Republic House, P.O. Box 1153, 9-17 Park Street, Port of Spain, Trinidad, West Indies.
1-868-625-4411
http://www.republictt.com
In the 1920's, expansion took on new dimensions through an association with Barclays Bank Limited of the United Kingdom. This provided Colonial Bank with access to Barclays' extensive branch network. Eventually, Colonial Bank became part of the financial institution known as Barclays Bank D.C.O. (Dominion, Colonial and Overseas).
With the rise of social consciousness in the 1970's, the call for localisation of foreign businesses in Trinidad and Tobago led to the formation of Barclays Bank of Trinidad and Tobago Limited. By 1977 majority shareholding passed into local hands. This precipitated, in 1981, another change in the Bank's name to Republic Bank Limited, signifying the Bank's status as a truly national bank.
In 1992, Republic Bank commenced a strategy of expansion by acquisition. In that year, Republic Bank Trinidad and Tobago (Cayman) Limited, a wholly owned offshore bank with registered offices in the Cayman Islands, was established. In April 2006, the Bank acquired the operations of Dextra Bank and Trust Company through the Bank’s subsidiary, Republic Bank (Cayman) Limited.
Also in 1992, Republic purchased a 51% shareholding in the National Commercial Bank of Grenada Limited a commercial banking operation with nine branches on the islands of Grenada, Carriacou and Petite Martinique. On April 10, 2006, The National Commercial Bank of Grenada was re-branded to Republic Bank (Grenada) Limited. At September 30, 2009, Grenada’ capital base stood at US$33.2 million, and asset base at US$272.4 million.
In 1994, Republic continued its expansion thrust with the purchase of 23 percent shareholding in another local bank, the Bank of Commerce Trinidad and Tobago Limited, and a 20% shareholding in Canadian Imperial Bank of Commerce (West Indies) Holdings Limited. The latter investment afforded Republic Bank Limited valuable linkages with the holding company's branches in the Caribbean islands of Barbados, St.Vincent, Antigua and Barbuda, St. Lucia and Jamaica.
At the beginning of 1996, Republic bought another 31.14 per cent of Bank of Commerce, taking the shareholdership up to 51.14 per cent, making Bank of Commerce a subsidiary of Republic Bank. In February 1997, the purchase of approximately 10.9 million stock units, allowed the Bank to now secure 95.3% of the share capital issued by Bank of Commerce.
Towards the end of 1997, Republic acquired a 51% shareholding in National Bank of Industry and Commerce Limited (NBIC) the largest commercial bank in Guyana.
In 1998, Republic set up an offshore insurance domiciled in the Cayman Islands with the primary purpose of covering some of the insurable risk of the Republic Group.
In 1999, another offshore bank was established, this time domiciled in Barbados to take full advantage of offshore banking opportunities in the Eastern Caribbean.
The Bank’s expansion thrust also extended to the Spanish speaking Caribbean with the establishment of a representative office in Cuba in May 2002. In 2003, Republic acquired 65.1% of the Barbados National Bank (BNB). In late 2003, Republic also finalised the acquisition of Banco Mercantile in the Dominican Republic, which has since been re- branded Republic Bank (D.R.) S.A. This was the first of Republic Bank’s overseas subsidiaries to fully adopt the Republic Bank corporate identity. Subsequently in February 2007, the Board of Directors approved a plan to dispose of banking assets and liabilities of Republic Bank Limited (DR). S.A and then for its dissolution. Following a competitive bidding process, which was concluded in July 2007, Banco BHD, a locally incorporated Bank in the Dominican Republic, was selected as the preferred subject to the approval of the Monetary Board.
Also in 2003, our subsidiary, National Bank of Industry and Commerce Limited (NBIC) purchased the operations of Guyana National Co-operative Bank (GNCB). In July 2003, the Bank acquired a 57% majority shareholding in Barbados National Bank Inc. On June 2, 2006, National Bank of Industry and Commerce Ltd, was re-branded to Republic Bank (Guyana) Limited. The shareholding increased to 65.1 % in October, 2003. At September 30, 2009 , BNB’s capital base stood at US$16.3million and asset base at US $1.2 billion.
In December 2003, the Bank purchased a 20% shareholding stake in the East Caribbean Financial holding Company Limited (ECFH), the Parent Company- the Bank of St. Lucia Limited. The Bank is one of the few regional banks providing development-banking services to assist in the development of the productive and social sectors of St. Lucia
On June 25, 2008, at a listing ceremony in Grenada, Republic Bank (Grenada) Limited became the first Grenadian corporation to list its shares on the Eastern Caribbean Securities Exchange (ECSE).
One of the largest and most successful indigenous banks in the English-speaking Caribbean, Republic Bank serves retail banking customers, corporate clients and governments throughout the Caribbean. It is the parent company of the Republic Bank Group. Today, the Republic Bank Group employs 4,087 staff members in the Caribbean countries of Trinidad and Tobago, Grenada, Guyana, Barbados and the Cayman Islands. With Trinidad and Tobago being the Bank’s largest market.
As at the financial year ending September 30, 2009, the Group’s total asset base stood at US$6.8 billion and earned new profit after tax and minority interest of US$150.8 million. Since 1994, the Group’s asset base increased from US$929 million to US$6.8 billion and its profit after tax has increased from US$10 million to US$150.8 million.
Republic Bank is the largest credit card operator in Trinidad and Tobago. With assets under management of over US$4.1 billion. The Bank’s Trust and Asset Management Division is the most experienced in the country. Its banking services reach the length and breadth of Trinidad and Tobago, with 40 branches and 112 ABM’s, as well as state of the art internet and telephone banking, which allow customers to conduct their business 24/7 from any part of the world.
As the leading independent bank in the Caribbean, Republic Bank is aware of the pressing need to invest in the region’s business sector and of the need to stimulate growth in the Small and Medium Enterprise (SME) sector. With a well established branch network and the reputation as the premier bank in Trinidad and Tobago, Republic Bank Limited has expanded its operations beyond its home base.
The Group’s overall performance bears testimony to a strong focus on its core banking competencies, its emphasis on the varied needs of its diverse customer base and its strengths in executing the basic elements of its corporate strategy.
In November 2003, Republic Bank Limited launched its ground breaking social investment programme the Power to Make a Difference. Since then, the bank has committed a total of TT$152 million (US$24.13 million) over a 10 year period towards social development activities in Trinidad and Tobago, targeting specifically the elderly, sick, differently-abled and at-risk youth as well as, providing educational and sporting opportunities for the empowerment of young people.
Republic Bank recognizes that the best way to fight societal ills is to invest in building the intellectual capacity of the people in diverse communities. It is for this reason that the Bank focuses its social investment on building successful communities.
For over 170 years, Republic Bank has worked hand-in-hand with the communities it serves. This hard work, in turn, has birthed the belief in the power of holistic corporate social responsibility. Quite simply, the Bank believes that, as individuals, we are the foundation of a community, so too are communities the foundation of a country.
A guiding part of Republic Bank’s social investment agenda revolves around the philosophy that a nation can only truly be empowered when its communities are strong, vibrant and highly motivated.
