Republic Bank 40th Anniversary Feature by Nation Publishing Co. Limited

Sunday, June 17, 2018

CHARIMAN, Nigel Baptiste. (GP)

I AM PLEASED to extend my congratulations to the management and staff of Republic Bank (Barbados) as they celebrate their Ruby Anniversary. The evolution of the bank from Barbados National Bank to Republic Bank (Barbados) signalled the Republic Bank Group’s pride at our association with this esteemed institution. Throughout that 40-year period, the bank has weathered times of strain and uncertainty with a spirit of positivity, resilience and purpose, lending truth to the saying that “a bend in the road is not the end of the road unless we fail to make a turn”, and I believe that it is to its credit that our brand is one of the most trusted in Barbados. It is also poignant that this important anniversary comes at another epochal moment in the economic fortunes of the island. As the bank has done before, it once again stands committed to work shoulder to shoulder with the people of Barbados to ensure that the current challenges are also successfully conquered. Republic Bank (Barbados) continues to be an important part of the Group’s ambition to be the strongest panCaribbean indigenous bank and we expect it to continue to grow from strength to strength in the years ahead. It is with immense pride therefore that I join in celebration of the record of service excellence established by Republic Bank (Barbados) and its predecessors over the last 40 years. The bank’s Ruby

Anniversary is a milestone achievement that we are happy to share with the people of Barbados and the entire Republic Bank Group. Congratulations on a job well done for 40 years, team Barbados. Here’s to many more!

SERVICE is the cornerstone by which Republic Bank (Barbados), has grown its name throughout every sector that the company has endeavoured to enhance. The drive demonstrated by the entire team throughout every branch of Republic Bank (Barbados) is responsible for their repeated garnering of accolades over 40 years. Though the Republic Bank name began in Trinidad and Tobago, what was once Barbados National Bank still remains a strong force of Barbadian people pushing the future of the financial sector forward.

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According to Anthony Clerk, managing director and CEO of Republic Bank (Barbados) (RBBB), “I have been blessed to have worked in another beautiful Caribbean Island, Grenada, and when I returned to Trinidad in 2012, I missed the ‘charm of the ‘island life and island culture’. So I made it known to the powers that be that I was interested in working in Barbados. In fact, I referred to it as my ‘dream job’. So when our Group President Nigel Baptiste offered me this position, we both knew it was a no-brainer, a done deal.” For Anthony, the draw of working at RBBB is because of Barbados. Taking the helm of RBBB last year, Anthony Clerk praised his predecessor Ian De Souza for leaving him a company in ship shape. “The management and staff are all engaged in serving our customers and the bank is achieving sound financial results,” he said. “I have already witnessed their high level of commitment and professionalism.” Upon joining the RBBB team, Anthony found the company to be, as expected, a well run organisation full of committed, hard-working dedicated staff with a steadfastness of purpose to “serve our customers well, ensure smooth operations, work hard to attain and surpass targets”. “Internally we are working towards changing out our IT systems within the next two years to become a part of a regional platform. This change will see the bank being able to offer different types of services, including improved electronic banking services. All subsidiaries in the Republic Bank Group will utilise the same banking application, interfacing applications, and a common technology platform with consolidated infrastructure,” he afforded. “This enables the group to implement a common management standard for all systems across respective territories. The Republic Bank Group is exploring ways to partner with Fintech companies and adopt developments like the blockchain to improve our efficiency and the way we do business. “Given the move towards technology rather than bricks and mortar, we have transitioned like all other financial institutions to embracing the digital space utilised increasingly by a younger demographic. Despite the move towards technology, there is a need to recognise that banking is about relationships.” Always moving forward, RBBB is committed to their evolution in respect to the rest of the community they constantly strive to contribute to. “Republic Bank, and our legacy institution Barbados National Bank, have enjoyed a proud reputation as responsible corporate citizens. Our corporate social responsibility programme, introduced formally in Barbados in 2009, focuses on three main pillars – health and poverty alleviation, youth development through education, and sports and culture,” he said. More than just a faceless corporation, RBBB has become known as a titan in the world of giving back and

extending hands to raise up the community they serve. “The programme assumes a new theme and focus every five years. In Barbados, people would be familiar with our work when our theme supported the differently abled as well as literacy. In the coming fiscal, a new five-year theme will be introduced. Always people-centred, the next five years will seek to address some critical social areas identified across the region in need of more than Government’s attention”. “This bank is a Caribbean-based institution run by

Caribbean people. We know the needs of the people of the region and all decisions are made here by Barbadian and Caribbean people.” Anthony Clerk went on to say: “As the Republic Bank Group has served Trinidad and Tobago for more than 180 years, Republic Barbados will continue to build on the foundation of the past to ensure the success of Barbados well into the future. The success of all Barbadians is our success.”

Sunday, June 17, 2018

IN 1978, an Act of Parliament birthed a titan into the world of banking that would retain a major role of outstanding service and quality lasting nearly half a century and going strong. It was originally an amalgamation of Government-owned financial institutions which had been in operation for a number of years. Republic Bank, which started its 40-year journey as The Barbados National Bank (BNB), was subsequently reincorporated as Barbados National Bank Inc., a limited liability company under the Companies Act, cap 308, on November 14, 2000. By 2003, Republic Bank acquired a 57 per cent interest in BNB and by 2013, they acquired the remaining shares and rebranded and now boasts one of the largest ABM networks on the island. The predecessors of Republic Bank (Barbados) (RBBB) were the Barbados Savings Bank, started in 1852; Sugar Industry Agricultural Bank, started in 1907; and National Housing Corporation (Public

Officers Housing Loan Fund), started in 1958. As far as history goes, Republic Bank is steeped over a century of tradition and service to Barbados. What is now known as Republic Bank (Barbados) commenced operations on March 21, 1978 and on April 1, 1978 acquired the branch assets of the banking business of Bank of America. A Trust Division of the bank was established in 1981 to provide mortgage finance mainly to the middle and upper income groups. Barbados Mortgage Finance Co. Ltd (BMFC), a subsidiary of the then BNB since 1978 was providing mortgage financing mainly to the lower income group. Today, RBBB offers an array of financial services such as personal, commercial, lending, premium, corporate and investment banking. Its wholly-owned subsidiaries, Republic Finance & Trust (Barbados) Corporation and Republic Funds (Barbados) Limited, offer funds management, lease financing, and merchant

