IIC Targets The English-Speaking Caribbean
12/09/2007Purchase of up to US$40 million in senior investment notes from RBTT Merchant Bank Limited will benefit 900 SMEs in Trinidad and Tobago, Jamaica, Bahamas and Barbados
Miami, USA- On December 10, 2007, the Inter-American Investment Corporation (IIC) approved the purchase of up to US$40 million in senior investment notes issued by RBTT Finance Limited. The RBTT Group is a regional financial group that provides a comprehensive line of financial services to its clients in the Caribbean, Suriname, and Central America. The signing ceremony took place at the RBTT Merchant Bank Annual Investors’ Forum.
The Group comprises many financial services companies, including RBTT Merchant Bank Limited, RBTT Trust Limited, and ten commercial banks with an extensive network of bank branches throughout the English-speaking Caribbean. This operation will enhance the support that the RBTT Group provides SMEs in IIC member countries. The number of SMEs receiving financing from the RBTT Group is expected to increase by approximately 11% as a result of the IIC’s participation. Given the current distribution of the RBTT Group's portfolio, most of the funding is expected to be channeled to Trinidad and Tobago, followed by Jamaica, Bahamas, and Barbados.
The transaction is the result of IIC efforts in two key areas: targeting SMEs in the Caribbean and promoting the provision of financing for this segment of the market. The transaction with the IIC will enable RBTT to put updated labor and environmental management practices in place throughout the RBTT Group.
Signing for RBTT Merchant Bank were Darryl White, Vice President - Distribution, and Mohan Mahasse, Vice President - Financial Engineering. Signing for RBTT Financial Holdings Limited were Managing Director Lyndon Giuseppi and Chief Executive Officer Suresh Sookoo. Deputy General Manager Steven Reed signed for the IIC.
RBTT began operations in 1904 in Trinidad and Tobago. Since 1971 the RBTT Group has been expanding throughout the Caribbean by acquiring local banks. In 2004 the RBTT Group entered the Central American market, opening its first regional representative office in Costa Rica.
The Inter-American Investment Corporation is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. It provides financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. The IIC’s mission is to promote the economic development of its regional member countries by encouraging the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. For more information on the IIC's activities, please visit www.iic.int.
Contact: Carlos Roa/Rodrigo Navas
Telephone: (202) 623-3955