Bank sold for US$2.2 billion.(TRINIDAD & TOBAGO)

0 Comments | Caribbean Update, May, 2008

Local Royal Bank of Trinidad & Tobago (RBTT) has been sold to the Royal Bank of Canada. The deal was sealed as a large group of smaller shareholders voted against the sale, reports Caribbean Net News (March 28, 2008). The sale ended months of speculation about the future of RBTT. The price offered to shareholders is worth TT$13.8 billion (US$2.2 billion).

Final vote count results showed that shareholders had voted 98.18% in favor of the sale. Scores of protestors, led by the country's Federation of Independent Trade Unions (FITUN), attempted to block the sale but were unsuccessful.