Royal Bank of Trinidad and Tobago
The Royal Bank of Trinidad and Tobago (RBTT) was a commercial bank based in Trinidad and Tobago and one of the largest commercial banking corporations in the Caribbean region. As of 2008 RBTT Holdings had 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. History. 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 (e.g. 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. By 1986 RBC had divested itself of 53% of its shares in RBTT. Then in 1987 RBC divested itself of its remaining shares in RBTT, putting 100% of its shares in the hands of local shareholders, including 21% in the hands of bank employees. To propel future growth, the bank created the parent holding company known as the Royal Bank of Trinidad and Tobago, Limited for banking operations. In 1990 RBTT decided to transform The Royal Bank  of Trinidad and Tobago Limited into a full-fledged regional institution offering financial services across the Caribbean. On 22 April 2002 the bank celebrated its 100th anniversary and rebranded itself legally to the acronym form of the Royal Bank of Trinidad and Tobago or "RBTT". This led to a regional rebranding of all RBTT businesses of the financial group. Today, all commercial banking subsidiaries carry the RBTT brand in their official name. Stock market. The company was listed on the Trinidad and Tobago Stock Exchange (TTSE) under the symbol RBTT. RBTT shareholders are receiving both cash and RBC shares for  their stock in RBTT. RBC is considering listing depository receipts for RBC shares on the TTSE.