Barbados National Bank Officially Dead

BNB Logo

BNB Logo

Republic Bank (RBL) recently rebranded Barbados National Bank (BNB) with the Republic Bank blue. It pained many Barbadians to witness WE bank sold to “others” and it pained further when the BNB brand was dismantled and replaced with RBL’s. If it WAS any consolation, central government and the NIS owned a minority shareholding which gave hope that the holding may have served as an avenue to reclaim the bank at some point in the future. Sad to say, wishful thinking!

The recent offer by RBL to purchase minority shares was successful. According to 187 of the Companies Act because 90% of the offer was taken up, it gives RBL the right to acquire ALL dissenting shares.

The letter attached dated 17 December 2012 confirms RBL’s intention to invoke that right pursuant to the Companies Act. By the end of the year RBL in all likelihood become the100% owner of the former BNB.

Here endeth a national symbol.

Notice to Dissenting RBL Shareholders:

Letter one, two and three.

0 thoughts on “Barbados National Bank Officially Dead

  1. All of this from a government that is opposed to privatisation. An old saying comes to mind: Don’t mind nigga mout, mind he actions.

    This cash starved Government is selling this country out. Lord forgive them for the know not what they do.

  2. Both parties would have responded in the same way. Now is the time for the Bush Tea plan of the Government underwriting the cost of a New BNB. Now you know that the Credit Unions and a number of nationalistic Barbadians would jump at the opportunity to support such an initiative … and when it becomes sufficiently popular in a few years time, sell the f#cker for more FX. Now if this is the vision, well then I would be challenged to find fault.

    • Here is an earlier blog on a related matter:

      The resignation of Tony Hoyos from the Board of Directors of the Barbados National Bank (BNB) should should concern Barbadians. Hoyos’ letter of resignation was posted on Peter Boyce’s Facebook Page earlier today.

      A full page statement was posted in the local press today by Republic Bank (BNB’s parent company) signalling it will be making an offer to buyout the remaining shareholders in BNB. An article also appeared in the Trinidad press yesterday. Currently Republic Bank Limited (RBL) owns 65.13% of BNB, the government of Barbados 28% and individuals 7% round out the ownership.

    • The following maybe of interest:

      Republic Bank of Trinidad & Tobago confirms buying 8.9% stake in Ghana’s HFC for $8m
      Page last updated at Monday, December 17, 2012 13:13 PM // Leave Your Comment

      hfc-bankThe Republic Bank of Trinidad & Tobago (T&T) has purchased 8.9% shares in HFC Bank Ghana for an amount of $8 million, the Caribbean bank confirmed in a statement December 11, 2012.

      The bank bought the HFC stake when the Ghanaian bank floated additional 112,420,246 ordinary shares under a private placement concluded in November 2012. This has helped HFC Bank to increase its stated capital from GH¢45,000,624 to GH¢95,000,624.

      The HFC Bank in a December 1, 2012 letter issued by its management to the Ghana Stock Exchange (GSE) confirmed the purchased made by the Republic Bank.

      In its statement, Republic Bank said it bought the stake “in keeping with its expansion strategy and its focus on areas outside of its traditional Caribbean markets.”

      Commenting on the purchase, Republic Bank’s Managing Director, David Dulal-Whiteway said that the Bank had been considering a number of overseas interests over the last few years, and decided on the HFC opportunity, following that Bank’s recent private placement to raise GH¢50 million. Republic Bank’s investment in the shares of HFC is put at $8 million.”

      According to Dulal-Whiteway, the investment in HFC will open up for Republic Bank’s local business clients, new opportunities to do business on the African continent.

      By Ekow Quandzie

      Ghana Business News » Republic Bank of Trinidad & Tobago confirms buying 8.9% stake in Ghana’s HFC for $8m

  3. BAFBPF;
    So a new BNB arises from the ashes of the old one, like a Phoenix fed by the Credit Unions, and kills off the entities that killed its parent. Wow!!

    Dah fuh lik dum!!

    • Interesting situation here if only because it is known that many of the credit unions and government agencies still do business with Republic Bank which is a legacy from the days when it was a government owned bank. What happens now that that business is open for pitches from the competition?

  4. @Caswell

    if the govt is a minorty shareholder, it cant influence the decision making process, so i support it selling it shares but use the money to start a development bank. The govt is the biggest customer to any bank and thus such a bank would be guaranteed business.

