It’s official. The Barbados Public Workers Cooperative Credit Union Limited (BPWCCUL) has been successful in its bid for CLICO Mortgage and Finance (CMFC). The news was delievered on October 10th 2009, and this brings new ownership to the mortgage firm. It also expands the footprint of the Cooperative, as it now extends its financial service offerings with ownership of the firm. The acquisition comes two weeks after a recommendation was given by the Government finance committee to accept the BPWCCUL offer.
The credit union won the bid among offers from other financial firms in Barbados.
CMFC recorded a $2 million profit in 2007.
It is believed that the Barbados Public Workers Cooperative Credit Union will not make any major changes to the firm but bring significant investment to the firm and put it back on solid financial footing.
Six months ago, the Central Bank of Barbados put forward $10 million to the disposal of CLICO Mortgage and Finance as a safeguard following the difficulties of C.L Financial Holdings the parent company in Trinidad and Tobago.
