed a new territory into the fold of the expanding financial group, with the acquisition of a Surinamese bank with just over half a billion US dollars in assets.
 
Republic Bank (Suriname) N.V. will begin operations today, following the Trinidad and Tobago financial institution’s acquisition of RBC Royal Bank (Suriname) N.V. from RBC Financial (Caribbean) Limited, through the purchase of Royal Overseas Holdings (St. Lucia) Limited. The transaction closed last Friday.
 
The Suriname bank has a network of five branches in the capital of Paramaribo and one in Nickerie, and assets of approximately US $525 million, as at October 31, 2014.
 
“We’re very excited about the opportunity to be part of the future development of Suriname and intend to hold true to our tradition of adding value to the countries in which we operate, both on a commercial and community level,” Managing Director of Republic Bank, David Dulal-Whiteway said.
 
“Undoubtedly, at our core is a culture of providing excellent, innovative customer service. We believe in organic growth and have a well-established institutional track record of successfully entering new territories, ensuring compliance and integrity, while investing in technology and the development of the country’s human resource capabilities.”
 
The group’s regional corporate social investment programme, The Power To Make A Difference, focuses on strategically building successful societies through poverty alleviation, health care and youth development in the areas of sport, culture and education. The group has already begun to look for new opportunities in Suriname, the bank said.
 
Gloria Anthony, The group’s regional corporate social investment programme, The Power To Make A Difference, focuses on strategically building successful societies through poverty alleviation, health care and youth development in the areas of sport, culture and education. The group has already begun to look for new opportunities in Suriname, the bank said.
 
Gloria Anthony, Republic Bank's general manager of commercial and retail banking has been appointed as the managing director of the Suriname subsidiary.general manager of commercial and retail banking has been appointed as the managing director of the Suriname subsidiary.
 
This latest acquisition brings the Republic Bank Group’s strategic expansion to nine territories. The others are Barbados, the Cayman Islands, Cuba, St. Lucia, Trinidad and Tobago, Grenada, Guyana and, more recently, Ghana. 

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