RBC Reportedly Joins RBTT Bidding

The Royal Bank of Canada is close to buying Trinidad and Tobago’s RBTT Financial Group for more than $2bn, the Trinidad & Tobago Express reports, citing unnamed sources. The newspaper says the takeover would be paid for with 60% cash and the rest in shares, and has already won approval from key shareholders, while RBTT’s board of directors is close to giving its approval. RBTT has been in discussions with potential buyers for months. Other rumored suitors include Canadian rivals Scotiabank and CIBC, through its FirstCaribbean unit. A FirstCaribbean transaction, which would have formed a Caribbean retail and investment banking force, was strongly rumored during the summer. RBC was not available for comment.