Case Study Of The Royal Bank Of Trinidad And Tobago

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RBC is one of the Caribbean's leading diversified financial service institutions, with over 100 years of heritage serving this region. Their extensive services include personal commercial, corporate and investment banking, wealth, insurance, trust and asset management.
In 2008, Royal Bank of Canada (RBC) took control of The Royal Bank of Trinidad & Tobago (RBTT) in a 13.7 Billion Dollar acquisition. The decision was put to a vote and the shareholders of RBTT at that time voted 98.1 % in favour of the acquisition. RBC controlled RBTT prior to the 2008 acquisition during the years 1902-1987 and saw this acquisition as a way to increase their presence in the Caribbean. While conducting research, RBC noticed that there was still some similarities …show more content…

This change coincided with RBC's change to a centralized management structure to help maintain control and ensure operational efficiency. RBC's vision was to bring in expatriates to help guide operation and help employees accept and connect to the new direction and vision of the bank. Overall, because of this change, RBC needed to adjust their strategies as it related to employee engagement to avoid employees feeling disconnected with the loss of the "home-grown" atmosphere the bank once held. There was a number of persons choosing to resign after the acquisition and the decision was taken to accept the resignations of those who chose to leave to reduce RBC's salaries expense, The strategy now was to ensure that those who remained on board were provided with the necessary training that would allow them to effectively properly perform their new and existing …show more content…

With the change in culture and the high turnover among the senior management, RBC's new management team had to develop creative ways to deal with the impact and address the issues in a way that would have a positive result while not interrupting the daily functions of the business. This meant that RBC had to place greater attention on motivating staff members and helping them to understand and support the new vision. There was also differences in the existing culture and norms at RBTT and what was now expected from RBC. One example of this was that employees were no longer allowed to dress in ethnic wear in days leading up to religious

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