May 2011 Financial News

CCFG - Cessation of operations of Express Remittance Services (Cayman) Limited (ERS)

May 17, 2011

Capital & Credit Financial Group Limited (CCFG) has advised the Exchange that Express Remittance Services (Cayman) Limited (ERS), a 40 percent-owned subsidiary company of CCFG, will as of May 21st, 2011 cease operations in the Cayman Islands. This decision was taken due to the increasingly unfavourable market conditions in that territory and increasingly higher operational costs.

The decision to close the Cayman business comes against the background of Capital & Credit’s commitment to the continuous review of the operations of all its subsidiaries in order to ensure greater efficiency and profitability. CCFG is confident that this will result in an improvement to the Company’s bottom-line and greater profitability to the overall Group going forward.


Source:
The Trinidad and Tobago Stock Exchange Limited
Tuesday May 17, 2011