November 22, 2004

CL FINANCIAL ASSURES NO CHANGE AT REPUBLIC BANK

At the time of the acquisition CIB already held approximately 17% of the shareholding of the Bank while its sister company Colonial Life Insurance Company (Trinidad) Limited (CLICO) holds approximately 26% of the shareholding of Republic.

Dismissing any idea of a takeover, CLF Executive Chairman, Mr. Lawrence Duprey stated that CLF has no intention of becoming involved in the day-to-day management and operations of Republic Bank. Mr. Duprey confirmed that he and his Group are committed to the CLF/Republic Bank relationship continuing on a non-interference cordial basis – a position adopted and publicly stated in 1989 when CLICO purchased 41% of Republic Bank shareholding from Barclay’s Bank.

Mr. Duprey underscored his Group’s position by observing that any takeover of Republic Bank could have been triggered at 30% shareholding, based on local guidelines, and at even lower percentages in keeping with international codes and practice.

Mr. Duprey said that investing in Republic Bank shares was one of the best investment decisions his Group had ever made and that returns have been far higher than anticipated. He stated that the Executive Management Directors and Staff of Republic Bank are to be commended on their performance, and that as an investor the CLF Group, he has every confidence that they will continue with what Republic’s Chairman and Managing Director Mr. Ronald Harford, describes as “the winning formula”.