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RBL gets OK to buy out bank

Republic Bank has received the required regulatory approvals to make an offer to purchase the remaining shares for Republic Bank (Barbados) Ltd.

Approval was given by the Barbados Government, Central Bank and Financial Services Commission.

In a release yesterday, the bank said the offer of Bds$5 (TT$16.28) per share opens today and will close on December 4. If this is accepted by all remaining shareholders, the transaction will result in an injection of US$83 million into the Barbados economy.

As of Monday, the last quote for Republic Bank (Barbados) on the Barbados Stock Exchange was Bds$5.50 (TT$17.91).

Republic Trinidad currently holds 65.14 per cent of the shares of the Barbados subsidiary.

The bank had acquired 57 per cent of the shareholding in Republic Bank (Barbados) in 2003 and later increased its shareholding to the current 65.14 per cent.

In making the announcement, Republic Bank's managing director David Dulal-Whiteway said that full ownership by Republic Bank would allow the Bank's customers in Barbados and the wider Barbadian community to benefit from the availability of a broader range of products and services and social investment programmes. He said that it will also provide greater career and development opportunities for the employees of Republic Bank in Barbados, through cross-training and exchanges within the Republic Bank Group.

The offer document has been mailed to all shareholders and will be available on Republic's website (www.republictt.com). Arrangements have been made for shareholders to deposit their acceptances of the offer into specially designated boxes at all Republic Bank branches in Barbados. Alternatively, the acceptances can be mailed to the manager, Republic Finance & Trust (Barbados) Corporation, Broad Street, Bridgetown, Barbados.

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