Banking
From The Report: Trinidad & Tobago 2018
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The banking sector in Trinidad and Tobago maintained profitability and consolidated its financial stability in 2017, in conjunction with broader improvements in economic health. Banking is poised to play an important role in supporting the country’s continued development, with executives in the sector expecting T&T’s solid economic performance in 2018 to continue into 2019. In a May 2018 public address, Colm Imbert, the minister of finance, announced that the country was on the road to an economic rebound. In the near term, domestic banks are seeking to hone their competitive edge and enhance their capacity for dealing with technological change as the economy evolves and expands. This chapter features interviews with Ronald Harford, Chairman, Republic Financial Holdings; and Karen Darbasie, Group CEO, First Citizens Trinidad and Tobago.

Articles from this Chapter

Overview

Steady expansion: Economic rebound brings positive implications for the sector
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The banking sector in Trinidad and Tobago remained profitable and consolidated its financial stability in 2017, in conjunction with broader improvements in economic health. Banking is poised to play an important role in supporting the country’s continued development, with executives in the sector expecting T&T’s solid economic performance in 2018 to continue into 2019. In a May 2018 public address, Colm Imbert, the minister of finance, announced that the country was on the road to…

Interview

Right path: Ronald Harford, Chairman, Republic Financial Holdings, on the outlook for economic recovery and prospects in the financial services segment
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Interview:Ronald Harford What major developments will 2018 bring to the economy of Trinidad and Tobago? RONALD HARFORD: A further deterioration of the economy is expected in 2018, with the first signs of recovery likely to be noticeable by 2019, and the first signals showing that the country is moving in the right direction by 2020. The prolonged economic deterioration is partially the result of the government’s slow implementation of restorative measures, something the economy needs. Despite…

Analysis

Road to Basel: Widespread adoption of international standards is crucial for the development of the market
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The most important regulatory change under way for Trinidad and Tobago’s banking sector is the adoption of Basel II financial reporting standards. The Basel Committee on Banking Supervision – a division of the Bank of International Settlements, a multilateral financial institution supported by central banks from around the globe – is tasked with establishing the comprehensive Basel II reform measures. This institution not only must ensure international cooperation on various financial…

Interview

Promising horizons: Karen Darbasie, Group CEO, First Citizens Trinidad and Tobago, on current opportunities and challenges
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Interview:Karen Darbasie To what extent do you expect Trinidad and Tobago’s economy to stabilise in 2018? KAREN DARBASIE: After two years of pronounced decreases in GDP, with contractions as high as 6% in 2016 and 3% in 2017, most indicators are showing that 2018 will be the year of economic recovery. The IMF has forecast 1.9% GDP growth in 2018. This has led the banking sector, which always tracks macroeconomic data extremely closely, to be both cautious and optimistic regarding fortunes…