Ansa Merchant Bank has acquired Indian lender Bank of Baroda (BoB)’s operations in Trinidad and Tobago.
In a statement, the company said that 1 March 2021 was the first day of business of Bank of Baroda (Trinidad and Tobago) under the ownership of Ansa Merchant Bank.
Notably, a sales agreement to enable the transaction was signed between the parties in December 2019. Subsequently, it was approved by the Central Bank of Trinidad and Tobago on 20 November last year.
The bank will continue to operate under its current brand name for another one month.
Bank of Baroda (Trinidad and Tobago) chairman Elango Balasubramaniam said: “The exit of Bank of Baroda from Trinidad and Tobago was part of the rationalising of our global network.
“We have had a long and successful tenure in Trinidad and Tobago spanning 14 years and we appreciate the support of our loyal customers over this period.
“Due to our commitment to our customers, we have been very careful in the selection of the entity that acquired our business and are confident, going forward, that they will continue to enjoy the level of service to which they have grown accustomed.”
The announcement added that David Dulal-Whiteway will serve as the new chairman of the bank, while Robert Le Hunte will assume the responsibility of the new managing director.