Royal Bank of Trinidad and Tobago
| Subsidiary | |
| Industry | Bank |
| Founded | Trinidad and Tobago |
| Headquarters | Port of Spain, Trinidad and Tobago |
| Products | Financial services |
| Parent |
Royal Bank of Canada (1910–1972; 2008–present) |
| Website | http://www.rbtt.com/ |
The Royal Bank of Trinidad and Tobago (RBTT) was one of the larger commercial banks of Trinidad and Tobago. As a subsidiary of RBTT Financial Holdings Limited, RBTT was one of the largest commercial banking corporations in the Caribbean region with 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 (Trinidad & Tobago) 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.
RBTT's history in Trinidad and Tobago began in 1902 when the Union Bank of Halifax, based in Nova Scotia, Canada, opened a branch in Port of Spain. Union Bank, like many other Canadian banks, was drawn to the West Indies by the flourishing trade between the Canadian Maritimes (i.e. Nova Scotia) with the wider West Indies region. In 1910 the Royal Bank of Canada (RBC) acquired the Union Bank. In time RBC expanded its operations from a single location to several different branches across Trinidad and Tobago.
In 1962, Trinidad and Tobago gained its independence from the United Kingdom. With several independent countries in the former British West Indies engaging in left-leaning policy experiments, seen by many as heading down the road towards socialism or "Communism", many Canadian banks were seeking to sever their ties in the Caribbean region so as to avoid having their operations nationalized.
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