Ansa Merchant Bank completes Bank of Baroda acquisition

ANSA Merchant Bank has completed its acquisition of India's Bank of Baroda's TT operations.

In a statement published in the press on Monday, Ansa said March 1 represents the first day of business for Bank of Baroda's operations under the ownership of Ansa Merchant Bank. The transaction was initiated via a sales agreement signed in December 2019 and was approved by the Central Bank last November. The bank will continue to operate as Bank of Baroda (Trinidad & Tobago) Ltd for a month.

Bank of Baroda TT chairman Elango Balasubramaniam said via the statement that its exit from the TT market was part of its rationalising throughout its global network.

"We have had a long and successful tenure in TT spanning 14 years and we appreciate the support of our loyal customers over this period. Due to our commitment (to them), we have been very careful in the selection of the entity that acquired our business and are confident...that (customers) will continue to enjoy the level of service to which they have grown accustomed."

Ansa's chairman A Norman Sabga also said via the release that the acquisition signifies the company's long-term confidence in the Trinidad and Tobago economy and its willingness to serve citizens in every area of their lives.

"We look forward to adding new and innovative services to the commercial banking landscape, which will augment the array of financial services already provided in life and general insurance and merchant banking," he said.

The new chairman of the bank will be David Dulal-Whiteway, former managing director of Republic Bank, and the new managing director will be former public utilities minister Robert Le Hunte, who was a career banker before leaving as the head of Republic's operations in Ghana to join the Cabinet in 2017. He quit last year.