Trinidad conglomerate ANSA Merchant Bank has finally taken over Bank of Baroda (Trinidad and Tobago) Limited on March 1. The bank will continue to function as Bank of Baroda until month-end
Trinidad conglomerate ANSA Merchant Bank has finally taken over Bank of Baroda (Trinidad and Tobago) Limited on March 1. The bank will continue to function as Bank of Baroda until month-end.
David Dulal-Whiteway has been appointed as its first chairman, while former government minister, Robert Le Hunte will serve as its managing director.
ANSA Merchant Bank chairman A. Norman Sabga, noted that the acquisition signified the financial institution long-term confidence in the economy of Trinidad and Tobago, and it shows its willingness to serve citizens in every area of their lives.
“We look forward to adding new and innovative products and service to the commercial banking landscape which will augment the array of financial services already provided in life and general insurance and merchant banking,” Sabga said.
Bank of Baroda (Trinidad and Tobago) Limited chairman Elango Balasubramaniam said that the bank’s exit was part of the rationalizing of its global network.
“We had a long and successful tenure in Trinidad and Tobago, spanning 14 years, and we appreciate the support of our loyal customers over the period.”
The Central Bank of Trinidad and Tobago (CBTT) has approved the ANSA Merchant Bank Ltd. (AMBL) to proceed with the acquisition of the Bank of Baroda (Trinidad and Tobag), a wholly-owned subsidiary of the parent Indian bank.
On December 11, 2019, AMBL announced the acquisition of 100 percent shareholding of the Bank of Baroda (TT) Ltd. by virtue of a Share of Purchase Agreement (SPA) entered into by AMBL (an 82.5 percent subsidiary of ANSA McAL ltd, and the Bank of Baroda in India.
In a statement on the Trinidad and Tobago Securities and Exchange (TTSEC) noted the following statement: “We hereby inform the Commission that the approval of the CBTT was granted on November 20, 2020. We shall provide an update on the completion of the transaction following the fulfillment of the conditions precedent under the SPA.”
In its December 2019 notice, AMBL Chairman explained that under the agreement AMBL agreed to “purchase 525,597 ordinary shares, representing 100 percent of the total issued and outstanding shares held in the Bank of Baroda Trinidad and Tobago Ltd.”
Sabga announced that Broadspan Capital and Singhi A were the exclusive advisers to ANSA Merchant for the transaction.
Sabga also stated that once the transaction was finished the combined strengths of ANSA Merchant Bank Ltd. and this commercial banking entity will greatly enhance the scope of the ANSA’s banking and financial services to include all aspects of retail banking, corporate and investment banking financial services, asset financing, investment services, and wealth management.
He added that a significant event was a “natural evolution of ANSA’s banking history.”
ANSA opened its doors for business some 40 years ago as a wholly indigenous bank and Sabga pointed out that over the decades it had grown from strength to strength into a world-class financial institution sustained by the cream of the financial services industry.
Sabga said that ANSA Merchant Bank remains enthusiastic about its future prospects and the many exciting opportunities the acquisition will offer to clients and the national public.
The Bank of Baroda has offices in Port-of-Spain, San Fernando, and Chaguanas. Its main clientele were farmers and small businesses.
(The writer is an Indian-origin journalist based in Port of Spain, Trinidad. He can be contacted at email@example.com)