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Sunday, June 17, 2018

banking services. Reorganisation and restructuring of the bank In 1992, BNB came under review by the Central Bank of Barbados and the International Monetary Fund (IMF). At the invitation of the Central Bank, the IMF provided a consultancy to investigate BNB’s circumstances and recommend certain actions to brighten the future of this ambitious banking institution. The report brought to light the bank’s need for a facelift. Improvements in technology, customer care, competitiveness, staff training, and the streamlining of reporting structures and the recruitment of experienced commercial bankers to fill key management positions were all on the docket for coming change. The IMF also recommended that the BNB’s portfolio be managed according to prudent, commercial lending principles. In the early 90s, the main part of BNB’s agricultural portfolio was transferred to the Barbados Agricultural Credit Trust. The removal of these assets facilitated the restructuring of BNB’s balance sheet in preparation for its new commercial path, though some losses were incurred. The upward trajectory was set. More changes arrived the next year with the incoming Government. A new Board of Directors, under Grenville Philips as chairman, took the reins of the bank. All the restructuring came under review of this new board. This new board began making a number of strategic

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s n o nk i a t a l B u t c Congrato Republi on their

40th

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decisions to further implement and deepen the restructuring process of the bank. Throughout the next two years, the Board of Directors enhanced the capabilities of the managerial aspects of the bank by appointing a senior professional banker as managing director. Coupled with a strong lead, they also added managers to Credit Administration, Banking Operations, Human Resources, and Retail Banking. During this process of restructuring for a solid foundation on which to build the future of the bank, significant modifications to the Agricultural and Trust Divisions led to the management of the agricultural portfolio and that of

the Trust Division were substantially transferred to BNBâ&#x20AC;&#x2122;s commercial branches. It was during this massive undertaking that the bank embarked on an internal retraining programme with their aim set on preparing eligible staff for other managerial positions. With so many departments being restructured, the bank looked internally for those best suited to assume new roles. By 1995, a modest profit of $525 000 brought the bank to the fore of meeting the capital adequacy ratios required by the Central Bank of Barbados and found itself in a strong position to be a significant player in the domestic financial market.

Congratulations to Republic Bank (Barbados) Limited on your 40th Anniversary. CONTACT US Tel: (246) 417-3700 Email: info@harrisonscave.com or reservations@harrisoncave.com Web: www.harrisonscave.com

Sunday, June 17, 2018

In addition to its main banking operations, Republic Bank has the following subsidiaries: • Republic Bank Limited • Republic Bank (Guyana) Limted • Republic Bank (Grenada) Limited • Republic Bank (Cayman) Limited • Republic Insurance (Cayman) Limited • Republic Bank (Barbados) Limited • Republic Bank (Suriname) N.V. • Republic Bank (Suriname) Holdings Limited • Republic Bank Ghana Limited • Republic Bank Wealth Management • Republic Investments Limited • Republic Caribbean Investments Limited • Atlantic Finance Limited

Throughout the 90s, the bank broadened its service lines with new and exciting products for customers. The new Pinnacle brand name was launched to offer retail banking products, as well as the repackaging of a number of existing services. The late 90s brought positive change in the areas that BNB had sought to improve. The four core areas of Product Development, Customer Service, Productivity and Risk Management saw improvements that resulted in a profit to the tune of $15.6 million. Ever growing, by the end of 1998 their consolidated capital base reached $92.6 million and their total assets climbed to $816.2 million. To compare, those numbers were $29.1 million and $635.6 million, respectively, in 1993. Throughout the end of the last century, BNB continued to improve and record profits that kept with their upward trajectory. The end of the millennium saw recorded profits of $18.3 million and through the first years of the 21st century, it recorded consolidated profits of $19.6 million with a capital base of $136 million and assets in excess of $1.16 billion and at December 31, 2002, recorded consolidated profits of $26.1 million with a capital base of $157.6 million and assets in excess of $1.259 billion. The turn of the century saw the first public offering of shares in BNB, made in November 2000. This initial offering was not well subscribed and Government found itself in a position where it had to seek a strategic partner if the bank was to develop. Becoming Republic With roots in the 19th century, Colonial Bank in Trinidad and Tobago was established on 15 May, 1837 by Royal Charter. In the early 20th century, Colonial Bank, the Anglo-Egyptian Bank, and the National Bank of South Africa merged to form Barclays Bank. By the time that 1977 rolled around, Barclays Bank Trinidad and Tobago had sold the majority of its shares locally. This move prompted a name change that would be lasting and expansive, Republic Bank Limited (RBL) was born, on April 1, 1981. In 1989, Barclays sold its 41 per cent holding to Colonial Life Insurance Co. (Trinidad) who then built up its holding to 46.7per cent and later reduced it to 34 per cent. The mid 90s in Trinidad and Tobago saw Republic Bank Limited purchasing 23 per cent of Bank of Commerce Trinidad and Tobago Ltd. They had also purchased 20 per cent of Canadian Imperial Bank of Commerce (West Indies) Holdings Ltd. This move gave RBL linkages with the holding company’s branches in the Caribbean islands of Barbados, St Vincent, Antigua and Barbuda, St Lucia, and Jamaica. Coming to the shores of Barbados in 1999, the first Republic Bank (Barbados) was established as an offshore bank to complement the operations of its Cayman Islands subsidiary. In March 2003, Republic Bank Limited of Trinidad and Tobago was successful in its bid to acquire 57 per cent of the shares of Barbados National Bank Inc. from the Government of Barbados. On Wednesday, July 16, 2003, the signing of the Sale and Purchase Agreement took place between the then Prime Minister of Barbados, Owen Arthur, and Ronald F. deC. Harford, chairman and managing director of Republic Bank. The transaction was completed on July 31, 2003. That same year in September, RBL increased its shareholding from 57 per cent to 65.13 per cent. By 2012 Republic Bank renamed BNB to Republic Bank (Barbados). A year later, in 2013, Republic Bank Limited acquired the remaining shares in Republic Bank (Barbados). RBL delisted the shares of BNB from the Barbados Stock Exchange at end 2013. For 40 years, what is now known as Republic Bank (Barbados) has been invested in the future and the community in which it thrives.

