Once upon a time there was a small bank called Caribbean Commercial Bank. It wasn’t very big as banks go, but it was friendly and it focussed on the needs of its customers. It came into the market at a time when banking was pretty much a “take it or leave it” proposition. Over time the little bank gained more and more customers and began to shake up the older established banks. As the little bank grew bigger and bigger the established players became more and more uneasy and started to take their small customers a little more seriously.
One day the owners of the little bank decided they would sell it to another bank called RBTT. While RBTT was a bigger bank the CCB it still was new to the market and focussed aggressively on serving the customer and winning market share. And the customers after their initial concerns, were happy as the level of service at the bank remained high (even if it was not quite what it was in the CCB days).
Then the bigger bank was bought by one of the BIG OLD BANKS in the market place….
In case you haven’t heard by now RBTT has been bought by Royal Bank Of Canada, while this can be interpreted as a vote of confidence in the development of the Caribbean, it does reduce the already small number of commercial banks in the Barbados market place.
One of the features of the Banking industry in Barbados is that the indigenous banks have brought a level of competition and innovation to the market. These aspects were severely lacking in Banking services in Barbados before the indigenous banks came along. We will have to see what emerges from this buyout. Hopefully it will not be another Canadian owned Caribbean bank with a huge balance sheet and impersonal customer service.