Port of Spain – Republic Financial Holdings Limited (RFHL) has announced its acquisition of an additional 19% shareholding in Republic Bank (Grenada) Limited (RBGL), moving its shareholding to 70%. This comes further to the Notices published on May 6, 2016 and June 10, 2016, advising of the opening and subsequent extension of the Offer Period for RFHL to acquire the remaining shareholding in RBGL. The Offer Period officially closed on June 24, 2016, after 45 days.
The transaction, which resulted in the Holding Company’s acquisition of an additional two hundred and eighty-five thousand and forty two (285,042) shares at a price of EC$45.00 per share, has strengthened its position as the single largest shareholder in that bank. RFHL earlier held a 51% shareholding in its Grenadian subsidiary.
President of Republic Financial Holdings, Nigel Baptiste, expressed his satisfaction with the outcome of the Offer and thanked the shareholders for their participation, as well as the lead broker – ECFH Global Investments Solutions Limited – for their hard work, during the period. “While we did not achieve 100% shareholding in our Grenadian subsidiary, I am pleased that our resulting stake has helped us fortify our standing in Republic Bank Grenada. This can work only to the benefit of the Grenadian Bank, its shareholders and Grenada as a whole.” he said.
RFHL acquired 51% of the shareholding in RBGL (formerly National Commercial Bank of Grenada Ltd.) in 1992. Over the last twenty-four years, RFHL has strengthened its relationship with its Grenadian subsidiary, investing heavily in technology, upgrade of the branch network and introduction of innovative and customer-centric products to the market, including strong support for the growth of the Grenada small business sector.