RBC Buys Island Bank

Published: Wednesday, 10/03/2007 12:00 am EDT

The Royal Bank of Canada confirmed yesterday that it will purchase Trinidad and Tobago bank RBTT Financial Holdings Ltd. in a cash-and-stock deal worth $2.2-billion (US). RBC will blend its Caribbean banking operations with RBTT, based in Port of Spain, expanding RBC's Caribbean presence to 18 countries and territories. RBTT's board has approved the deal, which could see a combined bank with more than $13.7-billion (U.S.) in assets, more than 6,900 employees, and 1.6 million clients.

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