    • If the NIS is cash rich does it not make sense to hold the investment which is paying a good dividend until other investment opportunities appear?

    • To the Point

      I really don’t care if Government decided to sell the shares or not: my concern is that they seem to sell them at a forced sale where the buyer dictated the selling price and because Government needed the money, they had to take what was offered.


      NIS does not need any more cash to put in the bank to get 2% interest but most likely the Minister would have ordered or influenced them to sell because Government needs the foreign exchange. The Minister of Finance has too much power over NIS funds which technically are not Government funds.

      Sent from my iPad

  5. “The Minister of Finance has too much power”

    Who would you give the power to Caswell?

    What we need to do,… is ensure that the persons elected to wield such powers are COMPETENT to exercise the powers wisely.
    But You could really hush, cause you are clearly ideally placed to play a CRITICAL national role as outlined by Bushie – and like most Bajans, you have chosen instead to walk about talking a lot of shoite…. You, GP, Hants, Observing, Sargeant…stupseeeee

    How will our level of governance improve when we leave such things to second rate locals and third rate foreigners who find out how foolish we are…?

    As To The Point says, there is no point in holding minority shares in such an aggressive organization as this….and we had NO REAL SWAY in influencing the selling price. You see how they make Dr Robinson shame….?

    ….It is which ever idiot that sold out majority ownership that should take all the blame for the fiasco.

    Bushie’s back up plan is to create another bank – and if they want, they can buy that one too…..and another ….and another.

  6. It might make people feel better to have a Government owned bank but what should it do that Government cannot do without such a bank?
    Government can set interest rates; it can pay interest on borrowings; it can legislate on bank charges; it can incentivise investment through tax relief etc. If it wanted to it could lend money (as it does to agriculture etc already); it could also make banks invest along the lines it wants.
    Be careful not to let national pride force a business decision. That did not work out well with Gems.

    • Why is it that almost if not all our our neighbouring islands have a domestic bank(s) and Barbadians would be apologetic that we have none?

  7. Bush T
    You think starting a new Bank is like starting a meeting turn? BNB inherited a list of depositors and assets from the Barbados Savings Bank which had been in existence for many years. (BTW could someone write a wiki page on these institutions otherwise they will go the way of other Bajan Institutions just fading memories for many of a certain generation then left to recede into Antiquity)

    I don’t know much about the management of BNB in the early years but I think that the transition from primarily a Savings Institution to a Commercial Bank must have been challenging as the management cadre and staff were drawn from the ranks of the Civil service who through no fault of their own were not trained Commercial Bankers.

    After BNB weathered the storms of the early years and was finally becoming profitable the Barbados Gov’t divested itself of controlling interest to Republic Bank of T & T. Many reasons have been advanced by apologists for the Gov’t e.g. The Bank was not making enough profit; Bajan management was incompetent etc. but no one has stated the actual reason i.e. that the then Gov’t was cash strapped( just as the current one is) and needed the money to finance projects. That surely will be a surprise to Bajans who believe everything was sweetness and light under the previous Gov’t but the sale was so successful that the BLP is now ready to repeat history in advocating “ Privatisation” which would give them the money to finance projects and run the Gov’t so it appears that they are accomplishing something .

    “Privatisation”= Old wine in new skins.

    Now Bush Tea how many people you have for that meeting turn?

    • The following extract from the link above is interesting:

      The credit orientation of the commercial banks shows a preference for the high returns of personal credit and the safety and stable returns of mortgages. From Figure 2 below, it is notable that even credit to tourism, that is so critical to our economy, is overshadowed by credit to the personal sector. Credit Unions and Finance Companies have also followed a similar trend. This means that it may be an uphill task for the government to persuade the current non-government owned banks to extend substantial credit lines at lower rates to non-traditional sectors of the economy in order to spur development and diversification in the economy. This challenge may also be inferred from the high delinquency (over 30%) and reduction in the use of government supported credit guarantee schemes. This provides an argument for a government owned bank, with a mandate to provide targeted and specially structured credit to specified economic sectors to promote government’s macroeconomic strategies. There is however the counter argument that a similar function is already being performed, albeit on a smaller scale by the Enterprise Growth Fund Limited.

  8. @ Sargeant
    Your heart is in the right place, but you remain a foot soldier.

    Every possible type of meaningful transaction a country is effected through money. Money is the medium for ALL business activity.
    …..anyone who cannot see the critical roles that Banks play in the economy of a country and the profits that they make……well!!! to the difficulty of starting a Bank. it would truly be near to impossible….for a foot soldier, but for a Bush man, it would be no big deal….and for the Government of Barbados a mere formality.

