ANSA Merchant Bank, a subsidiary of ANSA McAL Limited, announced that yesterday, December 11, 2019, it entered into a share purchase agreement with India’s Bank of Baroda for the acquisition of its Trinidad and Tobago-based operation.
“ANSA Merchant Bank Limited agrees to purchase 525,597 ordinary shares, representing 100 per cent of the total issued and outstanding shares held in Bank of Baroda (Trinidad and Tobago) Limited,” wrote ANSA Merchant Bank Chairman A Norman Sagba, in a notice to shareholders.
Posted on the Trinidad and Tobago Stock Exchange website, the notice further informed that Broadspan Capital and Singhi Advisors were the exclusive advisors to the merchant bank on the transaction.
“ANSA Merchant Bank is enthusiastic about the prospects for the future and for the many opportunities that this acquisition will offer our clients and the people of Trinidad and Tobago.”– ANSA Merchant Bank Chairman, A Norman Sagba
Subject to regulatory approval and the fulfilment of specific conditions by both parties, the acquisition will enhance ANSA Merchant Bank’s capacity as a financial services provider in the twin-island republic, once finalised.
“Our comprehensive array of banking services will include all aspects of retail banking, as well as corporate and investment banking services, asset financing, investment services, and wealth management,” the ANSA Merchant Bank chairman emphasised.
While detailing the bank’s over 40 years of transformation, Sagba noted, “ANSA Merchant Bank is enthusiastic about the prospects for the future and for the many opportunities that this acquisition will offer our clients and the people of Trinidad and Tobago.”
According to the Bankers Association of Trinidad and Tobago’s website, Bank of Baroda, which began operation in 2007, operates branches in Port of Spain, Chaguanas and San Fernando. Its core business includes corporate and retail banking, mortgage, and foreign exchange services.
“We have had a long and successful tenure in Trinidad & Tobago and will look forward to a disruption-free service to our valued customers of in that market,” the Economic Times quotes Bank of Baroda Executive Director Murali Ramaswami