Dec 2015 Financial News

Republic Bank Limited - Republic Bank Announces Formation of Holding Company

Dec 16, 2015

Port of Spain, Trinidad, Wednesday, December 16, 2015: Republic Bank is pleased to announce that the formation of its holding company, Republic Financial Holdings Limited (RFHL), was completed on December 16, 2015.

The restructuring was effected by a vesting order under the Financial Institutions Act, Chap 79:09, in Trinidad and Tobago, and successfully brings the structure of the Republic Bank Group in line with international best practices to facilitate future growth.

RFHL President, David Dulal-Whiteway noted that the Bank had grown significantly over the years, resulting in the company performing the dual role of a licensed commercial bank and the holding company.

“While these roles have been well managed to date, the Bank is looking for a structure that is more sustainable in the future, and will facilitate even more effective management and good governance. The need for this restructuring has been made more pressing as we extend our presence in markets across different regions.”

Under the holding company structure, the Group plans to capitalise on greater operational efficiency and strategic focus that will lead to increased value for clients, employees and shareholders.

Effective December 16, 2015, the Directors of RFHL (formerly “Republic Bank”) are Ronald F. deC. Harford – Chairman, David Dulal-Whiteway – President and Chief Executive Officer, Shazan Ali, Dawn Callender, Dr. Terrence W. Farrell, Alison Lewis, William P. Lucie-Smith, Russell Martineau S.C, Kristine Thompson and Gregory I. Thomson.

Following the change, Republic Holdings Limited will now be the parent of all the banks in the Group – Republic Bank Limited, Republic Bank (Guyana) Limited, Republic Bank (Barbados) Limited, Republic Bank (Grenada) Limited, HFC Bank (Ghana), Republic Bank (Suriname) N.V and Republic Bank (Cayman) Limited. Republic Financial Holdings Limited will also be the parent of Republic Securities Limited.

The trading symbol of the new listed entity on the Trinidad and Tobago Stock Exchange will be RFHL.

The change will have no impact on the share price as there is no change in the commercial operation of the Group. The restructuring will not have any impact on the Group’s financial statement, and will have no negative impact on the Bank’s operations, programmes, customers, employees or shareholders.

For more information and additional financial data, please visit www.republicfinancialholdings.com
 

Source:
The Trinidad and Tobago Stock Exchange Limited
Wednesday December 16, 2015