Barbados Public Workers Cooperative Credit Union Ltd. (BPWCCUL) to acquire CLICO Mortgage and Finance (CMFC) before Month-End
It may be less than a month before the Barbados Public Workers Cooperative Credit Union Ltd. (BPWCCUL) finally acquires CLICO Mortgage and Finance (CMFC).
That was revealed by President of the BPWCCUL, Anthony Griffith after the BPWCCUL and CLICO Holdings signed a sale and purchase agreement at the organisation’s Belmont Headquarters.
Mr. Griffin explained that the contract will govern the continuing negotiations.
“It just means that we have entered into an agreement,” he said. “The final signing is when we have to pay the full amount to the company. The final signing should come any time now. I give it three weeks or so.”
Mr. Griffin, who signed on behalf of the credit union along with Secretary Terrol Inniss indicated that negotiations were challenging and had taken place over several months, he noted the addition of CMFC to the credit union’s portfolio will be of benefit to both organisations.
“We are very well-positioned in the financial market that we can not only assist our members but Barbadians in general and as you are aware there is a St. Lucia branch of CMCF and this will bolster the business there as well,” he said.
Meanwhile, CLICO Holdings’ Acting Chairman Terrence Thornhill and Director Leroy Parris signed on behalf of CLICO. Mr. Thornhill indicated CMFC is a strong and innovative company which has led the way in mortgage financing locally.
“I am confident that the credit union movement will continue that trend…CMFC has in a meaningful and significant way contributed to a number of individuals who have had difficulty in accessing mortgages. CMFC being one of the first institutions to establish hundred percent mortgages in Barbados.”
The signing ceremony was witnessed by several members of the financial services sector including members of other credit unions in Barbados.
BPWCCUL is the largest, local credit union with 60 000 members and assets of more than a half a billion Barbados dollars.