Tuesday, April 16, 2024

Building on banker’s success

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REPUBLIC BANK’S RETIRING BOSS boss David Dulal-Whiteway says the bank will be seeking growth opportunities “both organically and through expansions regionally and internationally” this year.

The managing director and chief executive officer will go on retirement next month and he will be succeeded by Nigel Baptiste.

There was a farewell function held in his honour recently at the Limegrove Lifestyle Centre, Holetown, St James, at which colleagues, led by Republic Bank chairman Ronald Harford praised his contribution.

But in his final analysis published in the Trinidad-based financial institution’s 2015 annual report, Dulal-Whiteway said “despite the forecast of improved conditions in the tourism dependent economies in the Caribbean, growth in commodity producing countries is expected to be challenged by low commodity prices into the next fiscal year”.

“The group will continue to utilise its sound risk management policies, solid capital base and skilled and dedicated staff to seek growth opportunities both organically and through expansions regionally and internationally,” he added, noting that his ten years at the helm of the bank were “an experience of continuous insight and learning”.

In his own statement, Harford said “while economic challenges are likely to feature through 2016, we expect the group to continue to perform satisfactorily through prudent management and our strong balance sheet”.

Commenting on the performance of the Barbados economy, the chairman said “with stronger growth in the tourism sector in 2015, the domestic economy has performed slightly better than a year ago”.

“The growth was largely based on the impetus provided by the tourism sector which expanded by 6.3 per cent during the first nine months of 2015,” he noted.

Harford praised Dulal-Whiteway. He said “under David’s leadership, the group withstood the effects of the 2008 financial crisis, entered not just new markets and territories but also new cultures and continents, and doubled our profit and asset base from $664 million and $29 billion in 2004 to $1.2 billion and $66 billion in 2015”. (SC)

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