The wife of Trade, Industry and Investment Minister Vasant Bharath has resigned from RBC as market head of personal banking T&T, after four years of service. Arvinder Bharath cited personal reasons for leaving, but sources at the bank said she was unhappy with the new structure of the bank. Bharath, Sunday Guardian was told, is expected to take up a top position with the state-owned First Citizens. This could not be confirmed up to late last night.
In 2011, RBTT which has 25 branches across T&T, began transitioning to the RBC brand across the region. A call made to Bharath’s cell phone yesterday was not answered, while a text message was not responded to. The source said RBC had already found a Canadian replacement for Bharath who was born in New Delhi, India, and grew up in England.
Yesterday, RBC’s regional manager for employee communications of Caribbean banking Nicole Duke-Westfield confirmed Bharath’s resignation, which comes into effect on June 28. “We respect her decision,” said Duke-Westfield. Scores of employees worked under Bharath.
Duke-Westfield could not say when Bharath tendered her resignation or who would replace her, stating that “she is still in the role...and we are working to transition to new leadership within the shortest possible time.” Duke-Westfield said Bharath had expressed disappointment to make such a decision at this time. “It is not that she wanted to leave the bank, but she felt that in the interest of herself and family that she had to take this decision.”
RBC has since thanked Bharath for her services, Duke-Westfield explained. “In her position she has made a contribution to the bank in terms of leadership and steering the personal banking portfolio,” Duke-Westfield said. Asked if Bharath’s resignation was a great loss to RBC, Duke-Westfield said, “To say that it was a great loss...I mean we are not happy to see her go. It is sad that she had to take this decision at this time.”
Asked if Bharath’s resignation came as a shock to the bank, Duke-Westfield said she could not comment on that. Questioned if Bharath as well as CEO of Caribbean Banking for RBC Suresh Sookoo were asked to leave, Duke-Westfield replied, “There is no truth to that. “Mr Sookoo remains CEO of Caribbean Banking for RBC. He was very much at work yesterday (Friday). I believe he may be travelling this week to attend meetings in Toronto.”
Alfonso: It would raise some questions
Chair of First Citizens Nyree Alfonso said when interviews were being conducted for the position of CEO several months ago, “I was told that Bharath was getting it and she had not even applied.” Alfonso said there were two high-level positions at FCB to be filled, none of which Bharath had applied for. The two openings are deputy CEO of banking and general manager of the corporate banking unit, which have been advertised.
“Mrs Bharath has never applied to FCB, and I would know. I imagine the deputy CEO position would be junior for her. I don’t know if the general manager position in our organisation is about the same level where she was, or if that is junior to where she left. Again, I don’t know if her forte is corporate banking or retail banking.” She said RBC structure was vastly different to FCB. RBC, she said, is highly dependent on Canada.
Asked if Bharath would be an asset to FCB, Alfonso said she couldn’t say. Alfonso said she was unaware of Bharath’s job specification at RBC. She believes that if Mrs Bharath were to join the bank there might be a perception that her husband’s position as Minister in the Ministry of Finance influenced her appointment to the post. “I would say...I am sure it would raise some questions whether is it a conflict of interest or not.”