Jun 2004 Financial News

RBTT Closes the Deal

Jun 28, 2004

THE Caribbean Commercial Bank (CCB) comes under new management from tomorrow.
This follows the conclusion of negotiations for the sale of the bank for $54million to Trinidad’s RBTT Financial Holdings Limited.

And the SUNDAY SUN understands the Barbados Central Bank has given their approval for the deal.

Leroy Parris, chairman of Clico Holdings Barbados group, of which CCB is a member, confirmed the deal had gone through.

Parris said he had met here with RPTT representatives on last Thursday and Friday to finalise the deal.

He said the chairman of RBTT will be coming here tomorrow to meet with the management of CCB.

Parris expressed satisfaction with the sale saying it was a long time in coming.

“As you know this whole thing was supposed to be closed since last December, but because of the injunction from Mariano Browne (CCB’s former president and chief executive officer) that stalled the whole process.

“As you know we went to court a few times and they have lost all the court battles in Barbados and have to pay costs,” said Parris.

The Clico chairman said he was confident CCB will become a stronger financial institution under RBTT’s leadership.

Last year, CCB’s assets grew by ten per cent, reaching $314 million; deposits rose by 17.8 per cent to $257.7 million, while interest The 18-year-old bank has a staff of 140, and operates four branches in Barbados.


Source: http://www.nationnews.com/StoryView.cfm?Record=50984&Section=Business&Current=2004-06-27%2000%3A00%3A00