Congratulations to Republic Bank on their 40th Anniversary

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FOR ANY business that stands the test of time and manages to survive through changing economies, it speaks to the business practices and the people behind the scenes that helped mould it into something that lasts. In 1987, Carlos Brathwaite began his journey with Republic Bank (Barbados) and, over more than 30 years, has seen a fledgling organisation catering mainly to Government and the agricultural sector bloom into a strong, viable, successful, and profitable organisation. According to Carlos: “While in the initial years, many, including the other commercial banks and the business sector to some extent, may have scoffed at and derided the Bank, I was confident that, with God’s help, BNB would one day become the leading commercial bank in the country.” Carlos recalled: “I joined the bank as the senior credit analyst, reporting to the General Manager, Mrs Lauretta Matthews and with direct responsibility for both commercial and retail credit adjudication. For me, Mrs Matthews was a good boss and allowed the flexibility required to improve the credit function in the bank. “In the early days, most of the bank was still very manual and required long hours, hard work, dedication and commitment to the success of the organisation,” he said. “Head Office was located in the old building at James Street and comprised the Legal Department, Personnel Department, Credit Department, Accounting Department, Research Department, Internal Audit Department, IT and Security Departments. There were no Administration, Compliance, Collections, Recoveries, Operational Risk, Contact Centre, Marketing, nor BSPI departments.” He continued: “Notwithstanding, the early days with the bank were quite enjoyable, satisfying in the sense that

you were part of a developing organisation, exciting as continued improvements were being realised and success appeared to be just around the corner.” Today, Carlos holds the position of Senior Manager, Retail Risk and Special Credit and oversees the adjudication of retail credit in the bank and management of its delinquent portfolio. In his more than 30 years, he has held positions of senior credit analyst, deputy branch manager, branch manager, relationship manager and senior manager. Carlos credits his longevity with the bank to a passionate desire to see the bank succeed and the grace of God. Under the slogan, ‘Strong Roots, Wide Reach’, the bank commercialised its operations in full, expanded its suite of products and services, employed a cadre of senior managers,

shifted its number one priority to customer service, introduced targets for its managers and a bonus incentive for staff, and incentivised the business sector to transfer its business to the bank. The result was a significant increase in net profits for the bank. According to Carlos: “There was a lot of trepidation in the country when Republic Bank Ltd.(RBL), Trinidad and Tobago acquired the ownership of the bank. But in hindsight, it was an excellent decision by the then Government. Under the management of RBL, the bank has exceeded all expectations and is now the leading commercial bank in the country. BNB / RBBB won the Banker of the Year Award in 2003, 2005, 2006, 2007, 2016 and 2017.” Being aligned to the bank’s core values, uniting in purpose, commitment, and leadership have guided Republic Bank (Barbados) well. “I have thoroughly enjoyed my journey with the bank over these many years. There were a few challenging years but the successes have been wonderful. Thanks be to God. In my remaining limited time with the bank, I will seek to pass on as much knowledge as I can to the younger brigade,” he said. “Additionally,” he continued, “I was given the privilege of giving the feature address at the bank’s 40th Anniversary Service on May 17, 2018. That was my greatest honour to date at the bank. I indicated then that ‘while we will look back on the last 40 years for this organisation with great satisfaction and much gratitude to God for all of its achievements, we have to believe that BETTER IS YET COME’. “I take this opportunity to express great appreciation to the bank for having me as one of its employees and wish the bank good success in the years ahead.”

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Sunday, June 17, 2018

the reasons that Sandra feels have contributed to the quality at Republic Bank (Barbados). “The bank should continue to strive to be No.1 position in the financial sector,” she said in regards to the future of this institution that has received so many accolades and plans to continue that stride. She further wished for “The bank to continue spreading its roots far and wide”, while also hoping for a recreational facility for staff, which was on the drawing board for a very long time, and cross-training of staff in all areas of the bank. According to Sandra: “It is a blessing to be part of such an achievement and to be involved in celebrating this momentous occasion. Thirty-eight years working with an organisation is a major achievement.” SO MANY people have remained loyal to Republic Bank that it obviously brings to mind the strength in teamwork and ethic that it exudes internally and has extended to customers for the past 40 years. Since 1980, Sandra Carter has been a fixture that has been the hallmark of Republic Bank (Barbados) for its 40-year evolution. Starting out in the position of clerk typist in the Agricultural Banking Division, Sandra has five words that describe her feelings towards Republic Bank (Barbados) – ecstatic, contented, humble, modest, fulfilled. In the early days, when Republic Bank (Barbados) was still Barbados National Bank (BNB), Sandra recalled: “The camaraderie and togetherness among staff were great. Hard work was and still is the key to success. Without the technological age, as it is today, everyone came on board to assist with the end product of documents because there was little room for errors. The use of typewriters and machines for copying made the tasks very difficult.” The 21st century has transformed the face of banking across the world and the extreme rapidity with which technology has proliferated modern life makes the early days of any field that now employs technology nearly unrecognisable. Currently, Sandra is an administrative officer, Republic Finance & Trust (Barbados) Corporation (RFTC). “In 1983,” she recalled, “I was transferred from the Agricultural Banking Division to the Human Resources Department as a clerk typist until 1987. I worked at the Wildey Branch for a short period before being appointed to the position of secretary in the Economic Intelligence Unit, formerly the Research Department.” She continued: “I was seconded to BNB Finance & Trust Corporation now RFTC in 1998. This saw the beginning of a new initiative for the bank with the introduction of Mutual Funds, Stock Brokerage, Leasing, Custodial Service, Project Financing, and Capital Markets.” In 2001 the bank began movement from a public entity to a private entity, which brought along the offering of shares to the public through RFTC as a broker. “During this period, I have worked under three general managers and four managers,” she said. Thirty-eight years is a lengthy time to remain with one company, especially considering the 21st century trend of job hopping. The reason behind the ability of Republic Bank (Barbados) to retain employees is due to a number of key points of focus on the bank’s part. Social responsibility to the community, the Blue Thunder initiative, and the smooth transition when the bank moved from a private entity to a public entity are just some of

Congratulations on your milestone! 40 years of growth and service. Your dedication to excellence will secure future success.

