Thursday, February 12, 2009

The paradigm of the New World Order

Take over and mergers, the mechanism by which local control is relinquish to bigger fishes, fewer fishes in fact.
Such is the the nature of Globalization, the well thought out plan to move power to the powerful few so as to maintain control of the powerless, which are many.
Such is the Paradigm of the "Order for the New World".
When the final system is in place, when policies are put in place to manipulate every human in every country, it would directly affect us.
Kissinger is on record for stating, “Control oil, you control nations; control food and you control the people.”

My little country is by no means immune to the strategy of control,but how many will see it.

One of Canada's top five commercial banks has sets its sights on CL Financial's multi-billion-dollar stake in Republic Bank.

Officials of the Canadian Imperial Bank of Commerce (CIBC) have approached Government and are waiting to fly to Port of Spain to discuss the possible acquisition of CL Financial's 55 per cent ownership of Trinidad and Tobago's largest bank.

CIBC, which has been in business since 1867, has been eyeing the coveted prize of Republic Bank for almost a decade and came close eight years ago to sealing a deal to acquire the assets that could be worth approximately $8 billion at current market prices of $86 a share.

CIBC is one of several international and local financial institutions that are interested in Republic Bank, thereby positioning the bank at the centre of what financial experts suggest is close to becoming a global powerplay for the controlling interest in the local bank that generated $1.2 billion in profits last year.

It would also mark the return of CIBC to a country where it has a rich history and where Canadian banks have already built up formidable presences.

The Ministry of Finance confirmed on Tuesday that it has been approached by CIBC executives in Canada for an urgent meeting.

"They have requested a meeting with the ministry," a source said.

An agenda has not been set as yet, the Express was told.

A Government source explained that it stood to reason that CIBC would be interested in Republic Bank since it was exploring the possibility of an acquisition through a merger with a Caribbean subsidiary a few years ago.

An analyst based in Canada observed in a February 4 international report obtained by the Express that there is "little doubt that three of the Canadian banks will have an interest in Republic Bank, if it indeed comes up for sale. CIBC... will top the list".

A local banking source close to the international banking group told the Express yesterday that in the financial sector, CIBC considered a Republic Bank stake a "good fit" given its Caribbean presence.

Another source close to CIBC told the Express there was interest in Republic as other Canadian banks had developed Caribbean presences.

Last year, the Royal Bank of Canada-that country's largest-completed the acquisition of the RBTT banking group in a US$2.2 billion deal.

The Bank of Nova Scotia has also expanded in the region, increasing its shareholding in Jamaica and the Dominican Republic.

Contacted at CIBC's Commerce Court offices in Toronto's financial district on Monday, communications and public affairs spokesman Rob McLeod said only that CIBC could not comment on queries from the Express.

In an interview at the Central Bank in Port of Spain two weeks ago, CL Financial chairman Lawrence Duprey said that he had completed a deal for CIBC to buy the Republic Bank shares eight years ago but was encouraged then to not divest such a large portion of a local bank.

Renewed interest from CIBC comes amid the restructuring of several financial services subsidiaries of the CL Financial conglomerate.

Two Fridays ago, Government and Duprey agreed that the Central Bank would assume control of insurance companies CLICO, British American, brokerage house CMMB and the now-dissolved CLICO Investment Bank after depositors encountered difficulty getting their money back and policyholders worried about their life insurance contracts.

In exchange, CL Financial agreed to sell, divest or collateralise its prized assets, including Republic Bank and its majority shares in its methanol plants.

For now, the Republic Bank stake remains in the hands of CL Financial but is held in a trust.

There have been suggestions from several quarters that the shares should be offered for sale on the open market.

Finance Minister Karen Nunez-Tesheira has said that the process to deal with the shares is being worked out.

There are also concerns that the acquisition of the bank could trigger the takeover code and force the potential buyer to make shareholders an offer for the remaining percentage of shares of the bank.


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