    The ideal owner of course would be the Credit Union Movement, but small minded mendicants who cannot ever picture themselves being in charge of something so important, have defined themselves out of the business.

  9. Bush Tea
    I was not aware that your plans included nationalisation of Credit Unions, but the age of the smart Bajan in their dealings with Trinis is a relic of the past which should take the place of Brer Ananci tales, yuh think that when the Trinis bought BNB that they may not have insisted on a “non compete” clause?

  10. @Caswell “I really don’t care if Government decided to sell the shares or not: my concern is that they seem to sell them at a forced sale where the buyer dictated the selling price and because Government needed the money, they had to take what was offered”.

    The CEO of Republic Bank said in an interview that it was the government of Barbados who came to them cap in hand begging them to buy their shares. So the idiotic government that we have had to take what the price RBL offered them which was way below the market value.

    In other words, RBL jucked out our eyes. In other words, Barbados HAD to be DESPERATE to accept this from RBL. Now we are hearing that $36 million was given to JADA for the Valery project.

    And we have a joke for a minister, joking that he sold the bank…..this defies DLP logic. And to think that a few weeks ago they all ’bout the place claiming they will not be privatising any thing! DLP lies!

    By the way, does anyone know if Chris Sinkliar even did any economic courses while at UWI? I would like to know.

  11. @Prodical son

    selling the shares is not privatising. The fact that the govt is a minority share holder means that it has no share in the running of the instituion, even if it has joine with the other minority shareholders it would have been out voted if u understand company governance.

    WHEN owen sold the shares did we get the best price for the shares? Why did he sell the shares? Wasnt the bak making a profit at the time? By the way I was one of those persons who had bought shares and sold them when i realized that the trinidadians were going to take it over.

  12. The government and NIS currently own minority shareholding in other companies. They do so for investment purposes. Why sell BNB shares which pay good dividend when there are no immediate plans to buy/start a bank?

  13. @David
    what dividends has the bank being paying and how do you know that the funds generated are not going to be used to either liquidate costly oustaning debt(s) or put in a more profitable venture? I have not heard thegovt made any public statement on what it will do with the funds.

  14. @Bush Tea

    I like Caswell very much; I think he has alot to offer but your comments are spot on…I am one who believes all bajans do is just talk and try to impress with their titles and big up educational qualifications. Then all around them their island is being sold to highest bidder and what the jackasses do: ENGAGE IN MORE TALK: ITs the same for government elect officials a bunch of talk and lies whilst their asses feed from the piggy trough. Caswell as well as you bush tea and a few others can make a collosal difference with the info at your disposal. Why are none of you standing up and forming another party to make a difference? Some must stand up and fight the stupid policies. If we continue to depend on tourism we are doomed. We have generated enough income over the years to have a few jack asses in government put those funds in stupid projects. We need fresh thinking and guts to put the money in projects that could bring back significant returns. E.g. Why are we not assisting in the solar power project throughout the caribbean; why do we not revisit the sea island cotton project; why are we not looking at the altnernatives in divest sugar products. We need to alternatives and fresh thinking not those who are going to say to me that the island is too small; or ecnonomy too small; or there is no other alternative put tourism. I really do not want to hear that shite.

  15. @ 3S
    You are 99% correct.
    The ONLY hope for success for ANY organization in this era – is to have individuals with vision, intelligence and guts in critical leadership positions.
    Anything less is suicide.

    We went through a period of about 40 years where world conditions were such that any old idiot could have been a “leader”, because it was a TIME OF PLENTY. (Just like any idiot can lead an army in peace time)

    But this is a different time.

    VERY FEW persons in an average community are blessed with the required leadership skills. One of the most lacking is GUTS, because we are plagued with an abundance of effeminate men whose balls are purely decorative, and women who have none to begin with….

    Wunna think that Bushie pick on Caswell because he is Bushie’s friend?
    What friend what?!?
    ….he has what is needed.

    Where you err is in including the Bushman in your list.
    BUSHIE IS NOT AVAILABLE, having already been enlisted in a much higher calling. Besides, it would never work as Bushie’s way is so RADICALLY different from the norm…..too much stress.

    As Jesus once said (LOL ..or WOULD HAVE SAID if he was a Bajan) “.. Wunna people think that I come to bring peace, but peace shoite, I aint come to bring no peace, i coming with a sword…..”