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THE FINANCIAL world is ever changing and throughout history, many have been unable to retain momentum while continuing to exude excellence as Republic Bank (Barbados) has. When Steven Jordan began his journey with what was then Barbados National Bank in November of ’96, he was a part-time teller at the Broad Street Branch. In those early years, “I remember having to use a computer with a screen that was that size of a mouse pad,” Steven recalled. “One computer was shared by two tellers who had to remember to switch over to their profile each time they wanted to enter a transaction. Needless to say, there were many days where tellers were out because someone and processed a transaction under the other’s profile.” Today, technology is so intertwined with every aspect of daily life that the machines of old seem almost archaic in comparison. Republic Bank (Barbados), being the innovative paragon of an institution that it is, has always strived to be ahead of the curve. “I am now the senior manager, Retail with responsibility for the Branch Network and our Customer Care Centre,” said Steven. “I have been fortunate to have worked in a number of different

Sunday, June 17, 2018

capacities over the past 20 years. I was a teller, accounting officer treasury, commercial credit analyst, financial analyst, manager treasury, and branch manager during that time.” The hallmark of good management is the ability to work fluidly and to understand as many positions as possible within the realm of your scope. Over the years, Republic Bank (Barbados) has always practiced training a dynamic team that is prepared for anything that comes. According to Steven, “Republic Bank takes pride in being the Bank that shakes things up in the market.” He recalled, “We were the first bank to offer unsecured Christmas loans to the general public.” Furthermore, he afforded that “There is significant effort placed on health and safety and employee engagement, recognising that employees need to be looked after. We also do a lot of activities to encourage team building and develop a sense of family. As a Caribbean bank, we continue to demonstrate a willingness and ability to serve our Caribbean customers. We are optimistic about the future of the Caribbean and this is reflected in our decisions expand as other banks choose to cut back.”

A healthy attitude and contented reflection on years of service is part of what keeps an employee base happy and constantly improving in productivity and innovation. “I am extremely grateful I was given the opportunity to work for this organisation in 1996. Since then, I have grown as an individual and a professional. There are a number of people who would have shown interest in my development and would have assisted me in reaching to this point. I am grateful to all of them,” he said. “I am 41 years old, so in many ways I feel like I am aging along with the bank. When I came here in 1996 I did not think that I would be senior manager, Retail today and likewise we could not imagine that we would have come this far from such humble beginnings 40 years ago. “That fact gives me hope that 40 years from now this bank will reach heights that may be difficult for us to conceptualise at this time. It has also taught me that the future is less dependent on where you are coming from than most of us think. The future is determined by the choices you make going forward,” he said. With the recent change in Government and the ever-changing face of finance,

Steven’s hopes for Republic Bank (Barbados) and the country it serves remain high. “The country is in a difficult position right now and there will have to be some sacrifice if we are to get out of it,” he said. Steven went on to say, “My hope is that as an organisation we will stay true to our Caribbean heritage and do what we can to assist the nation through this difficult time, with both the bank and Barbados emerging stronger and more resilient than before.”

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Republic Bank (Barbados), but in her 38-year journey, she’s filled the shoes of three positions and knows the bank very well. From clerical officer to loans officer to her current role, Marcia is part of the outstanding team that has helped to make RBBB what it is today. For Marcia, “The three best qualities of the bank are training, working conditions, and dedicated committed staff. The bank does an excellent job in providing training for staff and the working conditions are good.” In order to retain the level of employee satisfaction that they have, RBBB has definitely come up with a streamlined and well working formula for holding on

IT’S NOT often you find someone that has been employed by the same company for as many years as Marcia Taylor. The 21st century has seen a stiff rise in entrepreneurs and job hoppers, but Republic Bank Barbados has been able to retain their excellent staff for impressive longevity at an astounding rate. “I began my journey on October 1st, 1980 as a clerical officer with the Barbados Mortgage Company Ltd.,” said Marcia, “which was then a subsidiary of Barbados National Bank,” she continued. RBBB has a special relationship with their mortgage offerings as they strive to benefit the people first and foremost. According to Marcia, “In the early days, Barbados Mortgage Finance only did MIA loans, which were for building or the purchasing of wall or wooden structures and for the purchase of land.” The home isn’t just where the heart is, it’s where people take refuge and feel safe. Homes have long been a symbol of status and offer the ability to house memories and pass something on to your loved ones. Republic Bank (Barbados) has been in the business of helping Barbadians achieve their homeowner dreams for 40 years and continues to innovate in that realm today. Speaking about the early days, Marcia said, “At that time we did 90 per cent financing, therefore customers were required to inject 10 per cent into the projects and pay their legal fees; in spite of this we did exceptionally well. We did not advertise and most of our business came from referrals due to very good customer service.” For Marcia, the success wasn’t solely attributed to “The fact that we were the only institution to give loans for chattel houses and lower income earners”. Today, Marcia Taylor works as a sales supervisor for

to their teammates. “Looking back I feel blessed and privileged to be celebrating the bank’s 40th anniversary on the verge of retiring,” said Marcia. “My mission as an officer of the bank was to help prospective customers to realise their dreams by acquiring their homes with ease and joy,” she continued. “I hope that we maintain the dedication and loyalty that we hold with the customers we serve and continue to be a contributor to their overall success. I dream for a beautiful tomorrow and hope we will learn from the past and look forward to greater things in the future”.

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THE CHOIR during the celebratory church service. (GP)

MIX AND MINGLE for the 40th anniversary of Republic Bank. (GP)

MEMBERS OF BOARD and senior management celebrating the momentous occasion. (GP) WITH SUCH a long and highly awarded history, Republic Bank has stood out over the years as a paragon for excellence in the financial sector. Any business that can retain so much staff for such an extensive period of time is surely doing many things right. May 17 this year saw the celebration of 40 years of service to the island of Barbados for Republic Bank. The Independence Square branch played host to a memorable event that was more than well attended; it was professional, humble, and, most of all, thankful for their 40-year plight. The reserved occasion was filled with music and praise. Preluding the commencement of the actual service, the admirable St Clemet’s Anglican Church Band softly set the mood for an occasion that would mark the ruby anniversary of Republic Bank. Beginning with a call to worship from Rev. Carlos Brathwaite, and keeping with the theme of the thanksgiving and service, the proceedings started with scripture and hymns. Palsm 121, read by Shenika Hinds, accounts officer, speaks of the Lord being the keeper and the one who lifts you up. “The Lord shall preserve thy going out and thy coming in,” says the scripture, thus speaking to the legacy of Barbados National Bank and its history in becoming Republic Bank. “Though some will say that Republic Bank has not been in existence for 40-years,” said Anthony Clerk, Managing Director and CEO, “as a subsidiary of Republic Bank Financial Holdings Group, we celebrate the existence and success of their legacy institution, Barbados National Bank, that has fuelled the existence and success of Republic Bank Barbados.” ‘Great is Thy Faithfulness’ was the hymn that came pouring from the hearts of those gathered for these celebrations before Deborah Stoute, manager of marketing and corporate communications, delved into the great history of this institution.

