Mr. Peter J. July, Group Chairman – RBTT Financial Holdings Ltd. announced the acquisition of Caribbean Commercial Bank (CCB) in Barbados, effective June 24, 2004. This latest addition follows the acquisition in July 2003 of RBTT Trust Corporation, an offshore bank and Trust company providing trusteeship and administrative services. Having published total assets of BDS$411 million as at year-end 2003, with interest and other income increasing by 14% to 28 million, CCB represents a first-class opportunity for RBTT, particularly with Barbados being recognised as a cornerstone in the region’s economic landscape.
RBTT’s initial introduction into the Barbados market was in 1998 when the Group was listed on the Barbados Stock Exchange. RBTT is also listed on the Jamaica Stock Exchange and the Trinidad & Tobago Stock Exchange where as at fiscal year-end March 31, 2004, it had a Market Capitalisation Value of TT$15.4 billion (US$2.4 billion)- the highest of the listed companies. RBTT’s most recently published financials reflect total assets of US$5.4 billion for the fiscal ended March 31, 2004. Earnings attributable to shareholders moved up from US$93 million to US$129 million, representing an improvement of 39% or US$36 million over the corresponding period last year.
