Issue February THE NEWSLETTER FOR CAIB MEMBERS Britannia Golf

Issue 21 February 2005 THE NEWSLETTER FOR CAIB MEMBERS Britannia Golf Course Cayman Islands JMMB Select Index Fund To Go Regionally The Chief Operating Officer (COO) Jamaica Money Market Brokers Limited (JMMB), Keith Duncan, said that the company will soon introduce its high-performing mutual fund to the rest of the Caribbean region. Mr. Duncan, who unveiled the company s future plans, was speaking at the company s appreciation function, Corporate Mixer, which was held on Wednesday at the Knutsford Court Hotel in New Kingston. Select Index. In other words, the fund invests into the fifteen most liquid stocks on the JSE. (Coincidentally, JMMB was recently included in the JSE Select Index an outstanding achievement considering that the company has been listed on the exchange for less than two years.) According to JMMB, investing in the Select Index Fund carries certain, unparallel advantages. For one, since it is invested in the fifteen blue-chip A clearly upbeat Mr. Duncan told the audience, companies, it provides diversification which which included the media, JMMB s clients and minimizes the risk associated with individual stock members of corporate Jamaica that the Select In- volatility. And while it provides long-term capital dex Fund would be offered to investors right growth, it offers flexibility to the investor since one across the Caribbean in Trinidad, Barbados and may buy and sell any amount of shares at any St. Lucia. JMMB s associate company, Caribbean time. Money Market Brokers (CMMB), will be the vehicle through which the fund is marketed. JMMB s decision to offer the Select Index Fund regionally is actually a corollary to its strategic OPEN-END INDEX FUND plans to deepen its capital markets services across According to JMMB, its Select Index Fund is the the Caribbean. In doing so, the company will be first open-end indexed mutual fund comprising well-placed to offer its clients money market funds management and pension plans. stocks of the Jamaica Stock Exchange (JSE) ....Cont d on pg 9 Qu ot e: I t i s on l y t h r ou gh w or k a n d st r i f e t h a t ei t h er n a t i on or i n d i v i d u a l m ov es on t o gr ea t n ess. T h e gr ea t m a n i s a l w a y s t h e m a n of m i gh t y ef f or t , a n d u su a l l y t h e m a n w h om gr i n d i n g n eed h a s t r a i n ed t o m i gh t y ef f or t . ..T h eod or e R oosev el t Caribbean Association of Indigenous Banks Inc. CHAKIRO COURT VIDE BOUTEILLE P.O. BOX CP5404 CASTRIES ST LUCIA TEL: (758) 452-2877 FAX: (758) 452-2878 EMAIL: caib@candw.lc WEBSITE: www.caibinc.org ================================ Caribbean Association of Indigenous Banks Inc Everyone's life is an object lesson to others Inside this issue: CAIB M ISSION STATEMENT Our mission is to promote networking among Caribbean Indigenous Banks and Financial Institutions with a view to providing a range of services to members to facilitate their efficiency, effectiveness and profitability and to influence policy formulation in the Caribbean, particularly that which impacts on the practice and conduct of banking and financial services and the development of the Region. CEOs Editorial Pg 3 Viewpoint: Technology Pg s Enabled Transformation in 4-6 Banking Opportunity For Growth :The Risk of Investor Ignorance, A Commentary by Gerd Häusler Regional News Briefs Pg 8 The CAIB A NTHEM W E STAND AS ONE W E SING ONE SONG AND SHARE ONE DREAM W ITH HIGH ESTEEM N O DARKENED PAST CAN SHADOW OUR FUTURE W E SEE ONE LIGHT, A LIGHT THAT SHINES FOREVER. FROM DIFFERENT PARTS WE CAME THE STORIES ALL THE SAME W E STAND AS ONE W E SING ONE SONG. Qu ot e: "D o a l l t h e good y ou Pgs 9-13 ca n . B y a l l t h e m ea n s y ou ca n . I n a l l t h e w a y s y ou ca n . I n a l l t h e p l a ces y ou ca n . A t a l l t h e t i m es y ou ca n . T o a l l t h e p eop l e y ou ca n . A s l on g a s ev er y ou can." .A u t h or :Joh n W esl ey ================================ ST KITTS: Savings And Investment: Hallmarks Of Sustainable Development www.eccb-centralbank.org/News/press2.asp? pressID=182Basseterre, St Kitts, 7 February 2005) 2 2005 ADVERTISING OPPORTUNITY Email us now @caib@candw.lc 3 Technology Enabled Transformation in Banking Technology has always played an essential role in banking. Right from mainframe-based core processing systems that were developed well over half a century ago, to the relatively recent Internet banking phenomenon; the banking industry has always been at the forefront in absorbing new technologies. But with increasing globalisation, competitive pressures, regulatory re- The important thing is not quirements and the cur- about technology; it is the rent economic scenario change you want to make with focusing on cost reduc- technology," Bank CIO. tions, technology has moved from an auxiliary position to the vanguard and is playing a more strategic role within the banking organisation. Realising