The Sunday Sun said the Barbados Public Workers' Co-operative Credit Union Limited (BPWCCUL) will be the new CMFC owner after the board of directors of CLICO Holdings Barbados Limited communicated its approval regarding the offer on Friday.

It added that the credit union beat out the Barbados National Bank and Consolidated Finance for the takeover of the subsidiary of the CLICO group of companies.

BPWCCUL President Anthony Griffin said he was pleased that his company was successful, but declined to give details about the deal.

"We are very happy and I know that the 135,000 credit union members in Barbados are happy for us," he told the newspaper.

"The CMFC portfolio is much like the credit union's with its mortgages spread over a large number of people, rather than concentrated in the hands of a few big clients," Griffin added.

A six-member committee had been put in place earlier this year to oversee the operation and possible sale of four finance companies in the CLICO Group, after parent company, CL Financial in Trinidad, fell into financial trouble.

- CMC