RBTT Financial Holdings Ltd. shareholders have voted in favor of the proposed amalgamation of the Trinidad and Tobago-based bank with a Caribbean subsidiary of Royal Bank of Canada.

The decision was taken Wednesday at a special meeting of shareholders held at the Hilton Trinidad and Conference Centre.

The amalgamation resolution was approved by more than 98% of voters

RBTT and RBC had announced an agreement on Oct. 2, 2007, for RBC to acquire the RBTT for a total purchase price of approximately US$2.2 billion.

RBTT and RBC Holdings (Trinidad & Tobago) Ltd. will amalgamate and continue as a wholly owned indirect subsidiary of RBC.

The transaction is still waiting regulatory approval, but is expected to close in May or June.