The jobs of all 17 workers at CLICO Mortgage and Finance (CMFC), including general manager Andrew St John’s, are safe.
The assurance was given by Anthony Griffin, president of Barbados Public Workers’ Co-operative Credit Union, as the co-operative got closer to taking over the CLICO subsidiary.
He was speaking yesterday after signing a sale and purchase agreement with officials of CLICO Holdings Barbados Limited, at the credit union’s headquarters in Belmont Road, St Michael.
“No one will lose their jobs,” Griffin told the DAILY NATION.
The credit union president said the signing yesterday was a significant milestone not only for the credit union but the public.
“The company is now well positioned in the market to help credit unions in ways that they could not help themselves. We are limited in what we do, and CMFC has given us a better chance to serve not only our members but Barbadians in general,” Griffin said.
Moreover, the credit union boss said the sale should be completed by monthend, at which time CMFC will also be rebranded.
“We will divorce the name from CMFC and CLICO and give it a new name,” he added.
In addition, Griffin said the credit union had also come up with a plan to handle the CLICO International Life Insurance policies that had been used as security for most of the mortgages held by CMFC clients.
“There is a plan which we are not divulging right now but there is a plan to deal with those securities,” he added.
