While I am still feverishly scambling these days to work my regular day job and finish off Fodor’s Caribbean by night ( Curacao is almost done woo hoo) events of the past few days seem wort commenting on.
As some of you may know the company I work for is a tiny part of a much bigger conglomerate called CL Financial. This is a big company by any standards of big with tentacles all over the globe and an estimated value of about 17 billion $US and, yes, I said billion. The parent company is involved in so many things that is boggles the imagination but they range from methanol production to banking and distilling to construction. As might have been expected given the current global trends all is not apparently well in the financial services areas of the company.
Yesterday I was, by order of our CEO, at Central Bank for a “major announcement” to be made involving the Chairman of our group, the Minister of Finance and the Governor of the Central Bank. You could figure out the point of that announcement from miles away.
As it turns out it seems our insurance arm and investment banking arm might have been unable to handle a run on deposits if it happened and the company turned to government for assistance. The long and the short of it is government cannot afford to have hundreds of thousands of citizens lose their savings and has offered to guarantee deposits. The quid pro quo? CL has to hand over the investment bank to government, sell its holdings in the methanol company, sell its controlling share of Republic Bank and hand over CMMB brokerage firm. Not a bad deal for government at all.
Naturally, the staff at our company are cringing lest the changes mean an end to their jobs. Frankly, I am not worried as I have basically been through every imaginable situation and will survive. I doubt we will be seriously affected but who knows…stranger things have happened.
Back to the business of news now..further to follow.