Talks between Government and Republic Bank of Trinidad and Tobago over the sale of 17 million Barbados National Bank (BNB) shares have broken down.
And the Trinidad and Tobago parent company of BNB has turned its back on negotiations saying “it will not be pursuing its proposed offer to purchase the remaining shares in its subsidiary”.
Republic Bank’s managing director, David Dulal-Whiteway, in an earlier interview with the NATION said the regional bank was unlikely to offer Government more than the market value of $5.57, while Minister of Finance Chris Sinckler said the Freundel?Stuart Administration would try to get the best price for the stock.
Dulal-Whiteway said yesterday in a statement: “Athough the [Republic Bank] group was satisfied with its existing shareholding in BNB, it had been willing to acquire the additional shares since the Government was desirous of selling. Following discussions with the Government, both parties were unable to agree on an appropriate transaction price and as a result, the group would not be proceeding with the transaction at this time.”
But Republic Bank’s loss may be another company’s gain as Sinckler said yesterday?the BNB shares were still up for sale and Government would consider offers from any other entity.
Full story in the WEEKEND NATION
