Government could have gained $11.33 million more for the former Barbados National Bank (BNB) shares had it accepted an earlier offer from Republic Bank to purchase its 17.44 million shares.
And Republic Bank’s managing director David Dulal Whiteway has told the SUNDAY SUN that Government made a big mistake when it refused to take the $5.65 per share the Trinidadian-based bank had offered in 2010. Government has agreed to accept $87.22 million for its 18 per cent share of the former BNB, now Republic Bank Barbados.
Dulal Whiteway, who was in Barbados on the weekend, denied that the Trinidadian bankers were taking advantage of Barbados’ financially weakened position today to get away with a $5 per share offer. The top banker instead said it was Barbados that was pushing the deal and not Republic Bank.
The regional bank was “quite happy” with its 65 per cent shareholding, he added.