  16. Bush Tea
    “Nationalisation” is the incorrect term for Gov’t takeover of the Credit unions as per your scenario but your policy would be for Gov’t to consolidate the Credit Unions under its umbrella and form a Commercial Bank to compete against other Commercial Banks including one that it established.

    That is what is called Bushonomics.

    • Here is what Dr. Robinson posted on BU about the matter of selling NIS holdings in BNB:

      Submitted on 2012/12/05 at 6:02 AM

      Whatever the NIS did, Republic Bank would own at least 83% of BNB. The float ratio of BNB would have been so low (less than 10%) that there would be very little trading and hence little possibility for any capital gains for the NIS. In my opinion if NIS had remained as a shareholder, it would have been at the mercy of the dividend policy of republic bank, which as a very minor shareholder it would have no influence on. That to me would not have been a wise investment approach.

      I publicly expressed a preference for a share swap. Republic Bank indicated that it was unwilling/unable to do a swap.

  17. @Dacid

    i could have predicted your response. There is something called the opportunity cost of capital, and if u are getting 4% and you can get a higher yield with similar risk, what will you do? Or if u r getting 4% and the market is soft and you have a high interest debt and you can liquidate assets what will you do with the money.?

  18. Sargeant
    Bushie was (and has been for years) talking about the Credit Unions establishing a National Bank. Nobody said anything about Government nationalizing Credit Unions or any such… Bushie even called for such when government owned BNB.

    If you want Bushonomics….
    Bushie would have to explain that rather that involve government taking over the Credit Union, it would be the other way around where the PEOPLE took over government using co-operative principles.
    Do you get the new post that has earmarked Caswell at the National level? …Chairman of the National Supervisory Committee.

    Did you grasp the concept of pre-signed letters of resignation by officials which ENSURED that they understand who is working for whom…?
    Stupseeeee… How will you ever get promoted beyond Sargeant..?

    …. Apology accepted. 🙂

    • @To the point

      So what is your point that NIS funds should be used to liquidate debt? It is not only central government shares we are talking about.

    • @Bush Tea

      Under FSC rules it is difficult to see a credit union bank operating in the cooperative manner you envisage.

    • For the umpteenth time, credit unions are BANKS that are owned and operated by and for the benefit of their members. Only members can use the services of credit unions. Unfortunately, credit unions are prevented from doing many of the things that commercial banks do because of Government policy and legislation.

      With an unprecedented number of credit unionist on the Government side in Parliament, we would have expected some ease in the restrictions. Mind you, I do not think that we can now rely on the immediate past president of COB since the members, at the last AGM, showed them the door. I think that he was reluctant to go and the knob hit him in the rear.

      Sent from my iPad

  19. Bushie it doesn’t have to be complicated.

    The Credit Unions could start a bank with SOME of the money they have. It would be in addition to their existing Credit Union set up.

    I may be wrong cause I aint nuh banker or Lawya.

  20. @ David | December 27, 2012 at 8:38 AM |

    One would wish that the goodly Dr. Robinson should stop misleading the public with his
    stupid excuses for selling the BNB shares in RBL.
    He can as well come clean and admit that “his” Board was instructed by the MoF to sell in order to get the foreign exchange in the system before year-end for the Governor’s reporting to sound good in January for timely electioneering.

    If we should we accept the Doctor’s reasoning for selling the RBL shares then we have to ask him if the same principle applies to the NIS ownership of share in the BL&P (Emera) company. When is the NIS going to dispose of its ‘insignificant’ minority holding in Emera?

    What is the NIS going to do with the proceeds from the sale of the RBL share? Buy more government junk paper?
    We know what this DLP administration will be doing with proceeds from their 18% holding in RBL. It will be used to upgrade the QEH as promised.

  21. @ millertheanunnaki | December 27, 2012 at 9:43 AM |
    “.. for selling the BNB shares in RBL”

    Should read: “.. for selling the NIS investment in RBL.”

  22. @ Hants
    The credit Unions would continue EXACTLY as they are doing now, except that they will have invested (is it about $5M?) in the bank as capital. This money can be from the normal reserve funds held by the Credit Unions or they can invite members to buy bonds to provide the capital.

