Financial shake-up in Barbados

Tuesday, October 7, 2003

BRIDGETOWN, Barbados: A new financial company will be launched in Barbados next month as Grace, Kennedy & Co Ltd, Cave Shepherd and United Insurance bought out the General Finance Corporation. With the buyout, Grace, Kennedy now holds 40 per cent of the shares, Cave Shepherd 40 percent and United Insurance 20 percent.

Mr. Roger Edghill, will head rebranded company as chief executive officer. He has declined to reveal the name of the new finance company but indicated that it will be located in Carlisle House. 

Mr. Edghill told the BUSINESS AUTHORITY recently that the three companies acquired all the shares in General Finance that were previously owned by conglomerates Neal & Massy and Barbados Shipping & Trading. 

Asked what prompted the move, the CEO designate said Cave Shepherd and the Jamaican company Grace, Kennedy had formed an alliance and were looking to develop financial services in the Eastern Caribbean. 

"Part of Grace, Kennedy's major goal is expand their financial services outside of Jamaica and develop them in the Eastern Caribbean. They were seeking to do this through joint ventures and were looking for strong Barbados partners to help them do it which led them to get together with United Insurance and Cave Shepherd," he told BA. 

General Finance, which has been in operation for the past seven years offered loans mainly for motor and equipment purchases and leasing. However, the soon-to-be opened company will be expanding its portfolio and offering competition to commercial banks as well. The finance company will, according to BA, also incorporate all the staff employed by General Finance.

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