RBTT acquires the operations of ABN AMRO Bank in Aruba

July

CHAIRMAN of Royal Bank of Trinidad and Tobago (RBTT), Peter July, has announced the acquisition of all the assets and liabilities of the banking operations of ABN AMRO Bank N.V in Aruba by RBTT Financial Holdings Limited. A Sale and Purchase Agreement was signed on June 15 and the transaction was concluded on October 8.

ABN AMRO is a leading international banking group, headquartered in Amsterdam, Holland, and for strategic reasons, is now divesting itself of its operations in the Caribbean. The RBTT Group acquired the ABN

AMRO banking operations in Suriname in December 2000. That acquisition was the precursor to this current transaction, and to the proposed acquisition of the ABN AMRO onshore banking operations in Curacao, and its onshore and offshore banking operations in Bonaire and St. Maarten, by the RBTT Group, which is scheduled for completion on November 5.

This acquisition will result in the expansion of the market share in Aruba of the RBTT Group from 10 per cent to 27 per cent and will generate increased efficiencies via technological and other strategies being implemented throughout the Group.

The acquisition was made via First National Bank of Aruba N.V (FIRST), the 100 per cent subsidiary of ABC Holdings N.V, the Group's Holding Company in the Dutch jurisdictions. Consistent with the Groups re-branding strategy, the combined operations of First National Bank and ABN AMRO will now be carried out under the name RBTT Bank Aruba N.V.

The consideration paid by the RBTT Group is US$22.55 million. The value of the assets acquired is approximately US$178 million.

The acquisition of the banking business of ABN AMRO in Aruba, and the proposed acquisition of the banking business of ABN AMRO in Curacao, Bonaire and St. Maarten by the RBTT Group, is consistent with its strategic objectives of profitable expansion in selected regional markets.

RBTT is becoming the region's largest and leading banking and financial provider with a network of over 70 branches located in Trinidad and Tobago, Jamaica, Suriname, St. Lucia, St. Vincent, Bequia, Antigua, Nevis, Curacao and Bonaire, St. Maarten and Saba, and Aruba. This year, the bank became the parent company of RBTT Union Bank of Jamaica.

RBTT is listed on the Trinidad and Tobago Stock Exchange, the Stock Exchange of Barbados, and listing on the Jamaican Stock Exchange is scheduled for later this year.

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