Commonwealth Bank Limited has officially acquired Citibank’s remaining retail loan portfolio, reportedly increasing its loan portfolio by approximately 1.5 per cent or $8 million.
Chairman T.B. Donaldson says, *”We are pleased that the transaction has been completed with the approval of The Central Bank. While the size of the transaction may be small in comparison to our total loan portfolio, it introduces a whole new group of customers to Commonwealth Bank who also have other financial needs for us to service.”* The Bank operates nine branches and a Credit Card Centre.
Commonwealth Bank Limited is the largest wholly owned Bahamian institution with over 7,000 shareholders. It is celebrating its 20 anniversary of Bahamian ownership this year.