Bridgetown.
First Citizen Bank of Trinidad and Tobago has reach an agreement with the Bank of Butterfield to buy its Barbados operations by August.
The news of the takeover was made in separate statements by the two banks.
"This transaction confirms that First Citzen is well on course in terms of its strategic direction, particulary as it relates to aquistions and regional expansion", First Citizen Group Executive Officer, Larry Howal said.
President and CEO of the Bermuda based Butterfield Bank Bradfod Kopp, said First Citzen Bank was the ideal buyer for its Barbados operations.
"Our employers, customers and premises in Barbados are a good fit with First Citizen business model, we are confident that all our stakeholders will benefit from this transaction", Kopp said.
Butterfield has six outlets in Barbados and 114 employees, the sale is subject to regulatory approval which is expected to take three months.