that IT strategy needs to be closely aligned with business goals in order to derive maximum benefits from technology investments, banks are now carefully deploying technology to meet their key business objectives - competitive differentiation, innovative product development, customer retention and operational efficiency. Some of the key areas where this change is evident are in the delivery channel management including the physical branch itself and in core banking. Self-service technologies Buoyed by customer demand and technological developments, there has been a strong emphasis on self-service banking in recent years. Estimates by analyst firm, Celent, suggest that delivery channels account for about one third of banks total IT spending on their consumer banking products and services. A few decades ago, ATMs were the only alternative to brick-and-mortar banks branches. However, telephone banking, call-centres and the Internet have brought about a paradigm shift in the way banking is conducted today. They present a low-cost means of delivering banking services to a customer s doorstep. Banks are focusing on moving non-critical banking transac4 tions, such as cash withdrawal and deposits, funds transfer and standing instructions, to these delivery channels. Which leaves the high cost bank branch to focus on face-to-face high value transactions. Banks that have consciously and intelligently invested in delivery channel technology have gained tremendously from this strategy as can be seen at Bank of America which has achieved unprecedented success in online banking. The bank accounts for over 30 percent of the US online banking market, it has more than doubled its online customer base from 4.7 million customers at the end of 2002 to over 11 million customers today, and is adding more than 350,000 new active subscribers and 150,000 new bill payers every month. According to a recent report by analyst firm TowerGroup, Bank of America has found that its online customers are more profitable than its offline customers, which has fuelled the bank s aggressive online strategy. What distinguishes this strategy is the way the bank has fully embraced the online channel as a means to improve customer satisfaction and profitability. Not only has the bank deployed enabling technologies to ensure a high standard of online banking service, it has effectively responded to customer feedback. For instance, the online enrollment process was simplified from five screens to one screen and uses customer s Social Security Numbers, the bank has introduced a text chat feature during online banking and many of Bank of America s banking centres now feature online banking kiosks where customers can log on to check a balance or pay a bill. While customer preferences for individual delivery channels vary across regions, industry experts are unanimous that providing multiple delivery channels is no longer an option, it is an imperative. Effectively implemented, a multichannel strategy promises greater customer satisfaction, increased operational efficiency and higher profitability. ..Cont d on pg 5 Technology Enabled Transformation in Banking (Çont At ICICI Bank in India, where nearly 50% of all transactions take place through the ATM, a multi-channel focus has helped propel the bank to become the second largest bank in India, in less than half a decade, despite having less than 5% of the number of branches that India s largest commercial bank has. Reinvigorating the branch The high degree of attention placed on selfservice technologies does not lessen the importance of the physical branch itself. Realising that the physical branch is essential for a successful multi-channel strategy to provide customers quality face time with their bankers, banks are renewing their branches to offer high-end selling and advisory services. The aim being to create more time and space to sell sophisticated and high value services to customers, such as wealth management products and loan products. Several banks are changing the look and feel of their branches to create more retail environments, places where customers can be enticed to stay longer and hopefully discuss and buy new financial products. Three years back UK High Street bank, Abbey re-invested in its bank branches by introducing the revolutionary concept of cappuccino banking (having Costa Coffee outlets within some of the bank s main branches) to enable customers to have coffee while banking. In the US too, leading banks like Bank of America have created new branch designs and service styles to cater to different customer needs. In the process of re-designing their branches, many banks are also revamping their obsolete branch technology infrastructure to provide branch employees with the tools they need to be more sales-effective. Some of the main criteria a branch solution should fulfill are easy integration with legacy systems, extensibility to other channels, flexible architecture, and customisation capabilities. 