The woman who is leading First Citizens’ acquisition of Butterfield Bank says she knows there is anti-Trinidad sentiment in Barbados right now. But Sharon Christopher, the lawyer and deputy chief executive officer of First Citizens Group said the company wanted earnestly for the local public to trust the institution and accept it was not here to deprive Barbados of anything – Nation Newspaper
On June 07, 2007 BU posted a blog titled Is Trinidad The Hegemonist Of The Caribbean? The oil rich nation simply does not have the investment capacity in the domestic market to satisfy investors. A few islands in the Caribbean, Barbados especially, represent a receptive climate for asset picking. A passive business class, an accommodating government scared to offend its Caricom partners, and a people willing to toss away their identify all combine to make Barbados a play ground for T&T investors.
The truckload of T&T investors who have descended on Barbados create the opportunity for Barbadians to comment because they do not believe there has been a willingness on the T&T side to accommodate Barbados. The fishing agreement comes to mind. Most recent is Neal & Massy’s willingness to close Almond Beach Village (ABV) without a fight and in the process deposit 500 workers on the breadline. As a consequence of N&M’s mismanagement of ABV other investors are now fighting over the opportunity to purchase the property.
The news that yet another Barbadian company is to be purchased by a T&T concern is further example of the hegemony that is T&T. The number of key businesses owned by T&T interest in Barbados should have poked Barbadians to sit up and take notice a long time ago. A classic case of concentration of risk.
The comment attributed to Deputy CEO of First Citizens Bank Sharon Christopher in the context of the T&T occupation of Barbados is interesting. Despite her concern about anti-T&T sentiment it has not prevented First Citizen Bank from paying USD45 million for Butterfield bank. The question raised therefore: can we define what is driving the anti-T&T sentiment or is this much ado about nothing?
By the way, it was announced today that Ansa Mcal which owns Brydens, McEnery and a few others have called a staff meeting for tomorrow.
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