Republic Bank Trinidad obtains green light to acquire Barbados subsidiary

Republic Bank in Trinidad says it has received the green light from the regulatory authorities in Barbados to make an offer to purchase the remaining shares for Republic Bank (Barbados) Limited.

Republic Bank controls 65.14 percent of the shares of the Barbados subsidiary. It had originally acquired 57 percent of the shareholding in Republic Bank (Barbados) in 2003.

In a statement, Republic Bank said that approval for acquiring the remaining shares had been given by the government of Barbados, the Central Bank of Barbados and the Financial Services Commission.

It said that the offer of BBD$ 5 (US$ 2.5) per share opens on Wednesday and will close on December 4.

If the share offer is accepted the transaction will result in an injection of US$83 million into the Barbados economy. On Monday, Republic Bank (Barbados) shares were quoted on the Barbados Stock Exchange at BBD$5.50 (US$ 2.25) each.

Republic Bank’s managing director David Dulal-Whiteway said that full ownership by Republic Bank would allow the Barbadian community to benefit from the availability of a broader range of products and services and social investment programmes.

He said that it will also provide greater career and development opportunities for the employees of Republic Bank in Barbados, through cross-training and exchanges within the Republic Bank Group. -(CMC)