5 d from pg 4 ) Multi-channel integration While developing each delivery channel, including the branch is essential, a critical ingredient for multi-channel success is the concept of a unified view to make customers sales and service experience consistent across all delivery channels. Integration of the disparate technology systems of the various delivery channels helps increase operational efficiency by removing duplication of technology systems and reducing maintenance requirements. In addition, multichannel integration helps banks gain competitive advantage through the rapid development of innovative products, enhance customer service by responding to customer requests in a uniform manner through any delivery channel, and boost profitability through increased cross selling. Complying with regulatory requirements too improved, through a multi-channel architecture that enables enterprise-wide risk management and eases the audit process. According to a report by TowerGroup on Huntington Bank of the US, replacing the fragmented and siloed delivery channel architecture with an integrated solution has helped the bank improve customer service and increase sales. However, achieving multi-channel integration is not simple. A global survey conducted by Celent at the beginning of 2004 on multi-channel integration capabilities at banks across North America, Europe and Asia Pacific revealed that although many banks support multiple channels, integration between these channels is not high. Some banks have channel-specific business logic, meaning that data is not consistent across channels. Other banks have the same platform across channels, but with lack of data integration or support for a specific channel. Typically, banks have integrated transactional data, but not contact information. While most respondents of the survey optimistically estimated their integration projects would be completed within three years, Celent expects that megabanks and large regional banks would actually have to dedicate the next ..Cont d on pg 6 Technology Enabled Transformation in Banking (Çont five to seven years to develop a fully multichannel environment. Smaller banks may however, be able to complete projects at a much quicker pace. Getting to the core The one area that takes up a bank s maximum technology investments in terms of time, effort and money is the core banking system. Forming the backbone of a bank s IT infrastructure, the core banking system contains records of all customer transactions and the processing of those transactions. Most of the leading global and regional banks have mainframe-based core banking systems that were developed way back in the 1960s and 1970s. These systems are poorly architected and highly inflexible leading to operational issues such as introduction of a new product requiring code changes, integration problems between the core banking system and ancillary solutions and difficulty in providing customers with a unified view of their financial information. Not surprisingly, maintaining these legacy applications is prohibitively expensive. For banks that have deployed inflexible vendor solutions too, the situation is quite similar. Their core systems usually exist in a siloed environment that is further exacerbated by mergers and acquisitions. Industry experts suggest that some banks have over a hundred disparate banking applications running simultaneously. In order to meet modern day goals of high efficiency, flexibility, interoperability and low cost, the only option is to replace these core banking systems. Undoubtedly, replacing a core banking system is a difficult task, but the returns are high and a few progressive banks such as Citigroup and ING have taken the all-important step. ABN Amro s Indian subsidiary too has gained tremendously by replacing its core banking solution with Finacle from Infosys. This has enabled them to reduce operating costs and improve overall efficiency as well. Santander, the largest bank in Spain and one of the largest banks in the world, 6 d from pg 5 ) is also in the process of replacing all of the group s core system in the Spanish market. According to a report by Celent on core banking replacements, Santander s aim is to generate cost savings of no less than 250 million annually. Celent estimates that the total savings that are achievable with a core system replacement project lie in the range of 5-8% of the total noninterest expenses which can have a profound effect on the overall profitability of any bank. Labeling Santander s project as one of the most extensive and ambitious core system replacement projects underway in the banking industry globally, the report also states that along with cost reduction, the main aim of the bank is to increase revenues by enabling more effective cross selling, better customer relationship management, increasing service quality and better