RBTT Head addresses AMCHAM Luncheon at the Ritz Carlton

RBTT Bank Jamaica Limited was one of the main sponsors of AMCHAM's 20th Anniversary Speakers' Forum Luncheon on July 12 at the Ritz Carlton Golf and Spa Resort in Montego Bay. The function at which U. S. Ambassador, H. E. Brenda LaGrange Johnson was keynote speaker, was also addressed by RBTT's Managing Director, Rodney Prasad. Please see below the text of Mr. Prasad's address:

"UNITED STATES AMBASSADOR, YOUR EXCELLENCY BRENDA LA GRANGE - JOHNSON, PRESIDENT OF THE AMERCICAN CHAMBER OF COMMERCE, AUDREY MARKS, EXECUTIVE DIRECTOR, BECKY STOCKHAUSEN; MEMBERS OF AMCHAM; REPRESENTATIVES FROM THE MONTEGO BAY BUSINESS COMMUNITY; MEMBERS OF THE MEDIA; DISTINGUISHED GUESTS; LADIES AND GENTLEMEN...

LET ME FIRST OF ALL SAY HOW VERY DELIGHTED I AM TO BE PRESENT AMONG YOU AT THIS VERY SPECIAL OCCASION, THE TWENTIETH ANNIVERSARY SPEAKERS’ FORUM LUNCHEON OF THE AMERICAN CHAMBER OF COMMERCE. I THANK THE PRESIDENT OF THE AMERICAN CHAMBER OF COMMERCE (AMCHAM), MS. AUDREY MARKS AND ITS EXECUTIVE DIRECTOR, MS. BECKY STOCKHAUSEN FOR THE KIND INVITATION EXTENDED TO RBTT BANK TO SPONSER THE FUNCTION THIS AFTERNOON, AND FOR THE OPPORTUNITY GIVEN TO ME TO SAY A FEW WORDS TO SUCH A DISTINGUISHED GATHERING.

IF I MAY, I WILL TAKE THIS OPPORTUNITY TO BRIEFLY INTRODUCE MYSELF TO YOU. I AM THE MANAGING DIRECTOR OF RBTT BANK JAMAICA LIMITED, HAVING EFFECTIVELY TAKEN UP MY APPOINTMENT IN JANUARY OF THIS YEAR. PRIOR TO COMING TO JAMAICA, I WAS THE HEAD OF RBTT’S OPERATIONS IN THE DUTCH CARIBBEAN. THE DUTCH CARIBBEAN CONSISTS FOR US THE NETHERLANDS ANTILLES, CONSISTS OF THE ISLANDS OF CURAÇAO, ST. MAARTEN, BONAIRE AND SABA. IT ALSO INCLUDES ARUBA WHICH ENJOYS ITS OWN SPECIAL STATUS WITH THE KINGDOM OF HOLLAND, AND THE FORMER DUTCH COLONY, NOW AND INDEPENDENT STATE, SURINAME, ON THE SOUTH AMERICAN MAINLAND. I WAS IN CHARGE OF THE OPERATIONS FOR FOUR YEARS AFTER OUR GROUP PURCHASED THE BANKING ASSETS IN THOSE COUNTRIES FROM THE DUTCH INTERNATION BANK, ARN AMRO BANK, IN THE CASE OF SURINAME IN DECEMBER 2000, AND THE CASE OF THE NETHERLANDS ANTILLES AND ARUBA IN OCTOBER/NOVERBER 2001.

I AM NOT ENTIRELY NEW TO JAMAICA. I WAS A MEMBER OF THE SMALL TEAM THAT NEGOTIATED THE PURCHASE OF UNION BANK LIMITED, THE PREDECESSOR BANK OF RBTT BANK JAMAICA LIMITED, WHICH WAS CONCLUDED IN MARCH 2001. UNION BANK JAMAICA LIMITED WAS ITSELF A CONGLOMERATION OF FOUR (4) BANKS WHICH HAD BEEN UNDER THE ACTIVE MANAGEMENT OF THE FINANCIAL SECTOR ADJUSTMENT COMPANY (FINSAC).

TODAY, RBTT BANK IS VERY DIFFERENT FROM THE ENTITY, UNION BANK LIMITED PURCHASED IN MARCH 2001. IN THE FIVE (5) SHORT YEARS SINCE THEN, NOT ONLY HAS THE NAME CHANGED, BUT SO HAS ALMOST EVERTHING ELSE. THE BANK HAS FULLY INTEGRATED, AND HAS BEEN TRANSFORMED ITSELF INTO A VIBRANT, PROGRESSIVE AND DYNAMIC FINANCIAL INSTITUTION. THROUGH VERY DELIBERATE STRATEGIES, LOTS OF HARD WORK INNOVATION, AND SOME BLOOD SWEAT AND TEARS, IT HAS BECOME A MAJOR COMPETITOR AND AN ATTRACTIVE ALTERNATIVE AS A FINANCIAL SERVICES PROVIDER IN THE JAMAICA MARKET.

