Republic Bank (Grenada) Limited advises the public about the delisting of the Company from the Eastern Caribbean Securities Exchange (ECSE) and the restructuring of its physical branch network.
Though the company has issued notice to delist from the ECSE, Republic Bank (Grenada) Limited remains a public company, since its shares are publicly owned. Delisting means that the company’s shares are no longer listed or available for trading via the ECSE. Trading may be conducted privately, through a willing buyer and a willing seller. The Eastern Caribbean Central Securities Depository (ECCSD) will continue to manage the electronic shareholders registry and payment of dividends.
As a public entity, the company is subject to financial disclosure rules as per Section 149 of the Companies Act. The company will continue to publish timely semi-annual and annual financial results in the usual manner and is cognisant of its obligations to provide access to its records as prescribed in the Companies Act. As a financial services provider, Republic Bank (Grenada) Limited operates in a highly regulated environment, and is in compliance with all aspects of the Banking Act.
The public may be aware, the Company has also announced the pending merger of its Grand Anse Branch with Republic House, effective 1 May 2024 and the closure of its Gouyave Branch, effective 1 June 2024. These decisions were taken in keeping with the company’s strategic plan of moving towards a future of digital banking, in keeping with global trends, and ensuring our customers can access banking services, anytime and anywhere.
As evidenced by the company’s audited financial statements for financial year ended 30 September 2023, the company recorded a significant increase in net profit after taxation of 49.45%, over the previous fiscal. The first quarter results for fiscal 2023–2024 published on 29 December 2023 recorded a 22.80% increase in net profit after taxation over the corresponding period last year.
Information on the company’s financial performance as well as the delisting from ECSE can be obtained from the company’s website www.republicgrenada.com.
Republic Bank
It’s interesting how the bank is able to post higher net profits but close the Gouyave branch. This shows that the bank is not interested in providing a much needed financial service but rather see higher net profits on its books. Basically, after closing the Gouyave branch, there will be no major financial institutions on the Western side of island. Republic bank is not to be blamed. It’s a business and they will make business decisions based on profits. The government is to be blamed for allowing something like this to happen. The government has engaged the reverse gear on Grenada – what a shame!!