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Financial News

Nov 2012 Financial News

RBL Media Release - Offer to Purchase Shares in Republic Bank (Barbados) Limited

Nov 06, 2012

Tuesday 6th November, 2012: Bridgetown, Barbados: Republic Bank Limited, the majority shareholder of Republic Bank (Barbados) Limited, today announced that it has received the required regulatory approvals from the Government of Barbados, the Central Bank of Barbados and the Barbados Financial Services Commission to make an offer for the remaining shares of Republic Bank
(Barbados) Limited. Republic Bank Limited currently holds 65.14% of the shares of the Barbados subsidiary. The offer at $5 per share opens today and will close on Tuesday 4th December 2012. If accepted by all remaining shareholders, this transaction will result in an injection of over US$83 million into the Barbadian economy.

Republic Bank acquired 57% of the shareholding in Republic Bank (Barbados) in 2003 and later increased its shareholding to 65.14%. 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 nine years Republic Bank, through its Barbados subsidiary has invested heavily in technology, expansion and upgrade of its branch network on the island, and introduction of innovative and customer centric products to the Barbadian market. Foremost among these initiatives has been its strong support for the growth of the Barbadian small business sector through new financing opportunities and introduction of the Caribbean SME Toolkit.

In making the announcement, Republic Bank’s Managing Director, David Dulal-Whiteway said that full ownership by Republic Bank will allow the Bank’s customers in Barbados and the wider Barbadian community to benefit from the availability of a broader range of products and services and social investment programmes. He revealed that it will also provide greater career and development
opportunities for the employees of Republic Bank in Barbados through cross training and exchanges within the Republic Bank Group.

The Offer Document has been mailed to all shareholders and will also be available on the Republic Bank Limited website (www.republictt.com). Arrangements have been made for shareholders to deposit their acceptances of the offer into specially designated boxes at all Republic Bank branches in Barbados. Alternatively, the acceptances can be mailed to the Manager, Republic Finance & Trust (Barbados) Corporation, Broad Street, Bridgetown, Barbados.

END

Contact Details:- Mrs. Anna-Maria Garcia-Brooks, General Manager - Group Marketing and Communications , Republic Bank Limited . Phone-1-868-625-4411; Ext: 3475. email:agarciabrooks@republictt.com


Source:
The Trinidad and Tobago Stock Exchange Limited
Tuesday November 6, 2012