RBTT makes another acquisition

RBTT Financial Holdings Limited recently acquired Ernst and Young Trust Corporation in Barbados. The acquisition which was made on July 31 marks the entry of RBTT into Barbados. RBTT, listed on the Barbados Stock Exchange since January 2, 1998, now adds an offshore banking and trust business to its otherwise complete portfolio of financial services throughout the Caribbean and Central America. Peter July, group chairman, RBTT Financial holdings said the bank’s strategic goal is to be the leader in the development and implementation of integrated financial services and this includes the development of its private wealth management portfolio. This coincides with Ernst and Young’s global policy of divesting itself of non-core business, and provided an excellent opportunity for RBTT to achieve its goal.

The trust corporation now known as RBTT Trust Corporation, is the largest of its type in Barbados with a wide range of clients from outside the Caribbean region. This adds an important international dimension to RBTT’s private client business and a new block of foreign funds under administration. The Barbados Central Bank and Ministry of Finance were extremely co-operative and facilitated the permissions and ownership very quickly. Towards its goal of enhancing shareholder value, RBTT will expand the business to its full potential in order to provide a better and more complete service to existing international private and corporate clients. With this acquisition, RBTT will be in a position to further leverage its ability to serve foreign owners and investors in the Caribbean.