Union Bank of Jamaica

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Union Bank of Jamaica in Jamaica was the result of a merger in 2000 of the business of four FINSAC controlled commercial banks and their three allied merchant banks, all seven of which sought Government intervention when faced with insolvency: Citizens Bank; Eagle Commercial Bank; Island Victoria Bank; Workers Savings & Loan Bank; Citizens Merchant Bank; Corporate Merchant Bank; and Island Life Merchant Bank. Citizens Bank had started in 1967 as Jamaica Citizens Bank, the first Jamaican-owned bank. The US bank, Citizens and Southern had taken a 49% stake, and local interests owned 51%. At some point Citizens & Southern was forced to sell its shares to local interests. Eagle Commercial Bank had been established in 1968, and Island Victoria Bank in 1993.

Jamaica Country in the Caribbean

Jamaica is an island country situated in the Caribbean Sea. Spanning 10,990 square kilometres (4,240 sq mi) in area, it is the third-largest island of the Greater Antilles and the fourth-largest island country in the Caribbean. Jamaica lies about 145 kilometres (90 mi) south of Cuba, and 191 kilometres (119 mi) west of Hispaniola.

In 2001, Royal Bank of Trinidad and Tobago bought Union Bank of Jamaica. [1]

The Royal Bank of Trinidad and Tobago (RBTT) was a commercial bank based in Trinidad and Tobago and one of the largest commercial banking corporations in the Caribbean region. As of 2008 RBTT Holdings had a group asset base of over US$6.2 billion dollars. The RBTT group of companies operated several commercial banking businesses in other neighbouring islands, as well as various investment holdings in various parts of the Trinidad and Tobago economy. On 26 March 2008, RBTT Shareholders voted 98.18 percent in favour of selling the bank to the Royal Bank of Canada (RBC), who previously had divested the bank in 1987. On 16 June 2008, RBC completed the acquisition. RBTT Financial Holdings Limited and RBC Holdings Limited, a subsidiary of RBC, will amalgamate and continue as a wholly owned indirect subsidiary of RBC. The head office of the Caribbean operations for RBC will be located at Port of Spain, the capital of Trinidad and Tobago, and the site of RBTT's headquarters.

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References

  1. McPherse Thompson (June 10, 2011). "RBTT Brand to Disappear From Jamaica After A Decade". The Gleaner. Retrieved December 10, 2015.