A RBTT Bank branch in Half-Way Tree, St Andrew. The RBTT brand is expected to disappear once the deal between RBTT Financial Holdings and Royal Bank of Canada goes through. - File

RBTT Financial Holdings Limited (RBTT) has now received approvals from banking regulators in seven jurisdictions, paving the way for the merger deal with Royal Bank of Canada to be consummated in mid-June.

In a stock market filing, RBTT said central bank authorities in Trinidad and Tobago, Barbados, Jamaica, the Eastern Caribbean States, the Netherlands Antilles, Aruba and Suriname had agreed to the amalgamation of the parties' regional assets and that "all other closing conditions are satisfied or waived as appropriate."

RBTT and RBC have subsequently agreed to finalise the deal on June 16.

The Trinidad-based financial house has asked for the suspension of trading in the stock until the deal is sealed.

The merger is expected to create a new entity called RBC Caribbean and the new company will operate its banking business under the Royal Bank logo, requiring a rebranding of RBTT operations across the region.

The stock will cease trading on the Jamaica Stock Exchange on June 2.

business@gleanerjm.com