leveraging of a multi-channel strategy. End game No longer just restricted to an operation s department, today technology is driving the business of banking. Banks cannot avoid investments in technology because it has become a competitive necessity to deliver innovative products and services. What they can do is to deploy the technology, keeping customer requirements and business goals in a proper perspective. For banks that have the vision to utilise technology intelligently, the rewards are considerable including transforming their entire business. (Source: Merwin Fernandes, Vice President and Global Head Sales and Marketing Finacle, Infosys Technologies Ltd) ============================================ Quote: Authority is not a quality one person has, in the sense that he has property or physical qualities. Authority refers to an interpersonal relation in which one person looks upon another as somebody superior to him. .Er i ch F r om m ============================================ 7 OPPORTUNITY FOR GROWTH:The Risks of Investor Ignorance (Source: http://www.imf.org/External/NP/vc/2005/012805.htm A commentary by Gerd Häusler Counsellor and Director, International Capital Markets Department International Monetary Fund, Published in Financial Times, January 28, 2005) 8 REGIONAL NEWS BRIEFS BARBADOS: BNB Opens Warrens Branch - Monday 21, February-2005 The growing Warrens business hub has attracted another banking operation. On Friday, the Barbados National Bank (BNB) officially opened its premium banking centre at the new CGI Towers, creating its seventh branch on the island. The branch, a full service operation but strategically targetted at high net-worth customers, was officially opened by Acting Prime Minister Mia Mottley in a ceremony attended by business executives, clients and other government representatives. location. Not only are we opening a new branch but we are introducing our premium banking centre as we expand our products and services. While our branches continue to serve us well, it is imperative that we seek out locations that will make it easier for our customers to transact their business. With premium banking and dedicated officers at Warrens , conducting financial transactions, whether commercial or personal, will be a seamless and The new BNB branch at Warrens brings to three the pleasant exercise, said Le Hunte. number of commercial banks with a presence in the growing urban centre, following Scotia Bank and First The new BNB branch at Warrens is being managed Caribbean. by Juta Thorpe and is a full service branch where personal loans, deposits, safety deposit boxes, We are confident that the quality and range of foriegn currency and point of sale transactions are services and products offered will be appreciated by facilitated. our growing and discerning clientele, said Ronald Harford, Chairman of BNB and Republic Bank. Chief Executive of BNB, Robert LeHunte said the bank was expanding and hoping to do well in its new (Source: http://www.nationnews.com/StoryView.cfm? Record=58064&Section=LO&Current=2005%2D02%2D21% 2000%3A00%3A00) JMMB Select Index Fund To Go Regionally (cont d from pg1) But it is not only in the Caribbean that JMMB will be expanding. The company plans to strategically deepen its presence in the local financial industry. For example, Mr. Duncan said, JMMB will "create structured products that enhance customers returns, by utilizing existing financial instruments such as bonds, stocks and money market products. will be the bridge to personal financial goals of clients. Mr. Duncan reflected that JMMB s future plans are in keeping with its records of offering innovative products to the Jamaican public through the platform of the JMMB vision. Historically, JMMB has been seen as a pioneer in the money market field [and] JMMB is the market CUSTOMISED PERSONAL FINANCIAL [PLAN] leader. We want to keep that vision going through the JMMB vision [embodied by] openness, transparency However, while he did not divulge details on the and integrity, he emphasized. products to be rolled out later this year, the company will be focusing heavily on customized personal financial planning, as revealed by the effervescent COO. Every Jamaican must have a plan. We save, (Source: http://www.jmmb.com/details.php? section=general&page=articles&id=111 Feb 08, 2005 - ) save, save without knowing where we are going or [Excerpt from the Sunday Gleaner, Feb. 6, 2005] how we are going to reach there, he noted. JMMB s cadre of specially-trained client relationship officers 9 REGIONAL NEWS BRIEFS TRINIDAD: Sooklal takes charge at resilient RBTT untapped markets in Latin America. RBTT is also looking to set up an agency office in Costa Rica for the RBTT Merchant Bank to target opportunities in Central America. Coming out of the dark RBTT has already hired CreditSuisse FirstBoston to advise on mergers and acquisitions. Former Finance Minister Wendell Mottley maintains a working