    @ David
    Who said anything about the Bank operation on co-op principles? The whole point would be to have an institution UNDER COOP CONTROL but which can do exactly as the other banks do.
    Obviously since the owners are cooperators they will have greater respect for openness, and the finances will have to be transparent and open to the ultimate owners.
    It would be the same as the case with the Insurance Company. It operates like all insurance companies, but is owned by the Credit Unions.

  23. @ Caswell
    …and for the umpteenth plus one time…
    Wunna going keep on kicking that dead horse….shoite man, there are many ways to skin a cat. This is now ’bout 25 years you trying this one skinning knife…. You can’t see it dull…?

    If wunna OWNED a bank, problem solved.

  24. @David
    where did i say that the funds raised by nis fomr the sale could be used to liquidate govt debt, i would have to be stupid and dont know the difference between govt proceeds and that of nis.

    • @To the point

      So explain this comment you made earlier:

      Submitted on 2012/12/27 at 8:52 AM


      i could have predicted your response. There is something called the opportunity cost of capital, and if u are getting 4% and you can get a higher yield with similar risk, what will you do? Or if u r getting 4% and the market is soft and you have a high interest debt and you can liquidate assets what will you do with the money.?

  25. @ St George’s Dragon

    “Government can set interest rates; it can pay interest on borrowings; it can legislate on bank charges; it can incentivise investment through tax relief etc. If it wanted to it could lend money (as it does to agriculture etc already); it could also make banks invest along the lines it wants.”

    I am tired preaching this position on BU. In a ‘mixed economy’ (which has recently become PM Stuart’s mantra albeit misrepresented) the Government does not have to be owners to influence the economy as they have the power of POLICY.

    @Bush Tea
    Me thinks your idea was applied to the formation of Capita, which now allows BPWCCU to lend to non-members.

  26. I can’t for the life of me understand why anyone in bim would feel pain that they now own very little of anything of significance on the island. I know i will take some talk for this but, WHEN YOU START LOVING TO SEE EACH OTHER PROSPER AND PROGRESS YOU WILL FEEL NO PAIN. Stop the nasty mentality of fighting down each other, stopping each others progress and spending the better part of your lives, that was given to you as a gift, making each other miserable and unhappy. NOW BRING IT ON!!

  27. The milk debate … HA HA HA … Farmers and employees saw this coming years ago when there was a take over bid from Banks Holdings that was easily facilitated by the then Chairman of Pine Hill, CO Williams and his brown nose President. Both of these men were in quick time pushed from the nest, just desserts … but so too were ALL of the people who orchestrated the revolt against the Board and the Share Swap campaign …

  28. What advice would you (BU family) give to ‘those shareholders who did not accept RBL’s offer’,and who are still reluctant to accept the offer at this time?
    Have they any choice?
    Would like to hear from you.

    • @leo sobers

      According to the Companies Act once the company is successful in garnering not less than 90% of any class of shares offered (BNB) then it triggers the the take over bid for the remaining shares. According to the Act the right of the minority shareholder is to ensure there is fair value offered. This seems to be the only basis the minority shareholder can fight the issue.

      See Act:

      Hopefully other in the BU family maybe able to elucidate some more.

  29. @ leo sobers | December 27, 2012 at 3:36 PM |

    You have no choice in the matter but Hobson’ choice.
    You can fight to get a better or ‘fairer’ value but the legal costs would not worth it even as a class action suit.
    The government and in tandem the NIS have sold the private minority shareholders “down the river” by accepting the $5.00 knockdown price begged by the government.

    Even if the RBL directors had countered with a $4.00 ‘take-it or-leave-it’ offer the government is so desperately financially embarrassed that it would have still taken any thing in the ling.
    Now that is the epitome of “Paro” economics!

  30. I say make a run on the blasted Bank … Wait it ain’ their fault … Well mek a run on the blasted Government … wait but that would mean another five years of Owen Arthur …

    Wah to do …?

    • @To the point

      As expected you have copped out. The central government selling its shares has nothing to do with the NIS.

  31. @ To The Point | December 27, 2012 at 7:13 PM |

    Today is not your day. You are being shot done from every angle.
    It makes more sense to sell to the highest bidder than to be forced to sell to the lowest, would you not agree?

    Why don’t you address David BU’s query?

  32. @David: “Interesting that Pine Hill products not getting traction in T&T. Why?”
    My response: Because T&T have grown accostomed to their locally produced things. The late Eric Williams broke the foreign-owned bank syndrome after the Black power revolt of 1970, and fostered locally-assembled motor cars and small appliances. Some things have changed, but an entire generation grew up without a taste for things foreign.
    But ….. we have not realised how to play tit-for-tat. So Machel comes to entertain, while we rage about the sell-out of BNB; and we host a troup of Jamaican entertainers, while Ms. Myrie & the Jamaican Government take us to the CCJ!
    We like it so!

