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: