Credit unions in Barbados missed a golden chance to get their own bank when they allowed Butterfield Bank to slip away from them, says Mariano Browne.
And the former managing director of Butterfield Bank hinted in an interview this week that the Trinidadian state-owned bank First Citizens, might have paid more for Butterfield than it might be worth.
In a tussle between First Citizens and a yet to be named commercial bank, ended with the Trinidadian entity agreeing to pay $90 million for Butterfield, which is the smallest of the six commercial banks operating on the island.
The local operations of the Bermuda-headquartered Butterfield Bank were on the market for a buyer since last year, Browne and other key players in the financial services market have told the WEEKEND NATION.
Read the full story in today’s WEEKEND NATION.
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