Barbados-based lending institution Consolidated Finance Company is being acquired by its Trinidad and Tobago sister company ANSA McAL Merchant Bank.
This was announced today by senior officials of ANSA McAL (Barbados) Limited and Consolidated, who said the move would strengthen the private sector financier. They also said the sale agreed to by the relevant boards of the organisations, was still contingent on receipt of all regulatory approvals.
“This amalgamation will mean a consolidation of resources, which in the end will make the Barbados company stronger and will actually allow CFC to get involved in financing larger projects than it previously could and offer products and services that they couldn’t before” ANSA McAL (Barbados) Limited CEO and President Nicholas Mouttet said.
“The two companies were already related so to speak, both being financial institutions within the ANSA McAL group, but operated as two separate entities. This pooling of resources will strengthen CFC’s balance sheet, make it a much stronger institution and permit Consol to expand its portfolio.” he added
In a memo circulated yesterday, recently-appointed General Manager, Rolf Phillips, assured Consolidated’s staff that the purchase would lead to the greater sharing of resources and best practice between the two companies which will provide better career opportunities for them.
Officials also expected the increased collaboration lead to more benefits for both organisations. Consolidated is currently an ANSA McAL (Barbados) Limited subsidiary. The others are Bryden Stokes Ltd., Trimart Inc., Consolidated Finance Co. Limited, Standard Distributors (Barbados) Ltd., Brydens Insurance, and McEnearney Quality Inc. Together these companies employ 1,000 individuals. (SC)