    Let me re-post “Well, Well”:

    “I can’t for the life of me understand why anyone in bim would feel pain that they now own very little of anything of significance on the island. I know i will take some talk for this but, WHEN YOU START LOVING TO SEE EACH OTHER PROSPER AND PROGRESS YOU WILL FEEL NO PAIN. Stop the nasty mentality of fighting down each other, stopping each others progress and spending the better part of your lives, that was given to you as a gift, making each other miserable and unhappy. NOW BRING IT ON!!”

    One of the best comments on this thread!

    • @Thanks Dennis, of course it was a rhetorical question.

      The followup: when we sold BS&T, BNB and other companies did we not understand that when the rationalization/centralization started how it would impact our local landscape? While we lament, CEO Cozier of BHL has commented on new beers entering the local market and giving the local product a run for its money,. Our taste for things NOT local continues!

  33. Surely David, you and Dennis could shut to F#ck up. Barbadians are human beings, as it is in every other part of the world, We enjoy that which is pleasing to us. Got to stop. Look at the time … will continue tomorrow (of course)

  34. @Miller the nuke

    you or david can never never influence what I comment on, I am not a robot or a sticked record like you. Put that in your pipe and smoke it, or go drink a little white one or go get some pudding and souse u miht need it to be able to thinl,

  35. But ….. we have not realised how to play tit-for-tat. So Machel comes to entertain, while we rage about the sell-out of BNB; and we host a troup of Jamaican entertainers, while Ms. Myrie & the Jamaican Government take us to the CCJ!
    We like it so!

    don’t bajan entertainers ply their trade in trinidad as well and are you saying that ms myrie should not exercise her right for justice with respect to her perceived grievance?

  36. @Bushie:
    Not saying that either! Just noting that we complain about Trinidadian take-over, and lack of support for Bajan-produced items in other territories, but we support all – Caribbean and non-Caribbean.

    • It seems when Barbados was chair of Caricom we use to suffer several attacks from the regionalists about how there was no urgency on our part to forge the union. Do we hear the same stridency in comment coming through nowadays from Rickey Sign, Tennyson Joseph, Saunders et al?

  37. @David:
    When the Rt. Excellent Errol W Barrow was PM of Barbados, he, Eric Williams [of T&T], Forbes Burnham [Guyana], Michael Manley [Jamaica] and later Sir James “Son” Mitchell [St. Vincent], used to communicate formally and informally about island matters.
    Today, with superior [so we say] communication avenues available, is there the same level of interaction among our leaders? Do we get that impression from their statements?
    It was perhaps his impressions of our leaders lack of informal interaction that led the late David Thompson to remark about “a bowl of soup” agreement to a fishing dispute.
    We bicker about the defense territorial borders from regional imperialism, while opening the doors wider to international imperialism, because of our need for foreign exchange.

    • Well Dennis my boy with a hardening of position between Jamaica and Barbados and a T&T position which has morphed into to some kind of diplomatic juggernaut NOT to forget the inclination of the sub region to stay within their group.

      Well you are a smart guy…

  38. The course of history will change the day Bajans boycott products from hostile countries like Trinidad.

    Bajan fishermen get lock up in Trinidad and what did we do….NOTHING.

    How many of you will transfer your accounts from Trinidad owned Banks?….NONE.

    How many of you will stop buying food imported imported from Trinidad? NONE.

    Because all we want is we belly full.

  39. This time next year we will be blogging the same b e and Bajans will still get lock up for fishing in Tobago and the Trinis would have bought a few more Bajan businesses.

    and Barbados National Bank of T&T will make more profits from the captive consumers of Barbados.

  40. The other Caricom territories are openly smirking behind Bim’s back at her current misfortunes. They are just waiting for the IMF vehicle to knock Bim to the ground to have a good laugh.
    Poor Bim, look how the mighty little titan (once punching above its weight) has fallen! The land of cou cou and flying fish has now totally fallen into the ownership and control of smart Callaloo. Even the Baje of “tek ya meat out me rice’ notoriety has passed the whole pot to the trikidadian who don’t drink pine hill milk.

    The first to break out in fits of guffaws would be the Guyanese deported in embarrassing droves with Myrie and friends having a good dancehall giggle.

