Sunday, April 21, 2024

BNB sale water under the bridge


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One of the chief Democratic Labour Party (DLP) apologists (called Arthur) on the local radio call-in programmes is constantly using the sale of the Barbados National Bank (BNB) as an excuse for many of our ills.

I seem to recall that the Government first offered the shares of the BNB for sale to the Barbadian public. The sale of the majority shares to overseas interests only took place after the public failed to take up this offer.

In addition, the Government retained minority share ownership in the BNB. This was later sold by the DLP.

The front page of the Tuesday, April 3 DAILY NATION said that CIBC FirstCaribbean International Bank (FCIB) was offering some of its common shares on the New York Stock Exchange (NYSE) this year.

Arthur, isn’t this an opportunity for local interests (Government, private sector, credit unions, trade unions, individuals, overseas expatriates, Barbadians in the United States, Canada, United Kingdom) to re-establish a local commercial bank or substantial interest in such a bank?

Perhaps Arthur would prefer to spend his time whining and blaming the Barbados Labour Party rather than taking action.



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