Apr 2013 Financial News

Consolidated Finance to be strengthened

Apr 09, 2013

ANSA McAL Merchant Bank has agreed to purchase Consolidated Finance Company (CFC) in a move that will strengthen the Barbados based lending institution.

The sale, which has been agreed to by the relevant boards of the organisations, is still contingent on receipt of all regulatory approvals.
“This amalgamation will mean a consolidation of resources, which in the end will make the Barbados company stronger and will actually allow CFC to get involved in financing larger projects than it previously could and offer products and services that they couldn’t before,” stated CEO and President of Ansa McAl Barbados, Nicholas Mouttet.

“The two companies were already related so to speak, both being financial institutions within the Ansa McAl group, but operated as two separate entities. This pooling of resources will strengthen CFC’s balance sheet, make it a much stronger institution and permit Consol to expand its portfolio,” he added.

Recently appointed General Manager, Rolf Phillips, assured staff in an internal memo on Wednesday that the purchase will lead to the greater sharing of resources and best practice between the two companies which will provide better career opportunities for CFC staff.
It is expected that the greater degree of collaboration will lead to more benefits for both organisations.


Source:
Barbados Advocate
Tuesday April 9, 2013

http://www.barbadosadvocate.com/newsitem.asp?more=business&NewsID=30010