ANSA Merchant Bank Limited has signed an agreement to purchase Bank of Baroda’s operations in T&T, which if approved will allow it to do all aspects of commercial banking.
The announcement was made yesterday by ANSA which announced a share purchase agreement to acquire the Bank of Baroda Trinidad and Tobago Limited.
The agreement was signed yesterday, December 11, with the acquisition subject to regulatory approval and the fulfilment of specific conditions as contained in the share purchase agreement.
Chairman A Norman Sabga explained that under the agreement ANSA Merchant Bank Limited agreed to purchase 525,597 ordinary shares, representing 100 per cent of the total issued and outstanding shares held in the Bank of Baroda Trinidad and Tobago Limited.
BroadSpan Capital and Singhi Advisors were exclusive advisers to ANSA Merchant Bank for the transaction.
Once the transaction is completed, Sabga said the “combined strengths of ANSA Merchant Bank Limited 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, as well as corporate and investment banking services, asset financing, investment services and wealth management.”
Sabga said the significant event “is a natural evolution of our bank’s history.”
ANSA Merchant opened its doors forty years ago as a wholly indigenous bank. Over the decades Sabga said the bank had grown from strength to strength into a world class financial institution sustained by the cream of the Financial Services Industry.
Sabga said ANSA Merchant Bank is “enthusiastic about the prospects for the future and the many exciting opportunities that this acquisition will offer our clients and the people of Trinidad and Tobago.”