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T&T’s Republic Bank Seeking To Buy Out Branch In Grenada

ST. GEORGE’S, Grenada, May 3, (CMC) – Republic Financial Holdings Ltd. is seeking to buy out Republic Bank (Grenada) Ltd., according to a notice posted on the Trinidad and Tobago Stock Exchange.

Republic, which already has 51 per cent shareholding in the Grenada bank, said that the offer document will be mailed out to shareholders, on May 9, ahead of the offer period which opens on May 11.

Republic Bank Ltd., as it was then known, bought its majority stake in the former National Commercial Bank of Grenada Ltd (NCB) from the Grenada government in July 1992.

In April 2006, it was renamed Republic Bank (Grenada) Ltd., in a move designed to unite the two banks and greater capitalise on competitive advantages from systems and processes alignment.

Republic Bank is one of the largest and most profitable banks in the English-speaking Caribbean with 15 subsidiaries and more than 4000 employees here, in Trinidad and Tobago, Barbados and Guyana.

In 2013, it became a major stakeholder on the African continent through the acquisition of a 40 per cent stake in HFC Bank (Ghana). In 2015 this stake was increased to 57 per cent.

For the financial year, ending September 30, 2015, the group’s total assets stood at TT$66 billion (One TT dollar=US$0.16 cents).

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