  41. Even the flying fish have left for more fertile waters. It has become tooo expensive to swim in these waters. Boy we at the bottom of the gully without a rope.

  42. Of interest:

    Owners of Barbados power company said to be interested in Grenada utility

    Canadian company Emera reportedly waiting to purchase majority holdings in the Grenada Electricity Services Ltd if the Grenada government does not buy the shares.

    ST GEORGE’S, Grenada, Thursday December 27, 2012 – Just weeks after moving to buy controlling interest in the Dominica Electricity Services Ltd. (DOMLEC) through its subsidiary Barbados Light & Power Holdings Ltd, Canadian power company Emera reportedly has its sights set on purchasing majority holdings in the Grenada Electricity Services Ltd (GRENLEC).

    Both DOMLEC and GRENLEC are majority-owned by WRB Enterprises Inc. of Tampa, Florida. According Caribupdate Weekly WRB Enterprises has offered to sell its 51 percent stake in Grenada’s sole electricity provider and if the Grenada government is unable or unwilling to buy the shares the Nova Scotia-based Emera is next in line to purchase the shares.

    Under an existing agreement, the first option to purchase must be given to the Grenada government. Caribupdate Weekly said the shares are said to be valued in the range of US$100 million.

    Along with its majority ownership in the Barbados Light & Power, the company is already involved in electricity businesses in the Bahamas and St Lucia.

    There has been mixed reaction from prominent Grenadians, including parliamentarians, on whether the government should purchase the GRENLEC shares.

    Opposition leader, Dr Keith Mitchell, for example, supports the idea of a purchase. However, the leader of the union representing GRENLEC workers is against it.

    “I would much prefer GRENLEC to be owned by a power-generating concern, whose interest would not just be profits but also to maintain the world-class facility that GRENLEC has become,” said Senator Chester Humphrey, president general of the Technical and Allied Workers’ Union

  43. @ David

    We are sleepwalkers. That is why I am the least bit surprised when many argue that PM Stuart’s ‘decency’ and oratorical skills in spite of his lack of decisiveness makes him a good leader. SMFH.

  44. Is it me?? or has anyone else noticed from reading today’s nation news that the COST U LESS chain so touted by Thompson and his side kicks, will in reality be costing Barbados MORE with all the concessions alotted to them. Should have been called COST BIM MORE!! when will the rape of this island stop. Why are our black leaders the weakest link as regards the protection of their own people???

  45. On the Emera takeover of Bim’s electrical utility, turns out this is a private Canadian company that we all know when profits start going south will sell to the highest bidder, of course we also know it will never belong to Bim or Bajans again, don’t care how much the employees pretent it’s theirs. Just more of the same folks, just more of the same.

    • Read the last two sentences of this report.

      CLICO shares trading Jan 7
      T&T Stock Exchange:
      By Carla Bridglal

      Story Created: Dec 28, 2012 at 10:56 PM ECT

      (Story Updated: Dec 28, 2012 at 10:56 PM ECT )

      AS of January 7, 2013, the CLICO Investment Fund will be listed on the Trinidad and Tobago Stock Exchange (TTSE).

      In a release yesterday, the TTSE’s board of directors said trading for the Fund will also begin that day.

      This is one week later than the proposed date of January 2, 2013, given by Finance Minister Larry Howai in his budget presentation in October.

      Once the fund begins trading, however, Government’s obligations towards negotiations of settlements to policyholders will have finally been brought to an end.

      The symbol for the Fund will be CIF.

      Units in this fund will be listed at a price of $25.00 each and will be traded in the Mutual Fund Market.

      The Fund was launched November 1 as part of the settlement to CLICO policyholders by the government as part of the $20 billion bailout of the country’s largest insurance company’s collapsed empire.

      Policyholders of Short-Term Investment Products (STIPS) sold by Colonial Life Insurance Company (Trinidad) Ltd and British American Insurance Company (Trinidad) Ltd valued at over $75,000 received cash payments up to $75,000 and zero-coupon one to 20-year bonds for the difference. When the Fund begins trading they will be able to exchange those bonds for units in the Fund.

      Republic Bank Ltd is the Fund Administration agent as well as one of the distributors of the Fund.

      Eighty-six per cent of the Fund comprises 40,072,299 Republic Bank shares with a nominal value of nearly $4 billion.

      These shares represent 25 per cent of the total issued share capital of Republic.

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