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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.


  1. This leo sobers fella too smart … He in this discussion because he seeking advertising … HA HA HA. Leo I likes yah man …


  2. Interesting that Pine Hill products not getting traction in T&T. Why?


  3. @David

    my comments needs no explanation.


  4. @To the point

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


  5. @Miller

    Didnt your govt said sell to the highest bidder?

  6. millertheanunnaki Avatar
    millertheanunnaki

    @ 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?


  7. @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!


  8. @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!


  9. 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)


  10. @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,


  11. 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?


  12. No balance, he is saying that Bajans are brass bowls.


  13. @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.


  14. 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?


  15. @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.


  16. 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.


  17. Buh doan mine me hear? I live in Canada an dey does protes nuff up hey.

    http://www.cbc.ca/news/canada/toronto/story/2012/08/28/ontario-teachers-rally-legislature.html


  18. 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…


  19. 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.

  20. millertheanunnaki Avatar
    millertheanunnaki

    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.


  21. 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.


  22. 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


  23. @ 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.


  24. 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???


  25. 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.


  26. What is the latest with the proposed credit union bank that Sir Courtney was working on?


  27. 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.


  28. I send a deposit there over a yr ago, I am still waiting for a statement , the check was cashed..I visited the bank 10/2012.

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