Following the synopsised extolling of the history of Republic Bank Barbados, the Republic Bank Barbados’ Chorale performed an extraordinary feat of ingenuity and art with a chorus amalgamated of unique raps and R&B feels to exalt the brilliant work and dedication that goes into the running of Republic Bank Barbados. “Biblically, the number forty has great significance,” said Rev. Carlos Brathwaite in his feature address. “The Earth was flooded for forty days and forty nights, Moses spent forty days on Mount Sinai, and, as all of us know, Jesus fasted for forty days and forty nights. In terms of forty years, Moses was forty years old when he was forced to flee Egypt. The children of Israel spent 40 years in the wilderness with the exception of two persons, Joshua and Caleb; the old generation died in the wilderness and a new generation commenced the movement towards inheriting the Promised Land, a land of milk and honey. “In this context, while for some the number forty represents testing as was the experience of Moses and Jesus when he was tempted,” Rev. Carlos continued. “For me it represents a new beginning. Indeed, there is much truth in the saying that life begins at 40.” According to Rev. Carlos, it means that Republic Bank Barbados has entered a new phase

of existence. “I wish to say that having attained forty years of successful existence by the Grace of God, Republic Bank and its antecedents must look back with great pride and satisfaction and much gratitude for a great achievement in these 40 years. I wish to say that better is yet to come”. For the fortieth celebration of Republic Bank Barbados, 18 persons have been a part of this nearly half century journey that

started with roots in a different century and millennium. The times have changed and Republic Bank is always at the forefront of innovating the financial products they offer to bring exactly what their customers desire into their lives. One thing that never changes is the appreciation for outstanding talent. With Malcolm Niles, teller supervisor, manning his magnificent saxophone, the Independence Square branch of Republic Bank Barbados truly came alive with rhythm and praise. More than just a service of thanks and recognition of outstanding effort on behalf of staff, the memorable occasion was marked into the night with fellowship and camaraderie. The coming together of stalwarts of the company that have triumphed through to this occasion and all those new to the journey that lay ahead was respectfully celebrated at this momentous event.

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THE CHOIR during the celebratory church service. (GP)

MIX AND MINGLE for the 40th anniversary of Republic Bank. (GP)

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HUMANS are the stewards of the planet. Humanity has reached a level where we can reflect on the impact we have on the planet. Unfortunately, since industrialisation, our limited knowledge in years gone by has led us to a point where we must now look to fix issues we naively created. Individual efforts and corporations the world over have been banding together to take a hard look at what can be done to help move our society to a more ecoconscious frame of operation. Efforts to reduce energy use and to increase efficiency, while also endeavouring to educate and improve the community, are

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some of the admirable traits that make Republic Bank (Barbados) (RBBB) one of the stand-out companies working towards a better future for all. According to Senior Manager in Administration and Operations, Michelle Pounder: “In 2016, after working to ensure that our internal health and safety practices were robust, we wanted to go a step further. This is when we decided it was time for the bank to Go Green. Once we had internally educated and implemented our Going Green programme, we went even further to extend to the primary schools as we figure that through the youth we can encourage a

greener Barbados.” Pounder went on to state: “I would love to see us be the bank in Barbados that encourages, supports and commits through continuous education and assistance of the children in the primary schools to build a greener, cleaner, healthier Barbados.” Being a small island developing nation and heavily reliant on tourism, the environment of Barbados is especially important to be properly cared for. Plastic waste has been choking the oceans for far too long and Republic Bank (Barbados) is on the ball with working to spread knowledge and help individuals change

habits for the better. Michelle Pounder said Republic Bank (Barbados) has implemented many programmes in working towards this goal including the, “adoption of the Good Shepherd Primary School where we gave a series of lectures to support a Going Green programme. Recycle bins were provided and are cleared periodically to ensure the children understand the importance of recycling. A competition was held whereby the kids competed to design the Going Green Mascot for the Bank”. Going even further, Republic Bank

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(Barbados) has held a series of beach cleanups to help keep the beautiful coasts of Barbados free of litter. Educating the young is the best way to pave a brighter future and working on the problem externally and internally are all being undertaken by Republic Bank (Barbados). The installation of recycle bins across all locations of the bank to ensure the awareness of all staff of the benefits of recycling and even a lecture series on Going Green conducted by Neil Gilkes of the Environmental Department delivered to all staff of RBBB are also a part of the bank’s commitment to the cause. Pounder said: “We propose to continue our work with the next phase being the refurbishment of the kitchen garden, playground, and farming plot of one of the Government primary schools.” Working towards the betterment of the environment requires a holistic approach. The health and safety of employees and customers is paramount to Republic Bank (Barbados). The bank has also held sessions by the Health and Safety Committee in conjunction with the Labour Department to educate our vendors and service providers on the benefits of an effective health and safety programme. “The bank, along with the Labour Department, has built a robust health and safety programme. We have undergone and instituted the following to ensure the safety

and health of our employees, vendors and customers,” she said. Here are a few of the implementations that Republic Bank (Barbados) has undertaken in its serious commitment to a better future. • Full support of the Board of Directors to ensure the necessary preventative and remedial initiatives are executed. • A full risk assessment of all locations of the bank guided by the Safety and Health at Work Act (SHaW ) 2012 was conducted and all areas made compliant. • Constant review through use of tools such as employee comment cards, review checklists and incident reports to ensure continued compliance. • Environmental reviews by external trained environmental service providers. • Scheduled walk-throughs to record/ confirm damage/repairs. • Installation of non-skid tiling at entrances to buildings. • Ability for staff to be assessed for occupational injury i.e., assessment and remediation of workstations, replacement of chairs, installation of footrests etcetera as required. • Addition of hand rails to their external steps/stairs for the elderly/physically challenged customer. • Annual training – Zoologic – the bank’s Online Training portal and the Training Video, and external training by the Barbados Red Cross and the Fire Department

