T&T Newsday, May 29, 2009 : Clico weighs down Republic

Republic Bank managing director David Dulal-Whiteway said yesterday the bank’s half-year results showed a 30 percent decline in profits because of provisions made to cover its exposure to the CL Financial Group.

Approximately $200 million was set aside by Republic for bad loans, of which $134 million was needed to cover CL Financial, he said in an interview later. In its report for the six months ending March 31, Republic recorded profit after tax of $819.5 million, 31 percent less than recorded one year ago.

The Barbados National Bank is a subsidiary of the Republic Bank. “In September 2003, RBL acquired a further 7,807,561 ordinary shares increasing their share holding from 57% to 65.13%.” Source

 

On May 20 2009, the Barbados Government appointed a committee to oversee CLICO Barbados.

Committee takes control of CLICO financial subsidiaries sale

BRIDGETOWN, Barbados, May 20, 2009 - The Barbados government has placed the disposal of the financial subsidiaries of CLICO Holdings into the hands of a six-member Oversight Committee that may consider bids for the purchase of the company, including one from the Insurance Corporation of Barbados Limited (ICBL) which recently pulled out of talks to purchase CLICO’s insurance arm.