Aug 2010 Financial News

CLICO Mortgage & Finance Corporation (CMFC) sale finally closed

Aug 30, 2010

Barbados Public Workers Co-operative Credit Union Limited formally acquired CLICO Mortgage & Finance Corporation (CMFC) on Friday.

Several months of negotiation came to an end as Barbados’ largest credit union closed on a sale-and-purchase agreement with CLICO Holdings (Barbados) Limited.

This was confirmed by Public Workers’ president Terrol Inniss who spoke to the SUNDAY SUN immediately following the closing at CLICO’s Walrond Street, St Michael headquarters.

He said the rebranding exercise has been completed.

“It’s just a matter of removing the current name and placing the new name on the door.

“All the other things that go into changing from one brand to a next have been completed,” Inniss said.

He added that a business plan had already been submitted to, and approved by, the Central Bank of Barbados.

“We will be moving forward to put the company back on its feet to ensure it does what it has been accustomed to doing. That is providing housing solutions and financing for housing solutions to the greater Barbados,” the president said.

Investments

Inniss added: “Also, we’ll be looking at the investments that would have been made with us and we would take on board new investors with respect to financing different projects . . . .”

He described yesterday as a significant day in the credit union movement.

“We’re pleased to say that both parties walked away from the table very satisfied that we both have achieved what we intended to,” he said. (NB)


Source:
Nation News
Sunday August 29, 2010

http://www.nationnews.com/articles/view/CMFC-sale-finally-closed-/