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 billion US dollars in assets.
Republic Bank (Suriname) N.V. will begin operations tomorrow, 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.”
This latest acquisition brings the Republic Bank Group’s strategic expansion to nine territories. The others are Barbados, Cayman Islands, Cuba, St Lucia, Trinidad and Tobago, Grenada, Guyana and, more recently, Ghana.
Courtesy: Caribbean 360