Furthermore, the successful acquisition of a majority stake in the bank by Republic Bank in 2003, shareholders achieved significant capital gains with an extraordinary 91.7% premium over the market price, which continued to spiral in 2004 to reach a total gain of 200% for shareholders that kept their investment in the bank.
“Since becoming a subsidiary of the Trinidad-based Republic Bank Ltd in August 2003, Barbados National Bank continues to build on its solid foundation while repositioning itself to become the market leader in all areas of activity,” says Robert Le Hunte, managing director and CEO. “This strategy has resulted in significant growth in commercial and retail banking, mortgages, capital market activities and investment banking.
“These successes were supported by a renewed focus on customer service, human resource development, and delivery channels. Our combined efforts resulted in the significant improvement in shareholder value, reflected by a more than tripling of share price and doubling of dividends paid.”
