Lawrence Duprey acquires 53 percent in Republic Bank

CL FINANCIAL LIMITED has acquired 53 percent shareholding in Republic Bank Limited. The acquisition followed the trading of more than 15 million Republic Bank shares on the local stock exchange on October 29. The shares which are worth $1.3 billion, comprise ten percent of Republic Bank. CL Financial, whose executive chairman is Lawrence Duprey, had a substantial interest in Republic Bank before the October 29 trading. This is the second time that billionaire businessman Duprey has sought to increase his shareholding in the bank.

In 1996, Duprey made an attempt to take control of Republic Bank. But fears that CL Financial would have taken control were allayed by a ten-year agreement between CLICO and Republic Bank which was signed on February 14, 1997 by which CLICO pledged not to interfere with the day-to-day running of the bank. Ronald Harford, managing director of Republic Bank, said he did not expect things to change at the bank with the major shareholding going to CL Financial. He expressed confidence that the bank would continue its operations and there would be no interference with the day-to-day operations of the bank. Republic Bank recently declared pre-tax profits of close to $900 million.