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REPUBLIC BANK (Barbados) is peopled by some of the most driven, competitive, and dedicated individuals you could ever hope to find. Republic Bank can lay claim to being one of the leading employers of choice in Barbados and among the best within the Republic Bank Group. According to the results of semiannual Gallup Employee Engagement surveys conducted, Republic Bank improved its employee engagement score by 11 percentage points during a three-year period, moving to a healthy 71 per cent, four points ahead of the Group standard. Hailing the achievement, former Managing Director and CEO, Ian De Souza thanked management and staff for their contributions and said the journey towards making Republic Bank the foremost Employer of Choice would continue. “To date, the rewards have been tangible as the culture across the bank has shifted to one that is far more teamoriented, co-operative, positive and optimistic. Staff take more ownership of the bank, with issues raised being far less focused on personal perspectives, and far

more on how we move the bank forward as a team. “Staff want to know more about the bank’s strategic and operational issues and what plans the bank has to keep moving forward. The work is far from done and so the journey continues, but it continues with management and staff working in partnership to achieve the bank’s goals,” De Souza said. Communication, interpersonal relations, employee development, and the promotion of social activity are all a part of what makes RBBB the place to be and what has kept staff happy and loyal for extensive years. According to Yvonne Hall, senior manager, Human Resources, “We needed to do more to instil and nurture an atmosphere where staff truly believed that there were open lines of communication. This led to the managing director’s Town Hall Meeting Series, with our former managing director, Ian De Souza. He hosts Town Hall Meetings with all branches and units across the bank, responding directly and extemporaneously to questions and comments that are submitted anonymously by staff”.

Congratulations Republic Bank on your 40th Anniversary. We wish you continued success!

(246) 427-7777

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Sunday, June 17, 2018

FLASHBACK: Customer receiving token at relocated Warrens Branch in 2016. (GP)

Republic Bank SPEAKING to its competitive nature, RBBB has engaged a management coach to work one-on-one with managers to improve their communication styles and to enhance their supervisory skills. Always looking to improve, RBBB has also created a Diploma in Management in conjunction with the Sagicor Cave Hill School of Business and Management, a Mentorship Programme, a Management Associate Programme, and an Education Development Incentive Programme. According to Anthony Clerk, the bank’s new Managing Director, “We work hard and play hard as well. Our senior staff mentor others, our HR team works with managers to identify line staff who have potential and promise, and we have a customer care team that monitors and manages customer interaction. If there are complaints, they investigate and escalate as required with a view to ensuring customer satisfaction. “Conversely, if there are compliments they ensure that compliments are passed on to not only the manager or

unit head, but the staff member and the wider staff body. Another team monitors our competitiveness against other financial institutions and makes recommendations with respect to product and service improvements. There are other teams that investigate fraud, handle insurance and compliance within statutory regulations. The behind-thescenes work is continuous, meticulous, and with a view to ensuring the overall success of the bank,” he said. Anthony Clerk has said that the Republic Bank (Barbados) team is competitive; that is an understatement. According to Debbie Stoute, manager of marketing and corporate communications, everything that the RBBB team engages in is taken to another level. Internally, Republic Bank (Barbados) operates like an extensive and very involved family. From their sporting endeavours to their talent competitions, when looking into the extracurricular activities of the RBBB team, one could as well assume that their competitions are held at the highest level of commitment.

norquestsp@caribsurf.com

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THERE was a lot of trepidation in the country when Republic Bank Ltd. (RBL), Trinidad and Tobago acquired the ownership of the Barbados National Bank. According to Carlos Brathwaite, “But in hindsight, it was an excellent decision by the then Government. Under the management of RBL, the bank has exceeded all expectations and is now the leading commercial bank in the country. BNB / RBBB won the Banker of the Year Award in 2003, 2005, 2006, 2007, 2016 and 2017.” The prestigious Banker Magazine, a publication of the Financial Times of London, has showered praised upon Republic Bank (Barbados) for their continued efforts to innovate, expand, and remain steadfast. Established in 1926, Banker Magazine is published monthly with the intent of exposing and providing expert commentary on the global banking sector’s critical developments. Previously as Barbados National Bank, they have been lauded for significantly reducing the risk of overdependence on any one sector making for a strong and stable institution. Being able to rely on multiple sectors has strengthened the bank’s balance sheet by enhancing the group’s long-term growth prospects and profitability. When the restructuring came in the 2000s, Banker Magazine stated that “A new portfolio mix created opportunities for pursuing business in market segments that were previously not well serviced. This helped to bring about an increase in return on assets and dividends per share”. Currently, Republic Bank (Barbados) offers one of the most extensive and convenient banking experiences available. With 10 branches and 16 ABM locations, the iconic Blue Machines have truly become ubiquitous. Branches • Republic Bank Airport – Grantley Adams International Airport, Christ Church • Republic Bank Broad Street – Broad Street, Bridgetown • Republic Bank Independence Square – Independence Square, Bridgetown • Republic Bank Limegrove – Holetown, St James • Republic Bank Six Roads – Six Roads, St Philip • Republic Bank Speightstown – Speightstown, St Peter • Republic Bank Warrens – Warrens Office Complex, Warrens, St Micheal • Republic Bank Wildey –Wildey, St Michael • Republic Bank Worthing –Worthing, Christ Church • Republic Bank Mortgage Centre – Belleville, St Michael ABMs • Cheapside General Post Office – Belleville, St Michael • Grantley Adams International Airport – Departure Lounge, Christ Church • Holetown Post Office Complex – St James • National Insurance Department – Frank Walcott Building, Culloden Road • Price Smart – Lodge Terrace, St Michael • Rubis Gas Station – Benthams, St Lucy • St Joseph Post Office – The Eric Holder Municipal Complex, St Joseph • Barbados Lumber Company – Church Street, Speightstown, St Peter • Oistins Post Office Complex, Oistins, Christ Church • South Gap Beach Hotel – St Lawrence Gap, Christ Church • St George Post Office Complex – The Valley, St George • Warrens Office Complex - Warrens, St Michael • Rubis Gas Station – Wildey, St Michael • Limegrove Lifestyle Centre – Limegrove, St James • St John Post Office – Four Roads, St John • A-One Supermarket Ltd – Carlton, Black Rock Prudent management, innovation, and flexibility are the hallmarks of success for Republic Bank (Barbados). The resilience and flexibility that the bank has shown are complemented by a committed team dedicated to the realisation of strategic objectives.