relationship with CreditSuisse, one of the world s top investment banks. The bank will also be spending a significant sum $200 million on integrating and upgrading its computer system. The computer upgrade, regarded as RBTT s single largest capital investment, is expected in the next two years to allow more real time interaction between the different units in its subsidiaries. RBTT Group CEO Jerome Sooklal, right, and chairman Peter July greets First Citizens Bank CEO Larry Howai at a function to welcome Sooklal to the RBTT group. Business Desk After six months on the job, RBTT Group chief executive Jerome Sooklal has finally begun to exert his influence on A committee has been set up to review the process of seone of the region s largest financial companies. lecting vendors for the upgrade. It s understood that that process has been shortlisted to two companies. Sooklal Sooklal outlined his strategy to expand the group at a held the analyst meeting two weeks after January 28 remeeting with the country s stockbrokers last week Thurs- lease of the RBTT group s third quarter results preferring day. The meeting was held at Royal Court, Park Street, to wait until after the Carnival festivities. Port-of-Spain. Underscoring much of what Sooklal told the analysts was The main element of Sooklal s strategy is to expand the the decline in the RBTT share price since it peaked at financial services group through mergers and acquisitions, $45.30 around mid-year. The RBTT shares were pulled analysts who were at the meeting said. down by a $104 million charge, largely related to Grenada Among the announcements that Sooklal made was that as losses, which the company took in its July/September of April 1, Nigel Romano, whose last Citibank posting was quarter. Sooklal s appointment, which was first reported in in Indonesia, will be returning to T&T to head RBTT s ex- the Guardian early in July, came out of the blue as many were expecting the Peter July-led board to look within the pansion unit. Prior to joining Ernst & Young, where Romano was a taxation partner, he was at Citibank (T&T) Ltd for six years where he was vice-president and chief financial officer responsible for financial accounting and management information systems. RBTT s investment unit will be looking at opportunities for acquisitions in Latin America. The bank is of the view that while past acquisitions have been successful, they were opportunistic in nature, as one analyst put it. It seems that the RBTT group is trying to shift its policy to select targets that meet a certain criteria, according to another analyst. The analyst pointed out that the financial services group had cash resources of over $5 billion on its balance sheet at the end of December. This cash can be used to fund several small acquisitions or one large one. Sooklal, who spoke of changing the status quo and challenging norms, indicated that RBTT wants to stay ahead of the competition and was therefore pursuing opportunities in bank for the top executive job. Sooklal, a Trinidadian and former Citibanker, left the Washington DC based International Finance Corporation to take up the RBTT job. The executive has been almost invisible since starting at RBTT on September 1. He is yet to hold a formal interview with local journalists. One broker described the meeting as elucidating. He said bank executive was able to outline RBTT s strategic framework and explain how the bank was going to use the available human resources to achieve those goals. Investors, the broker added had three main concerns: 1. The future of the merchant bank which typically represents 40-45 per cent of net income of group. 2. The bank s ability in recent times to retain key human resources. .....Con t on pg 11 10 REGIONAL NEWS BRIEFS TRINIDAD: Sooklal takes charge at resilient RBTT (Cont d from pg 10) 3. The role of some of the key managers in the or ganisation, including the role of the chairman. The presentation of the organisation s strategy was pretty clear, he said. There still remains that lingering question the extent of the turnover of human resources in the areas of merchant banking and previously in treasury. Let s see how the dust settles in the next six months. One major departure over the past few months was Mark Singh who left his post as managing director of the Merchant Bank but the broker did not think that Singh s departure by itself would have been had too much of an impact. parture across a wide range in the company, he said. It s more the loss of human resources. The net factor is that merchant banking is about people who are good deal makers... It s all about intellectual capital rather than economic capital. The broker added, though, that RBTT remains strong. Third quarter results have given us a great sense of comfort to investors it was the highest third quarter RBTT has ever had showed the company had a certain level of resilience, he said. (Source: