MAJOR CHANGES are in store for Union Bank of Jamaica (UBJ), following its acquisition by the Royal Bank of Trinidad and Tobago (RBTT) Financial Group.
The Trinidad and Tobago based RBTT plans to operate UBJ as an independent subsidiary, while at the same time taking steps to integrate its operations into that of the parent company, said Amrit Sinanan, managing director and chief executive of the newly acquired entity.
He was speaking Thursday at a press briefing held by RBTT at the Le Meridien Jamaica Pegasus Hotel in New Kingston.
"You will see some changes. They will start from around April 15," Mr. Sinanan said.
One of the most basic changes is that the name Union Bank will be changed to RBTT Bank of Jamaica Limited. The acquired legal proceedings, along with new stationery and new signs could take a few months, but the process has already started, Mr. Sinanan said.
RBTT Bank of Jamaica Limited would be a wholly owned subsidiary of the Trinidad parent company, Mr. Sinanan explained. It would operate separately, with its own managing director and Board of directors.
"We have already done some preliminary work on expanding the range of products and on the lending side," Mr. Sinanan said. These changes would be phased in gradually.
The Union Bank staff would have a whole new range of opportunities open to them. "A member of Union Bank in Jamaica is subject to the same opportunities for transfers as any other member of the group," said RBTT Group chairman, Peter July. "Opportunity is given to members of staff to move around the region for experience," he added.
Some Trinidadians and nationals from other countries would be brought into Union Bank to help integrate it with the rest of the RBTT Group. But Jamaicans would also have the opportunity to work in the Group in other parts of the region, Mr. July said.
Training opportunities would also be available at the RBTT-owned Royal Bank Institute of Business and Technology in Trinidad. The Institute is the main training centre for the RBTT Group.
"We would purposely look to rotate people around to give them the opportunity to become well rounded bankers," Mr. July said. "A banker cannot be well rounded if he stays in one place and just moves in one environment," he said. RBTT, with assets of US$2.3 billion, operates in 10 Caribbean territories and has a staff of just over 3,000. The Trinidad-based organisation took over Union Bank on March 20 at a purchase price of J$1.6 billion.
Minister of Finance, Dr. Omar Davies, said the RBTT acquisition was a "major new investment signal." He added that along with other major new investments in the island, this was a "powerful signal" of confidence in the country.
The Union Bank acquisition "is a fairly significant investment for us," Mr. Sinanan said. "From what we have seen in the market place here, we expect that we will be competitive," he added.
