FirstCaribbean, RBTT Heard Working on Price

The acquisition of RBTT by FirstCaribbean is apparently in the works, but Caribbean-based bankers say that the two financial institutions are still hammering out a price. According to people close to the banks, the combined entity would have assets of almost $20 billion, making it the biggest in the region. The retail and corporate/investment banking operations are seen as complementary and forming a regional banking powerhouse. Meanwhile, RBTT is heard working on a variety of corporate finance deals, including bi-lateral loans in Venezuela. Officials at both banks did not answer requests for comment on the likely merger. FirstCaribbean is owned by CIBC.