Nov 2010 Financial News

Republic Bank Limited – Discontinuation of offer to acquire Barbados National

Nov 26, 2010

The following media release was received from Republic Bank Limited:

REPUBLIC BANK DISCONTINUES OFFER FOR BNB SHARES

Republic Bank has announced that it will not be pursuing its proposed offer to purchase the remaining shares in its subsidiary, the Barbados National Bank.

In making the announcement, Managing Director, David Dulal-Whiteway advised that although the Group was satisfied with its existing shareholding in BNB, it had been willing to acquire the additional shares since the Government was desirous of selling. Following discussions with the Government, both parties were unable to agree on an appropriate transaction price and as a result, the Group would not be proceeding with the transaction at this time.

Dulal-Whiteway reconfirmed Republic Bank’s commitment to Barbados and advised that the Bank will continue its strong support of the Barbadian small business sector and its local investment in network upgrades, branch expansion and community activities which are designed to fortify the Barbadian social sector.

Republic Bank currently has controlling interest in BNB with 65.13% of the shares.


Source:
The Trinidad and Tobago Stock Exchange Limited
Friday November 26, 2010