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Republic Bank's profits soar in first quarter

Republic Bank’s profits soar in first quarter
Article by
May 13, 2021
The Barbados economy may be in recession with the last quarter registering the worst contraction in the last 12 months, however, one of the country’s leading commercial banks is registering a significant jump in its group profits.
Republic Bank, which entered the Barbados market more than a decade ago by acquiring the former state-owned Barbados National Bank, says its takeover of a banking operation in the British Virgin Islands (BVI) was the main driver of the approximately 25 per cent increase in profits.
Republic Bank Group announced in just published unaudited financials for the quarter ending March 31, that its after-tax profit advanced from US$29.30 million for the same period last year to almost US$50 million this year. ....

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Vancity Joins Global Net-Zero Banking Alliance as Founding Signatory

Vancity Joins Global Net-Zero Banking Alliance as Founding Signatory
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SKNVibes | Gilinski Group bowled over by regulators

BASSETERRE, St. Kitts - THE proposed US$797 million sale of First Caribbean operations to the Gilinski Group out of Colombia has been withdrawn after it did not receive the necessary approvals from regulators in the region.

Announcement of the withdrawal was made Tuesday (Feb. 2) morning by the parent company of First Caribbean, the Canadian Imperial Bank of Commerce (CIBC).

In 2019, it was announced that the GNB Financial Group Limited moved to purchase majority stake in FCIB - 66.73 percent of the share in the regional entity for $797 million, pending the necessary approvals from regulators in the region.

CIBC in a media statement disclosed that the “previously announced transaction to sell a significant portion of its majority stake in CIBC FirstCaribbean ( FirstCaribbean ) to GNB Financial Group Limited did not receive approval from FirstCaribbean s regulators”. ....

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