Home' Trinidad and Tobago Guardian : July 3rd 2014 Contents A28
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In announcing the
appointment of Alison Lewis
to its board of directors,
Republic Bank also recog-
nised the contributions of
former director Stephen Pol-
lard, who retired on July 1.
Stephen Pollard who served
on the board for 5½ years, has
30 years experience in the
energy sector and spent most
of his career in the ammonia
manufacturing industry. He
retired as president and CEO
of Caribbean Nitrogen Com-
pany Limited/Nitrogen (2000)
Unlimited, on December 31,
Throughout his career, Pol-
lard served on the boards of
several private sector and state-
owned companies in T&T. He
holds a BSc. degree in Business
Administration from Babson
College in Massachusetts,Unit-
ed States and is a member of
the American Institute of Cer-
tified Public Accountants,
where he was named on the
Dean's List on several occa-
sions. Pollard is a past pres-
ident of the Institute of Char-
tered Accountants of T&T and
spent six years in the com-
mercial sector at the executive
management level in compa-
nies listed on the T&T Stock
Republic Bank officials
thanked Pollard for his ded-
icated service during his tenure
at at the bank.
Republic Bank director
applauded for service
The Nova Committee of
the T&T Chamber of
Industry and Commerce
will host the Caribbean
SME Business Conference,
Innovation in Business -
the Caribbean Experience,
Hyatt Regency Trinidad.
Over the two days, the
conference will feature T&T-
born speakers from global
companies such as Face-
book, the International
Space Station NASA, Mas-
tercard and Howard Univer-
sity, to name a few. Local
speakers from well-known
brands like More Vino and
Ate Logo are also on the slate
The conference will open
on July 9 with a Feature
Address by the Minister of
Labour and Small and Micro
Enterprise, Errol Mc Leod.
TORONTO---Royal Bank of Canada has
completed the previously announced sale
of RBC Royal Bank (Jamaica) Ltd and RBTT
Securities Jamaica Ltd (collectively "RBC
Jamaica") to Sagicor Group Jamaica Ltd.
RBC will record a further loss on sale of
its operations of approximately C$37 million
before and after tax, which includes an unre-
alized loss on foreign currency translation
(C$45 million as at April 30, 2014).
The bank said in a release: "The net loss
is subject to change and will be reflected in
the results for the third quarter ending July
31, 2014. RBC will release its third quarter
2014 results and host an earnings conference
call on August 22, 2014."
The price agreed is J$9.5 billion---the cur-
rent book value for the Jamaican business.
In an interview earlier this year, Sagicor
Group CEO Richard Byles said the transac-
tion was being financed from internal
The sale, when concluded, is expected to
nearly quadruple the assets of subsidiary
Sagicor Bank Jamaica Limited, from J$21 bil-
lion to around J$78 billion, and grow its
small network of six branches to 19.
Sagicor Bank is currently the second small-
est of seven in Jamaica's commercial banking
arena, with three per cent of industry assets.
Sale of RBC J'ca to
The price agreed is J$9.5 billion---the
current book value for the Jamaican
In an interview earlier this year,
Sagicor Group CEO Richard Byles said
the transaction was being financed
from internal sources.
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