RECENTLY appointed managing director of RBC Royal Bank (Trinidad and Tobago) Ltd Marc Jardine says that the financial organisation is committed to the Caribbean and speculation about an exit is unfounded.
And according to Jardine, he would not have accepted the reins of the organisation in T&T if he did not genuinely believe this to be true.
Jardine made the statement to Express Business during a sit-down interview at the organisation’s St Clair head office last week.
The Business Guardian editorial on August 29 questioned, “Is RBC planning to exit the Caribbean?”
This followed the decision by its sole shareholder to reduce the bank’s stated capital by the TT-dollar equivalent of US$200 million “for the purpose of making a distribution to the holders of the ordinary shares of RBC Financial on record on the date the capital reduction occurred.”
Jardine was asked to respond directly to this speculation.
“RBC is fully committed to being in Trinidad and being in the Caribbean, and my appreciation for that is really deep-rooted, because I would not have been taking up this position if I did not believe and understand so,” Jardine stated.
“There are opportunities for career development locally, regionally; but I am extremely confident that we are comfortable where we are. We have been here for 115 years. Banking is our blood, and where I see it, we are developing and investing in our future here,” he said.
“All the initiatives that I have been working on and all of the focus that I would have in these initiatives would not have been there if I was of the opinion that we are not going to be here for the very long term, so that’s where I am and that’s my understanding, being fairly intimate with the situation,” Jardine said.
Taking over the reins
Jardine’s appointment as managing director of RBC Royal Bank (T&T) Ltd was officially announced on September 4 by Chris Duggan, head of Caribbean Banking at RBC Royal Bank.
Jardine replaced Richard Downie who is set to retire later this year.
Asked what a change in leadership would mean for the organisation, Jardine explained that the strategy for the bank will not change.
“We have a winning strategy and a road map that works well,” he said.
“There is a fairly united vision for RBC Trinidad and Tobago and throughout the Caribbean, so over the last decade we have been working towards normalising our approach,” Jardine said. Jardine acknowledged that his management style differs from that of his predecessors. However, he believes it aligns with the bank’s current needs, as stakeholder expectations and demands are evolving.
“For me it is really anchoring the business into a more client-centric and easy-to-manage, easy-to-interact-with sort of feel that ties into my personality very well, because I am fairly hands on—very direct,” Jardine said.
Looking ahead, Jardine stated that client-centricity is at the core of his business approach and will be central to driving growth and expansion.
He emphasised that this client-centricity applies to both internal and external stakeholders.
“Being able to communicate with your client base on a very granular level and understanding their business, their families, their companies is important to getting the right framework in place for them,” Jardine said.
He said that since staff spend a significant amount of time in the office, he is committed to ensuring it is a positive and welcoming environment.
Jardine said that fostering a positive workplace is so important to him that he considers it one of the key measures of success in his role as managing director.
He aims to achieve this by promoting greater connectivity within the organisation.
Challenges facing the bank
Jardine stated that it is essential for the bank to embrace technology while systematically enhancing cyber awareness.
He believes both the bank and its clients must be willing to adapt to ensure this is achieved.
Jardine recounted his first exposure to the kind of damage cyber breaches can cause when he was in Houston, where someone he knew had their social security information stolen by a nurse attending to her in the hospital.
He said cybersecurity is critical.
Jardine also said it is critical for the bank to find solutions to the ongoing challenges related to accessing foreign exchange.
“It is a delicate balance that we are trying to achieve. We are also trying to get creative with supporting clients on export drives and development to earn foreign exchange so they become self-sufficient or converters as well,” he said.
Growing up in RBC
Even before taking over the reins of the organisation locally, Jardine has demonstrated a commitment to the organisation and its causes.
“Growing up within the bank within the last 20-plus years (with a little gap inside of there), I understand the needs for clients. I understand the importance of communication, of addressing clients in a timely and effective manner. I understand managing expectations as well, so that is where I see us moving towards a little bit faster under my guidance,” Jardine said.
Jardine first joined RBC in 2004 as a risk manager at RBC Merchant Bank.
Most of his peers who joined at that time have also moved into leadership roles across the regional business.
In 2017 he continued his career outside the bank. He rejoined RBC in 2020 as VP Corporate Banking, Government Business.
“He brings to his expanded role more than 20 years of financial services experience and is a seasoned corporate banking executive who has held several senior roles in corporate finance, risk management, origination, and financial analysis, both locally and internationally,” RBC stated.
Before being named managing director, Jardine held the position of RBC’s vice president of Business Banking, Trinidad & Tobago and sat on the boards of RBC Royal Bank (Trinidad & Tobago) Ltd and RBC Merchant Bank (Caribbean) Ltd.
As a supporter of sustainability and community initiatives focusing on making the environment healthier for everyone, Jardine also heads the Caribbean bank’s environmental, social and governance (ESG) committee and serves as president of the Staff Charitable Foundation of Trinidad & Tobago.
At the end of his tenure, Jardine said, “RBC Caribbean must look and feel Caribbean with a textured cross-pollination of talent that is easily interchangeable”—Caribbean-ness he sees as having commercial and societal value. Regional identity and belonging are essential to how Jardine lives his life and how he wants the bank to maintain its relevance.
“Understanding and celebrating our diversity and interconnectivity is a strength for both our people and the bank,” he said.