Oct 2010 Financial News

Republic Bank Limited – Offer to acquire Barbados National Bank

Oct 22, 2010

The following announce was received from Republic Bank Limited:

Republic Bank Limited, the majority shareholder of Barbados National Bank Inc. (BNB) with a shareholding of 65.13% is pleased to announce that it will be making an offer to shareholders of BNB to acquire the remaining issued ordinary shares in the bank.

Republic Bank has indicated to the Government, the Central Bank of Barbados and the Securities Commission its intention to make the offer for the remaining shares of Barbados National Bank Inc.

Republic Bank acquired 57% of the shareholding in BNB in 2003 and later increased its shareholding to 65.13%. This significant investment is indicative of Republic Bank’s commitment to the growth of the Barbados economy and its support of the Barbados business environment. Over the last seven years Republic Bank has deepened its association with BNB, investing heavily
in technology, expansion of the branch network, upgrade of branches and introduction of innovative and customer centric products to the Barbadian market, including its strong support for the growth of the Barbadian small business sector through new financing opportunities.

Full ownership by Republic Bank will allow BNB, its customers and the wider Barbadian community to benefit from the increased streamlining of internal reporting processes, harmonization of systems and procedure, the availability of a broader range of products and services, social investment programmes and will provide greater career and development opportunities for the employees of BNB through cross training and exchanges within the Republic Bank Group. The Bank has indicated that it does not intend to change the current board of directors.
Contact: Anna-Maria Garcia-Brooks, General Manager, Group Marketing and Communications, Republic Bank Limited. Telephone: 1-868-625-4411; Extensions 3475 and 3105; email: agarciabrooks@republictt.com


Source:
The Trinidad and Tobago Stock Exchange Limited
Friday October 22, 2010