The bid for CLICO Mortgage and Finance (CMFC) made by Barbados Public Workers Cooperative Credit Union Limited (BPWCCUL) is on the verge of expiring. September 30th, 2009 marks the expiration of the recommended offer for the mortgage firm and it is also marks the end of the third quarter reporting period for CMFC.
Up until the late afternoon hours of September 30 2009, the authorities of the credit union did not received word about their offer for CMFC. The offer officially ends at midnight on September 30, 2009.
The government committee chosen to handle the issues surrounding CLICO assets in May, made a recommendation pointing to the direction of Barbados Public Workers Cooperative Credit Union Limited, the largest credit union in Barbados. Other bids came from Consolidated Finance, the largest finance house in Barbados and Barbados National Bank (BNB).
This newest development could mean that the credit union extends or withdraws its offer.
CLICO Mortgage and Finance recorded a $2 million profit in 2007.
It is believed that the BPWCCUL will not make any major changes to the firm but bring significant investment to the firm and put it on sound 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.
