Banking Sector

The banking sector comprises commercial banks which are licensed to conduct the business of banking and non-bank financial institutions which are licensed to conduct business of a financial nature, under the Financial Institutions Act, 2008.  All institutions in the banking sector are listed below.   Most of the banks in the banking sector have expanded their operations to other countries in the Caribbean region.

The products and services offered by the banking sector are wide ranging and include inter alia TT and US dollar savings and investment instruments, foreign exchange dealings, money market instruments, trade financing, project financing, floating and underwriting of shares and bonds.

The business of banking permits two major products which are excluded from the business of a financial nature.  Under the business of banking, the commercial banks can accept deposits that are repayable on demand, and grant loans for periods of less than one year.  Additionally, commercial banks can take deposits from the public on current accounts and offer chequing facilities to their customers.

Insurance for Depositors
The Deposit Insurance Corporation of Trinidad and Tobago (DIC) plays a major role in maintaining stability of the financial system. Its primary function is to manage a fund to provide insurance protection for depositors against the potential loss of their deposits, should a member financial institution fail, up to $125,000 per depositor, per institution. This coverage is applied across three different "rights" or "capacities" which refer to the type of account ownership, namely, Single (Individual) Accounts, Joint Accounts and Trust Accounts. Ultimately, a depositor can receive  protection up to a maximum of $375,000 in any one member institution, assuming all three "rights" or "capacities" are provided by the institution. Membership in the Fund is compulsory for all institutions licensed under the Financial Institutions Act, 2008.

Regulated Financial Institutions

Commercial Banks (8)

Bank of Baroda (Trinidad and Tobago) Limited
Citibank (Trinidad & Tobago) Limited
FirstCaribbean International Bank (Trinidad & Tobago) Limited
First Citizens Bank Limited
Intercommercial Bank Limited
Republic Bank Limited
Scotiabank Trinidad and Tobago Limited
RBC Royal Bank (Trinidad and Tobago) Limited
 

Non-Bank Financial Institutions (17)

ANSA Merchant Bank Limited
Caribbean Finance Company Limited
Citicorp Merchant Bank Limited
Development Finance Limited
Fidelity Finance & Leasing Co. Limited
First Citizens Asset Management Limited
First Citizens Trustee Services Limited 
Guardian Asset Management Limited
Intercommercial Trust and Merchant Bank Limited
Island Finance Trinidad & Tobago Limited
Massy Finance: GFC Limited
NCB Global Finance Limited
Republic Finance & Merchant Bank Limited
RBC Investment Management (Caribbean) Limited
RBC Merchant Bank (Caribbean) Limited
RBC Trust (Trinidad and Tobago) Limited
Scotiatrust and Merchant Bank Trinidad and Tobago Limited

 

Financial Holding Companies (3)

Jamaica Money Market Brokers (Trinidad and Tobago) Limited
First Citizens Holdings Limited
RBC Financial (Caribbean) Limited