CONSOLIDATED FINANCE TO BE STRENGTHENED
ANSA McAL Merchant Bank has agreed to purchase Consolidated Finance Company (CFC) in a move that will strengthen the Barbados based lending institution.
The sale, which has been agreed by the relevant boards of the organisations, is 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” stated CEO and President of Ansa McAl Barbados, Nicholas Mouttet.
“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
It is expected that the greater degree of collaboration will lead to more benefits for both organisations.