Banco di Caribe – United Group Holdings

Banco di Caribe is committed to further growth as part of United Group Holdings

Willemstad, September 16, 2021

Banco di Caribe NV (“Banco di Caribe”) has been sold to United Group Holdings BV (“United”). The sale includes all banking activities of Banco di Caribe in Curaçao, Aruba, Bonaire and Sint Maarten as well as the insurance and investment activities of Van der Lubbe Assurantiën NV, Bancarib Real Insurance Curaçao NV and BdC Investments BV. The sale agreement was signed on 11 September 2021, by seller Ennia Caribe Holding NV (“ECH”), represented by the Central Bank of Curaçao and Sint Maarten (“CBCS”) and buyer United. ECH is the parent company of the Ennia group. United is an established financial services provider active in Curaçao and six European countries, including financial centres such as Amsterdam, London and Luxembourg.

Banco di Caribe
Banco di Caribe is an important institution in the Caribbean part of the Kingdom. The acquisition of Banco di Caribe by United contributes to the consolidation of the banking landscape in Curaçao. This is good for the stability of the financial sector as a whole. With United, Banco di Caribe has a wealthy shareholder and a committed partner, creating room for growth and investments in optimal financial services on the islands of Aruba, Bonaire, Curaçao and St. Maarten.

Financial recovery Ennia group
ECH and United expect to complete the sale of Banco di Caribe, which is conditional on successful completion of the regulatory review required by law, in the fourth quarter of this year. The sale of Banco di Caribe to United is an important step in the financial recovery of the Ennia group. The proceeds, which will be paid entirely in cash, will be made available directly to ENNIA Caribe Leven NV, contributing to a lower risk profile and optimisation of its investment portfolio for the benefit of its policyholders. In addition, the Ennia group can fully focus on its insurance business after the sale.

Growth strategy
Gregory Elias, President of United: “This acquisition enables us to accelerate United’s growth strategy and broaden our service area. The combined expertise and scale of Banco di Caribe and United will broaden the range of services offered to existing Banco di Caribe and United clients, and United’s international network will generate new client potential and drive further growth for both United and Banco di Caribe.”

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