http://www.guardian.co.tt/bussguardian1.html I don t think that the departure of any one person Thursday 17th February 2005) would have impacted the market as much as a de- RBTT Group CEO gives Petroleum Conference 2005 Initiatives for Increased Local Participation PORT OF SPAIN, Trinidad, Feb. 23, Caribbean INVESTOR Addressing the final day of the Trinidad & Tobago Petroleum Conference 2005, Jerome Sooklal new CEO of the RBTT Group told delegates that the current level of local capital market activity in this sector is very limited and needs to be expanded, primarily to allow for the creation of effective wealth distribution mechanisms. Sooklal s address was made to the panel session on Energy Sector and National Development when he addressed the local capital market development for the energy sector. He suggested that the local capital market can be developed by way of a number of initiatives including: the listing of energy companies on the local stock exchange resulting in greater trading activity; an increased role by financial institutions in developing strategic relationships with low cost fund providers outside the region; allowing local debt providers to compete internation ally; proactive steps by institutional investors, as the primary capital providers, to better understand the sector in order to be able to confidently invest in energy projects; the altering of existing government legislation to al low institutional investors to invest easily in this sector; and, offering qualified nationals the first right of refusal to own part of all energy projects proposed by the Government of Trinidad & Tobago. These measures, according to Sooklal, would ultimately promote the wealth distribution necessary for realising first world standing. In order for Trinidad & Tobago to achieve its 20/20 vision goal of developed nation status, adequate wealth distribution mechanisms must be put in place and must operate effectively to reduce poverty and spread the wealth generated by this sector, he said. (Source : http://www.caribbeaninvestor.com/article.shtml? browser_query=varticle&field=3968 11 REGIONAL NEWS BRIEFS JMMB Completes T&T Bank Purchase Jamaica Money Market Brokers Limited [JMMB completed] the acquisition of a commercial and merchant bank in Trinidad and Tobago on December 31, 2004, closing the deal that was a year in the making. The plan is to develop a new banking model, Keith Duncan, Deputy Managing Director of JMMB and board member of IBL told the Business Observer. The bank is now marginally profitable so we want to make it as efficient as possible We plan to centralize as many of its functions as possible. Andral Jack Shirley who a year ago was dispatched by JMMB to T&T to help secure the purchase of the bank, was named Managing Director. As part of the deal, JMMB has 50 percent shareholding in the institution but has management and boardroom control naming four of the six board members, including [Dr] Noel Lyon, as Chairman. Dr. Lyon is also Chairman of JMMB. Intercommercial Bank Limited was operated by Lakshmi N Mittal (LNM) Group, one of the wealthiest families in Trinidad, but principally served the Indian community. That group remains JMMB s partner in the venture.The bank has two branches, one in Shaguana in central Trinidad and the other in Marabella in the south. There is no presence in the capital city, Port of Spain. It has assets of J$4billion and capital of J$640million. Duncan stressed that he wanted to build a branch network, including establishing a presence in the capital and to broaden the appeal of the institution to the other ethnic groups that make up the country s population. We will look at expanding the branch network, he said. We want to change the image to make it focus on all ethnic groups. Moreover, Duncan noted that the merchant banking subsidiary Intercommercial Trust and Merchant Bank Limited (ITMBL) presented an ideal opportunity to introduce several new products and services to the customers. We want to build the merchant bank into an institution that will offer a wide range of services syndicating underwriting of securities, etc. there are major opportunities without any downside. in the institution. That permit was granted on November 30, 2004.The acquisition represents JMMB s second major investment in T&T having in 2000 secured a 45 percent stake in Caribbean Money Market Brokers (CMMB), now a highly profitable brokerage company that mirrors the operation of JMMB in Jamaica. The decision to purchase this bank first reported by the Business Observer early last year is part of an aggressive move by the money market pioneer to broaden its income stream both geographically and through its product range. As part of that expansion drive JMMB has, since the beginning of 2005, established another outfit in Barbados CMMB Barbados Limited. It also invested in the newly created Caribbean Credit Information and Credit Rating Agency in Trinidad. These regional