New CLICO Chairman appointed
Published:Wednesday | February 4, 2009 | 6:24 PM
Former Trinidad and Tobago Central Bank Governor, Euric Bobb has been appointed chairman of Colonial Life Insurance Company (CLICO), following last week’s bail out by the government.
In exchange for funding to be provided by the Patrick Manning administration, CLICO’s parent company, CL Financial has agreed to divest some of its assets.
These include its 55 per cent stake in Republic Bank.
The Memorandum of Understanding signed by the parties will also see the state taking control of CL Financial subsidiaries CLICO, CLICO Investment Bank, British American Insurance and brokerage house, Caribbean Money Market Brokers.
The twin island republic’s Parliament has been meeting to debate the bail out plan that seeks to assist CL Financial out of its current difficulties.