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Financial News

Mar 2009 Financial News

BNB of strategic value to Republic Bank

Mar 04, 2009

In response to recent media reports that the Government of Barbados had indicated its intention to purchase Republic Bank Limited's 65 per cent shareholding in its subsidiary BNB, Republic Bank affirms that BNB is of strategic value to the Bank's Pan Caribbean strategy and that it has no interest in selling the Barbados based subsidiary. Republic Bank has to date received no offers to purchase its shareholding in BNB.

Since its acquisition of the majority of shares in BNB in 2003, Republic Bank has invested significant human and financial resources in enhancing the financial products and services offered to its Barbadian customers. It has also invested significantly in the expansion of its branch network from six branches to nine, and in growing its ATM network to the largest on the island, with 25 strategically located ATMs.

Over the last six years Republic Bank has been honoured to work with a strong, independent Board of Directors comprising several well known and respected Barbadian businessmen. The combined expertise of this Board and Republic Bank's experience in banking and professional leadership, have grown BNB into the largest lender and the most profitable bank in Barbados. BNB grew from a Bds$1.4 Billion asset base bank generating annualised profits of Bds$24.0 Million in 2003, to become the most profitable Bank in Barbados, with assets of Bds$2.6 billion and profits of Bds$54.8 Million in 2008.

Being part of a highly successful Caribbean organisation, the 580 employees at BNB have been able to take advantage of increased career opportunities, with many having benefited from attachments and training opportunities at Republic Bank's Head Office in Trinidad and Tobago.

Social investment has also been high on Republic Bank's agenda, and an investment of Bds$1.5 million was made in the establishment of the Errol Barrow Centre for Creative Imagination and Media Centre, at the Cave Hill campus of the University of the West Indies. Republic Bank ensures that it participates fully in the Barbados community and helps in contributing to the quality of life of persons in Barbados. Over the last 6 years approximately Bds$4 Million was invested in the maintenance of numerous other social and cultural programmes aimed at enhancing skills development and quality of life.

Republic Bank remains focused on being the bank of choice in the Caribbean, and looks forward to being of continued service to the people of Barbados through its subsidiary BNB.


Source:
Trinidad Express
Wednesday, March 4th 2009

http://www.trinidadexpress.com/index.pl/article?id=161446818