Republic Bank mum on alleged ‘take-over’

Republic Bank was yesterday saying nothing about a news report that it is about to become a subsidiary of CL Financial, which has reportedly purchased a ten percent block of Republic shares. This would mean that CL Financial would now own 53 percent of the bank. Sunday Newsday called the home of Republic Bank Chairman Ron Harford, only to be told he was not at home but in a meeting somewhere.

When Sunday Newsday called Republic Bank Corporate Communications Director Anna-Maria Garcia-Brooks, she gave nothing away. Garcia-Brooks said, “We read it in the newspapers. We have not been a part of any transaction. We don’t know anything. I’m not in a position to comment on speculation. We have not sold or bought.” Garcia-Brooks added, “We are not going to speculate on a rumour. That is the bank’s policy.” A news report yesterday said CL Financial had bought $1.3 billion worth of Republic shares from Barbados-based First Caribbean International Bank (FCIB) raising concerns that CL Financial might interfere with the daily operations of the bank.