Sunday, June 17, 2018

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Sunday, June 17, 2018

HAVING been repeatedly named Bank of the Year in Barbados, Republic Bank (Barbados) (RBBB) owes its journey to the people that paved its path of growth and expansion. More than just their dedication to customer service, but their dedication to their employees and drive to be the best, Republic Bank (Barbados) is committed to continuing their stellar streak. From modest beginnings as a small public sector corporation to its premier position at the top of the pack, Republic Bank (Barbados) (RBBB) has come a very long way. The future of the bank has been laid out by its unwavering dedication to quality in all facets. Each year, RBBB celebrates its customers and implements initiatives like the Blue Thunder and How Did We Score? campaigns to keep abreast of any improvements the public thinks they could make. Republic Bank (Barbados) is always striving to do what is right by their staff, customers and shareholders. It is this dedication that has grown their business from two branches in 1978 to ten in 2018. RBBB has been instrumental in bringing retail banking to the general Barbadian population, opening up opportunities for growth for the individual and for the country.

Ten principles for complete customer service • The primary cause of success for any organisation is service to its customers. • Everyone in the organisation provides a service for its customers, even if they never see those customers or know their names. • Perception is reality in the minds of every customer when it comes to experiencing service satisfaction. • Serve every customer as you would serve the person you most love. • Service to customers is based not just on systems, processes and procedures, but also on personal effort and creativity of those who serve. Encourage, support and reward personal initiative for exhibiting creative ways to serve others both inside and outside the organisation. • Solicit feedback from customers at all times and then listen, especially when it hurts. • Seek always to do it right the first time; if this is not done, then do it right the second time. Service recovery after initial service failure is paramount to grasping victory from the jaws of defeat. • Continuously measure how well customer service is translating into customer satisfaction. Statistics tell stories - are these what you want told to your customers? • Every successful organisation strives to ensure that its internal systems are designed and implemented to deliver flawless and seamless service to every customer under all conceivable conditions and circumstances. • Always be willing to start from scratch in thinking about how to better serve customers. Effective customer service policies, processes and systems can be viewed as wealth-producing assets. Not every asset, however, can be efficiently used to turn a profit. Using the right assets in the right way produces wealth. From CSM – The Magazine for Customer Service Managers & Professionals

austintrading@caribsurf.com

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AS WITH everything Republic Bank (Barbados) commits to, the community is always at their core. Republic Bank (Barbados) is not an institution solely concerned with the business of banking, but about helping Barbados on a whole become the best it can be. RBBB has continually proven to be an institution that cares, proven by their providing of 100 per cent mortgages, by slashing interest rates, and by providing loans to Barbadians not considered eligible by other financial institutions. Going even further than community-minded business practices, RBBB has gifted a Mobile Unit to the Diabetes Association of Barbados for outreach and testing for Diabetes across Barbados and funds visits from a Transplant Links team to perform kidney transplants and to transfer skills and knowledge. They have gifted a building to facilitate Project First Base at Trents, St James, providing differently abled school leavers from the Learning Centre with the opportunity to pursue employment. The gifts include supporting the efforts of the Living Water Community to facilitate care for the less fortunate, the development of a food bank to support the needy and homeless, and the development of a hospice centre at St David’s Christ Church. The magnanimity of RBBB has led to their contribution to the development of the Errol Barrow Centre for Creative Imagination, pedagogy centre for performing arts and Tim Hector Media Centre at the UWI Cave Hill Campus, the introduction and continuation of RightStart Primary Schools Speech Contest that focuses on the development of speech delivery and communication skills for children across Barbados, and even the gifting of violins to primary school students. As always, Republic Bank (Barbados) believes in the promotion of the necessity for the development and national embracing of creative industries as alternate careers, economic and academic endeavour. According to Debbie Stoute, “We perform acts of generosity because it is the right thing to do. And the scope of our charitable and social activities indeed have a wide reach that encompasses all Barbadians.” In meeting the challenges of contributing to a happier and healthier society, Republic Bank (Barbados) continues to demonstrate that when it comes to caring for each other, we all have the “Power to Make a Difference”. Established to encourage positive societal change and assist the most vulnerable, the Power to Make a Difference is Republic Bank’s corporate social responsibility programme built around The Power to Care, The Power to Help, The Power to Learn and The Power to Succeed. According to Stoute, “This is our opportunity, and an opportunity for so many other entities in Barbados to contribute to something that is meaningful. Something that makes a difference, just as our programme is called The Power to Make a Difference. We all have that power to assist.”

The Board of Directors, Management and Staff of CGM Gallagher Insurance Brokers Barbados Limited wish to express our heartiest congratulations to Republic Bank on their 40th Anniversary.

To find out more: Haggatt Hall St Michael BB11059 T 246.434.2200 F 246.426.7336 E: generalinfo@cgmgallagher.com

cgmgallagher.com

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Sunday, June 17, 2018

TEN YEARS AGO, it was said that the development of Barbadian culture would not have reached this stage without the kind and generous assistance of Barbados National Bank (BNB), now Republic Bank (Barbados). Republic Bank has been at the forefront of promoting the culture of Barbados for its entire 40-year existence. Time and again, RBBB has demonstrated exceptional social responsibility and mindful benevolence as stewards of doing the best they feel is warranted for the community. For RBBB, making a profit is not the only defining factor of a successful business and the history of any company is written in how it is perceived to have served the community that it has thrived in. So many things go into the development of culture and the facilitating of societal improvements. Academia, the arts, and sports are all spheres to which RBBB contributes. Their Summer Internship Programme is run over six weeks and aimed at UWI students in their second to last year or those who have just graduated. After full orientation, interns are placed across retail and support units and exposed to different areas of a branch. Interns are matched against field of study and are generally in the second year of their programme of study, whether it be accounting and finance, banking and finance, information technology, economics, labour and employee relations, management, or marketing. Academic achievement, though important, only partly contributes to the development of the well rounded individual that is required to successfully conquer the challenges that are facing the region. The other augmenting elements that facilitate the development of a balanced individual are sports and culture – two spheres of activity that Republic Bank (Barbados) is committed to supporting. Over the years, RBBB has sponsored the King and Queen of the Crop for Crop-Over, the Richard Stoute Teen Talent competition, the Community Independence Celebration, steel pan orchestras, and a near infinite list of endeavours aimed directly at giving a voice and platform to cultural promotion. In just about all of its corporate activities, the bank also enlists the talents of local artistes to provide entertainment at events with which it is associated. Within the community, the bank fosters the development of cultural programmes within schools and they are an ever-present force and champion for the people of Barbados. Efforts like the bank’s Blue Thunder initiative started with a one of their main goals being the facilitation of revitalising culture. An engaged workforce is the foundation of a healthy and successful organisation. The objective of the Cultural Revitalisation aspect of the Blue Thunder initiative was to build within Republic Bank a strong, positive, performance-driven culture, and the creation and maintenance of a highly engaged management and staff body. Historically, the bank has invested in just about every sporting discipline in Barbados. However, the development of the only indigenous sport – road tennis – was given particular attention for many years. Significant attention was given to promotion of the sport and the staging of tournaments at the community and national level. Today there is quite an interest in the sport as a result of the bank’s involvement and investment. From cricket to golf, RBBB has worked towards providing opportunities for those unlikely to be exposed to certain aspects of a rounded cultural experience.