OUR CUSTOMERS AND THE BUSINESS COMMUNITY HERE IN MONTEGO BAY HAVE NOT BEEN SHORT OR SILENT IN THEIR EXPRESSIONS OF GOODWILL AND SUPPORT FOR OUR BANK, AND I TAKE THIS OPPORTUNITY, ON THIS MY FIRST PUBLIC APPEARANCE HERE IN MONTEGO BAY, SINCE MY APPOINTMENT, TO PUBLICLY THANK THEM FOR THEIR LOYALITY TO THE BNANK. MONTEGO BAY IS AN IMPORTANT MARKET FOR RBTT BANK JAMAICA AND EVIDENCE OF THIS MAY BE FOUND IN OUR DECISION TO ESTABLISH A SECOND BRANCH AT THE FAIRVIEW MALL HERE IN THE CITY. AT A HIGH LEVEL, THIS NEW BRANCH IS DEMONSTRATION OF OUR STRONG FAITH AND CONFIDENCE IN THE MONTEGO BAY COMMUNITY, AND, INDEED, IN JAMAICA ITSELF. AT ANOTHER LEVEL, IT ENHANCES OUR DELIVERY CAPABILITY AND CAPACITY TO BETTER SERVE OUR CUSTOMERS AND THE BUSINESS SECTOR, AND INDIRECTLY SUPPORTS THEIR OWN GOALS FOR THE DEVELOPMENT AND IMPROVEMENT TO THIS PART OF JAMAICA.

AS I REFLECT, WITH SATISFACTION, ON OUR BANK’S PROGRESS OVER THE LAST FIVE YEARS, IT IS IMPORTANT FOR ME TO STATE THAT I AM EQUALLY HAPPY OVER THE VERY SIGNIFCANT IMPROVEMENT IN THE STABILITY AND STRENGTH OF THE COMMERCIAL BANKING SECTOR OF JAMAICA. THOSE OF YOU WHO REVIEW THE COMMERCIAL BANKING STATISTICS PUBLISHED BY THE BANK OF JAMAICA WILL NOTE THAT THE STATISTICS OVER THE LAST FIVE YEARS DISCLOSED A REMARKABLE TURN AROUND IN THE PERFORMANCE OF THE COMMERCIAL BANKING SECTOR IN JAMAICA FOLLOWING THE MELTDOWN PERIOD IN THE LATE 1990s. THE STATISTICS REVEAL CONSTANT GROWTH IN ASSETS AND MORESO PRODUCTIVE ASSETS, AND CONTINUOUS IMPROVEMENT IN PROFITABILITY AND IN ASSET QUALITY.

THIS IS A MOST WELCOME DEVELOPMENT. IN THIS REGARD, IT IS IMPORTANT TO RECOGNISE THE ROLE OF THE BANK OF JAMAICA AS THE REGULATOR OF THE COMMERCIAL BANKING SECTOR. THERE IS NO DOUBT IN MY MIND THAT THE SUPERVISORY CAPABILITY AND EFFECTIVENESS OF THE BANK OF JAMAICA IS CLOSE TO, IF NOT AT, FIRST WORLD STANDARDS. THIS DEVELOPMENT CAN ONLY REDOUND TO THE BENEFIT OF THE COMMERCIAL BANKING SECTOR ITSELF, ITS CUSTOMERS AND TO COUNTRY AS A WHOLE. WE AT RBTT ARE PROUD TO HAVE BEEN A PARTICIPANT IN THAT IMPORTANT RE-CONSTRUCTIVE PROCESS

ALLOW ME TO SHARE ANOTHER THOUGHT WITH YOU ON A VERY TOPICAL SUBJECT. THE CARICOM SINGLE MARKET AND ECONOMY (CSME), IS A VERY FASHIONABLE SUBJECT AT THESE TIMES. ALMOST EVERYONE IS SPEAKING ABOUT IT, HEADS OF GOVERNMENT, ACADEMICS, BUSINESS PEOPLE, JOURNALISTS, AND NOT UNNATURALLY, OPINIONS ARE VERY DIFFERENT AND OFTEN CONFLICTING. AT A CONFERENCE HOSTED IN BARBADOS BY THE CARICOM SECRETARIAT, ON JUNE 28-30. 2006, ENTITLED: “CARIBBEAN CONNECT; A HIGH LEVEL SYMPOSIUM ON THE CSME”, A PANEL CONSISTING OF DISTINGUISHED BUSINESSMEN AND INDUSTRIALISTS FROM MAJOR COMPANIES THROUGH THE REGION WERE TALKING ABOUT THEIR EXPERIENCES, WISHES AND HOPES OF AND FOR THE CSME REGIME. WHAT WAS QUITE FORCEFULLY EMERGING FROM THE DISCUSSIONS WERE EXPRESSIONS OF DIFFICULTIES AND FRUSTRATIONS BEING ENCOUNTERED OR EXPECTED TO BE ENCOUNTERED BY ONE AND ALL. INSTRUCTIVELY, ONE OF THE MEMBERS OF THE PANEL, CITED FOR THE BENEFIT OF THE OTHERS THE EXAMPLE OF THE RBTT GROUP AND ITS APPROACH TO REGIONAL EXPANSION.

