Dec 2012 Financial News

Barbadians accept Republic Bank’s share offer

Dec 06, 2012

REPUBLIC Bank Limited has increased its stake in the Barbados subsidiary, the former Barbados National Bank (BNB).

This follows the recent offer to acquire the remaining shares in the bank. Prior to the offer – which closed on Tuesday – Republic Bank Limited had held about 65 per cent of the shares. Reports now reveal that 92 per cent of the outstanding shares – or 29 602 283 – were tendered to RBL.

Managing Director of Republic Bank Limited, David Dulal-Whiteway, thanked the shareholders of Republic Bank (Barbados) Limited for their support of the Bank’s offer to purchase the remaining shares.

Following the closure of the offer, Republic Bank has indicated its intention to proceed with the acquisition, having been successful in obtaining the majority of the remaining shares thus far.

The offer was made to shareholders on November 6.

In announcing the Bank’s decision to proceed, Dulal-Whiteway reaffirmed their continued commitment to the economy and the people of Barbados.

According to the Managing Director, “The full ownership of Republic Bank (Barbados) will allow us to deliver even greater benefits to our many loyal customers and to the wider Barbados community through the increased streamlining of our internal reporting processes, harmonisation of our systems and procedures, and will make available to the banking public a broader and more robust range of financial products and services.

“We also intend to continue our quest to enhance the quality of life for the people of Barbados through maintenance of our Power to Make a Difference social investment programme, in our key areas of focus – namely youth development, poverty alleviation and support of the differently-abled. This award-winning programme is a main feature of our Bank in every market which we serve,” Dulal-Whiteway said.

Further communication on the next steps will be shared in the coming days, including for those shareholders who had not responded to the offer at Tuesday’s closing date.

The Republic Bank Group is one of the last remaining truly independent and indigenous banking groups in the Caribbean, and operates in Barbados, Grenada, Guyana, the Cayman Islands and Trinidad and Tobago.

The Group recently declared profits of US$182.5 million at the close of its 2012 financial year and boasts an asset base of over US$8 billion.

(JB)


Source:
Barbados Advocate
Thursday December 6, 2012

http://www.barbadosadvocate.com/newsitem.asp?more=local&NewsID=28094