Friday, April 19, 2024

Buy-out bid

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REPUBLIC?BANK?of Trinidad and Tobago wants to totally own and control the Barbados National Bank (BNB).
Seven years after acquiring majority control of BNB from Government, Republic Bank wants 100 per cent control. And if the Trinidadian-made offer at the current share price of $5.57 is accepted, Republic Bank would have to shell out approximately $184 million to local shareholders.
Republic Bank said in a release yesterday it would make an offer for all 33 million outstanding BNB shares, the majority of which are held by the Government of Barbados, the National Insurance Board and the Insurance Corporation of Barbados Limited (ICBL).
According to Republic, it already held 65.13 per cent of the 96 million BNB shares and had notified Government, the Central Bank of Barbados, and the Securities Commission of its ownership plan for the former state-owned bank.
“This significant investment is indicative of Republic Bank’s commitment to the growth of the Barbados economy and its support of the Barbados business environment,” Republic Bank said in a statement.
The Trinidad and Tobago-headquartered regional financial institution said it had no plans to change the local board of directors after the full acquisition was completed.
The Barbados Government owns 17 million of the outstanding BNB shares, and the National Insurance Board 9.6 million, and the others owned by ICBL and other institutional and individual investors.

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