T&T taking over
In a transaction that will see it paying Government, the National Insurance Board, and individual shareholders $148 million, Republic Bank Limited this evening announced that 92 per cent of shareholders had accepted its purchase offer, which expired yesterday.
But with eight per cent of Republic Bank (Barbados) Limited’s shareholders opting not to accept the deal, the regional financial institution said the way forward for this and other matters would be known “in the coming days”.
The announcement that it had received a commitment of 29,602,283 of the local bank’s shares thus far was made by Republic Bank’s Managing Director, David Dulal-Whiteway. Based on the $5 per share offer, Government will receive $87.2 million, the National Insurance $48 million, and other shareholders who have tendered their stock so far will receive $13.2 million.
“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,” Dulal-Whiteway said.
“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,” he added.
Republic 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 yesterday’s close date. (SC)