Republic Bank holding onto BNB shares

PORT OF SPAIN, Trinidad, February 27, 2009 – The Barbados government’s efforts to recoup the majority share in the Barbados National Bank (BNB) may meet with some resistance by current majority shareholder, Republic Bank Limited (RBL).
 
RBL said in statement this week that it is not interested in selling its 65.13 per cent shares in the bank.
 
“Republic Bank affirms that BNB is of strategic value to the bank’s Pan Caribbean strategy and that it has no interest in selling the Barbados-based subsidiary,” the Trinidad bank said in the release, adding that to date it has not received any offers to purchase its shares.
 
It was last week that Prime Minister David Thompson announced his administration’s intention to enter into discussions with the Trinidad and Tobago government “to seek to repurchase our shareholding in BNB at the earliest opportunity”.
 
The previous Barbados Labour Party (BLP) administration sold 57 per cent of shares in the local bank to RBL in 2003. RBL subsequently acquired additional shares, increasing its shareholding to 65.13 per cent.