alliances by JMMB are ways to broaden product offerings and services to clients within the region and show a positive move on the part of the company to diversify and build opportunities within the Caribbean market, said JMMB in a press statement. JMMB is also represented on the board of Intercommercial Bank by Wayne Sutherland. (Source: http://www.jmmb.com/details.php? section=general&page=articles&id=109) Excerpt from the Business Observer, Wed Jan 12, 2005) ============================================ Quote: Example sheds a genial ray which men are apt to borrow, so first improve yourself today, and then your friends tomorrow. . ..u n k n ow n The function of leadership is to produce more leaders, not more followers. The acquisition of the company provided JMMB with .R a l p h N a d er a toehold in a market in which no more banking licences are being issued by the central bank. In fact, it took Jamaicans about a year to secure the central ============================================ bank s shareholders permit for its controlling interest 12 REGIONAL NEWS BRIEFS Trinidad Company Receives ECSRC Broker Dealer Licence Caribbean Money Market Brokers (CMMB), a fullservice brokerage house headquartered in Trinidad and Tobago, has received a licence from the Eastern Caribbean Securities Regulatory Commission, (ECSRC) to operate in the Eastern Caribbean Securities Market. in both debt and equity. The granting of this new licence brings to nine the number of broker dealers licensed by the Commission. The others are Antigua Commercial Bank, ABI Bank Ltd, Bank of Nevis Ltd, Bank of St Lucia Ltd, National Commercial Bank (SVG) Ltd, National MortCMMB, which will be conducting business as a full gage Finance Company of Dominica, the St Kitts Neservice broker dealer from its home base, becomes vis Anguilla National Bank and Republic Finance and the first company operating from offices outside of Merchant Bank (FINCOR) of Grenada. the ECCU; however having been registered as an external company in St Kitts and Nevis, the company The ECSRC is the regulator for the securities market will maintain an agent in the Eastern Caribbean cur- in the Eastern Caribbean Currency Union, which rency union. comprises the eight member countries of Anguilla, Antigua and Barbuda, Dominica, Grenada, MontserEstablished in 2000 from a partnership between the rat, St Kitts and Nevis, St Lucia and St Vincent and Jamaica Money Market brokers Limited and Trinida- the Grenadines. dian companies CL Financial and CLICO Investment Bank, CMMB operates as a full service brokerage (Source: NEWS RELEASE #21, Basseterre 9 February 2005, house in Trinidad and Tobago, offering investments Eastern Caribbean Securities Regulatory commission) TRINIDAD: Nigel Romano to join RBTT as Director of Group Strategy & Corporate Development RBTT Group Chief Executive Officer, Mr. Jerome Sooklal, is pleased to announce the appointment of Mr. Nigel Romano as Director of Group Strategy & Corporate Development, effective April 1, 2005. Mr. Romano will be responsible for the Group s strategy, including mergers and acquisitions. In making this announcement, Mr. Sooklal indicated that Nigel will be a great addition to our team at RBTT. The fact that we were able to attract him from Citibank in Singapore where Nigel had a senior role in their Asia region, speaks to the attractiveness of RBTT s long-term prospects. Nigel is a top-class professional whom I have worked with in the past, and we are very excited that he is joining us and look forward to the value he will bring to the Group. Prior to this, Mr. Romano was the Regional Financial Planning and Analysis Head and Deputy Group CFO for Citibank s Corporate and Investment Bank in Asia Pacific from March 2002, a return to the finance function after two and a half years as Regional Quality Director responsible for the bank s Total Quality Management initiative in that region. In addition to his finance role, he was also responsible for coordinating the Corporate Bank s Innovation and Cross-Sell initiatives in Asia. Mr. Romano began his career in Citibank in 1988 as Country Financial Controller for the franchise in Trinidad and Tobago. He left Citibank in 1994 to join Ernst & Young in Trinidad as Tax and Corporate Finance Partner and rejoined Citibank in 1996 as the CFO for the bank s franchise in Indonesia from 1996 to 1999. Before Citibank he spent nine years in accounting with KPMG in Trinidad. Mr. Romano holds a B.Sc. in Management Studies and an M.Sc. in acMr. Romano has spent the last nine years in Asia counting from the University of the West Indies and is with Citibank. He was most recently the Regional a qualified Chartered Accountant. Controller for the Asia Pacific Global Consumer Group, the fastest-growing franchise in Citigroup s (SOURCE: http://www.rbtt.com/applicationloader.asp? international operations, with responsibility for 12 app=newsarticles&cmd=view&articleid=385 countries. 13