Davids and Goliaths
The Caribbean is becoming a battleground where small, but nimble local banks face off against powerful international competitors.
If it weren't for his impeccable manners and the dripping heat
outside, it would be easy to think Suresh Sookoo, chief
operating officer of Royal Bank of Trinidad and Tobago, was
talking about life on Wall Street. "You cannot stand still," he
says. "If you stand still, you run the risk of being taken over
or losing your competitive edge."
|Battle headquarters: Port of
Such is the intensity of banking competition in the
Caribbean today. Its indigenous banks, led by the Trinidadians,
have spread across the region through a relentless series of
acquisitions in the last two years. Now they are gearing up for
the second phase of consolidation. Some think only a handful
There are no reliable statistics on the size of the banking
industry for the Caribbean. Much of the business is in
corporate and retail bank loans. Outside of offshore
centers like the...
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