At the junior levels through senior levels, RBBB supported the Everton Weeks Under 13 tournament and sponsored the St Catherine Club. They even go as far as to sponsor individual support of talented children attending the Franklin Stevenson Academy to hockey, football, basketball, and now junior golf through the Barbados Golf Association, with a view to becoming tournament professionals playing at the level to represent Barbados in the future. In light of the fact that Republic Bank has touched more people across Caribbean communities than any of its competitors in the industry, they have a much greater impact on what happens in any society and remain steadfast in their commitment to the culture of Barbados.

weddings@oceanhotels.bb

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WORK HARD and play hard truly applies to the Republic Bank (Barbados) team as whether they are gearing up their minds for quizzing, diving into the talents of their team, or having any other of their endless internal competitions, the tendency is to perform to the highest level. Republic Bank (Barbados), as a whole, owes its successes to the people that make up its family. The drive of these remarkable people extends well beyond their working environment and into their untameable spirit of camaraderie and competition. Quizzes, talent competitions, and even their family fun days are spiced with a desire to win, to be the best, and to dedicate their all in everything they do. Staff from Republic Bank Limited and its regional subsidiaries demonstrated their knowledge of the banking industry when the bank held the inaugural One Challenge quiz held in 2015 placing second in Trinidad, but quick to turn the tables, a young Barbados team went up against challenges from across the region in 2016 emerging winners in a keenly contested battle on history, operations, people, products and services and locations across the entire Republic Bank Group. For the Talent Spectacular, Republic Bank (Barbados) puts together a cast of performers for first place performances over the years including We’re the One in 2013, E Pluribus Unum 2015 and most recently “Down the Rabbit Hole,” in 2017 a musical adaptation of Lewis Carroll’s Alice in Wonderland. They wowed the close to 1 000 strong audience with a contemporary retelling of the classic tale, where Alice embarks on a journey to find the One for Her in pursuit of her Caribbean dream. An enthusiastic crowd braved inclement weather on a rainy Saturday evening to soak up the performances from a total of 16 acts from Trinidad, Tobago, Grenada, Guyana and Barbados, varying from traditional African dance and operatic aria, to jazz, R&B, calypso, spoken word, and musical theatre. Talent Spectacular is Republic Bank’s own Caribbean cultural extravaganza in which Republic Bank Limited plays host to teams from the bank’s subsidiaries for competition, alternating annually between presentations of on-stage talent, sports and knowledge. Work hard and play hard truly applies to the Republic Bank (Barbados) team as whether they are gearing up their minds for quizzing, diving into the talents of their team, or having any other of their endless internal competitions, the tendency is to perform to the highest level. Teams from across the bank abandoned the formality of uniforms and business suits and donned T-shirts and sneakers and took to the field in a combination of track and field and fun sports. The intent was to test not only speed, but coordination and teamwork, in a precursor to the bank’s participation in the Republic Bank Group’s regional sports competition, Family Fiesta, staged every other year in Trinidad and Tobago. Being a part of Republic Bank (Barbados) is being a part of a living, breathing entity that operates with an end goal in mind of always being the best.

Sunday, June 17, 2018

Congratulations! Congratulations on your milestone! Your dedication to excellence will secure future success.

Republic Bank celebrating their 40th Anniversary!

G4S Secure Solutions (St. Lucia) Limited Choc Estate, P.O. Box CP6098, Castries Tel: (758) 450-7233 • Fax: (758) 450-1700 Website: www.g4s.com Email: security@lc.g4s.com G4S Secure Solutions (Grenada) Limited Maurice Bishop Highway, Grand Anse, St. George’s Tel: (473) 439-7233 • Fax: (473) 439-7237 Website: www.g4s.com Email: security@gd.g4s.com

G4S Secure Solutions (Barbados) Limited Brighton, Black Rock, St. Michael Tel: (246) 417-7233(SAFE) • Fax: (246) 421-7574 Website: www.g4s.com | Email: security@bb.g4s.com

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Sunday, June 17, 2018

REPUBLIC FINANCE & Trust (Barbados) Corporation (RFTC) was incorporated under the Companies Act of Barbados in 1978 as BNB Limited and later changed its name to BNB Finance & Trust Corporation in 1997 and finally on July 1, 2012 to Republic Finance & Trust (Barbados) Corporation. RFTC is a wholly-owned subsidiary of Republic Bank (Barbados) Limited and is registered under the Financial Institutions Act, the Securities Act and the Depository Insurance Act. RFTC offers investment management services and, for instance, manages the Republic Bank Mutual Funds Incorporated portfolio comprising the Republic Capital Growth Fund, Republic Income Fund and Republic Property Fund. Additionally, it provides lease financing options on commercial products, such as farm equipment, construction equipment and tools for the professional trades, i.e. dental and medical equipment. It also offers Merchant Banking and project financing to both the Government and private sectors. Under Custodial Services, Republic Finance & Trust (Barbados) Corporation manages a number of Bond issues

and Syndicated loans and currently performs the role of Arranger, Paying Agent and Registrar and Trustee in several of these issues. RFTC maintains its registered office at Independence Square, Bridgetown. RFTC currently derives its non-interest income from offering services for which it collects fees and commission. Interest income is generated either through leasing, investment in long-term fixed income securities or in short-term liquid assets, e.g. 90 treasury bills. Investment Management - Mutual Funds RFTC manages the RBBL Family of Funds through its subsidiary Republic Funds Inc. Republic Income Fund â&#x20AC;˘ Fund Objective-The investment objective of the Republic Income Fund is to provide high income consistent with the preservation and conservation of capital. Republic Capital Growth Fund Investment Objectives & Strategy: â&#x20AC;˘ Fund Objective-The investment objective of the Fund is to provide investors with long-term growth through the capital appreciation of their investments.