Jul 2016 Financial News

Republic Financial Holdings Limited - RFHL now owns 70% of Republic Bank (Grenada) Limited

Jul 01, 2016

Port of Spain, Trinidad, July 1, 2016 - Republic Financial Holdings Limited (RFHL) has announced its acquisition of an additional 19% shareholding in Republic Bank (Grenada) Limited (RBGL), moving its shareholding to 70%. This comes further to the Notices published on May 6, 2016 and June 10, 2016, advising of the opening and subsequent extension of the Offer Period for RFHL to acquire the remaining shareholding in RBGL. The Offer Period officially closed on June 24, 2016, after 45 days.

The transaction, which resulted in the Holding Company’s acquisition of an additional two hundred and eighty-five thousand and forty two (285,042) shares at a price of EC$45.00 per share, has strengthened its position as the single largest shareholder in that bank. RFHL earlier held a 51% shareholding in its Grenadian subsidiary.

President of Republic Financial Holdings, Nigel Baptiste, expressed his satisfaction with the outcome of the Offer and thanked the shareholders for their participation, as well as the lead broker – ECFH Global Investments Solutions Limited – for their hard work, during the Period. “While we did not achieve 100% shareholding in our Grenadian subsidiary, I am pleased that our resulting stake has helped us fortify our standing in Republic Bank Grenada. This can work only to the benefit of the Grenadian Bank, its shareholders and Grenada as a whole.” he said.

RFHL acquired 51% of the shareholding in RBGL (formerly National Commercial Bank of Grenada Ltd.) in 1992. Over the last twenty-four (24) years, RFHL has strengthened its relationship with its Grenadian subsidiary, investing heavily in technology, upgrade of the branch network and introduction of innovative and customer-centric products to the market, including strong support for the growth of the Grenada small business sector.

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Note to the Editor:
Republic Financial Holdings Limited (RFHL) is the registered owner of all of the Banks in the Republic Bank Group – Republic Bank Limited, Republic Bank (Guyana) Limited, Republic Bank (Barbados) Limited, Republic Bank (Grenada) Limited, Republic Bank (Suriname) Limited, HFC Bank (Ghana), as well as Republic Securities Limited and other subsidiaries. In keeping with international best practice, this holding company was formed with the aim of offering increased operational efficiencies and optimum management of the Group; ultimately leading to greater value for our shareholders and clients while enabling greater strategic focus and diversification.

Today, the Republic Group has a staff complement across the Caribbean region of 4,098 people. As at September 30, 2015, the consolidated assets of Republic Financial Holdings Limited (then Republic Bank Limited) stood at US$ 10.5 billion, with equity at US$ 1.5 billion and profits attributable to shareholders for the year ended September 30, 2015, of US$194.4 million.

Republic Financial Holdings Limited is listed on the Trinidad and Tobago Stock Exchange with subsidiaries in Trinidad and Tobago, Guyana, Barbados, Grenada, Suriname and Ghana.

Source:
The Trinidad and Tobago Stock Exchange Limited
Friday July 1, 2016