Republic Seeks Bigger Barbados Stake

Continuing its Caribbean expansion, Republic Bank plans to buy the 35% stake it does not already own in Barbados National Bank. Trinidad & Tobago-based Republic aims to have the deal completed by the end of December, its general manager for treasury, Roopnarine Singh, tells LatinFinance. The stake is worth around $100m equivalent, he adds. Republic will fund the deal with cash on hand. The remaining stake is owned primarily by the government, along with some minority shareholders. Acquiring Barbados entirely is part of a plan to build region-wide, adding to existing operations in Guyana and Grenada. “Our strategy is that we will continue to grow throughout the Caribbean, especially in the English-speaking countries,” says Singh. He adds that Republic is not using an outside advisor on the deal.