GHL sees profits jump 600% in Jan-Sept

Profits at Trinidad & Tobago-based financial services group Guardian Holdings (GHL) jumped 600% to US$854mn in the first nine months of this year, compared to the same period 2002, backed by an aggressive expansion through acquisitions, local daily The Trinidad Guardian reported. This year alone, GHL has forked out 45mn euros (US$50mn) to acquire a 99% stake in Dutch insurance group ING's Fatum insurance business in the Netherlands Antilles and Aruba while in January GHL's life insurance unit acquired the ordinary long-term life portfolio of Belize Insurance Company (Belincsco) for an undisclosed sum. According to GHL chairman Nazir Ahamad, the group's profitability was at a level "never before attained" by a locally listed company with optimism remaining high for the future given that the fourth quarter is usually the most profitable period for the group. Most of GHL's sharply higher profits were due to the recent sale of about 7% of the group's shareholding in The Republic Bank of Trinidad and Tobago (RBTT), Ahamad added. Prior to the new acquisition of shares RBTT held a 20% stake in GHL. The transaction was estimated at 29 million shares, local press reported. RBTT is one of the leading players in the Caribbean, where it has eight banks with 50 branches located in Trinidad and Tobago, Grenada, St. Lucia, St. Vincent, Bequia (in the Grenadines), Nevis, Antigua, Curacao, Bonaire, Aruba, St. Maarten, Saba and Suriname. Guardian Holdings is active in life insurance, general insurance, asset management, wealth accumulation and property development.