SOME 20 YEARS AGO, WHEN CSME WAS MERELY A DREAM, AND CARICOM, OR BY WHATEVER NAME IT WAS KNOWN BY THEN, ONLY, AT BEST, A FACILITY FOR THE EXPORTS OF GOODS WITHIN A LIMITED NUMBER OF CARIBBEAN STATES, THE RBTT GROUP CONSIDERED THE REGION, AND INDEED THE WIDER CARIBBEAN BASIN TO BE THEN A SINGLE ECONOMIC SPACE, AND THE COUNTRIES WITHIN IT ITS HOME MARKET. BASED ON THAT DECLARED POSITION, IT EMBARKED UPON A PROGRAMME OF REGIONAL EXPANSION AND EXPORT OF FINANCIAL SERVICES. THIS WAS NOT LIMITED ONLY TO JURISDICTIONS WHICH THEN COMPRISE CARICOM, BUT INTO JURISDICTIONS WHICH WERE OUTSIDE OF CARICOM AND WITH LITTLE IMMEDIATE PROSPECT OF EVER BECOMING MEMBERS OF CARICOM, SUCH AS THE NETHERLANDS ANTILLES. BEAURUCRACY, HOSTILE LAWS AND REGULATIONS, RESTRICTIONS IN THE FREEDOM OF MOVEMENT OF PEOPLE AND OTHER INCONSISTENCIES WERE REGARDED THEN BY THE RBTT GROUP AS TEMPORARY IRRITANTS, TO DISAPPEAR, HOPEFULLY, IN THE FULLNESS OF TIME. WHILE MANY OF THE IRRITANTS ARE STILL PRESENT, THE STRATEGY HAS PAID RICH DIVIDENDS. TODAY, THE RBTT GROUP HAS AN ASSET BASE OF OVER USD 6.7 BILLION. IT OPERATES 34 COMPANIES WITH 81 BRANCHES, EMPLOYING 5,200 PERSONS, AND IT IS SPREAD OVER 13 COUNTRIES JURISDICTIONS IN THE WIDER CARIBBEAN AND CENTRAL AMERICA.

IT WAS THIS VISION THAT LED RBTT TO JAMAICA AND TO ITS DECISION TO ENTER THE FINANCIAL SERVICES MARKET HERE IN MARCH 2001. AT THAT TIME, WE WERE AWARE OF THE CRISIS IN THE FINANCIAL SECTOR, AND OF THE FRAGILITY OF THE ECONOMY. BUT WE LOOKED TO THE FUTURE AND WE INVESTED. WE WERE CONFIDENT THEN THAT THE ENVIRONMENT WOULD INPROVE, AND THAT THE MARKET POSSESSED POTENTIAL. MOSTLY IMPORTANTLY, WE HAD CONFIDENCE IN THE JAMAICAN PEOPLE, ITS BUSINESS SECTOR, AND THE BANK’S CUSTOMERS AND IN THE QUALITY OF ITS STAFF. WE WERE ALSO CONFIDENT THAT WE POSSESSED THE WILL AND THE EXPERTISE TO ENABLE US TO MANAGE THE BUSINESS PROPERLY AND CONTRIBUTE TO THE RESTORATION OF CONFIDENCE IN THE BANKING SECTOR. I THINK THAT IT IS RIGHT TO SAY THAT THESE OBJECTIVES HAVE BEEN ACHIEVED. AND WHILE WE STILL HAVE SOME ROAD TO TRAVEL TO BE THE DOMINANT PLAYER IN THIS MARKET, WE ARE NONETHELESS VERY SATISFIED OF OUR PROGRESS IN THIS REGARD.

IN CLOSING, I AGAIN THANK OUR CUSTOMERS, FRIENDS AND SUPPORTERS FOR CONTRIBUTING ON OUR SUCCESS TO DATE AND I THANK ARMCHAM FOR THE OPPORTUNITY EXTENDED TO ME TO SPEAK WITH YOU THIS AFTERNOON.

THANK YOU.

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