14 September 2021

Financial group Ennia Caribe sells Banco di Caribe N.V. to United as part of its restructuring

Ferdinand Hengst
Christiaan Russcher
Else Loop-Rowel
+ 6 other team members
An important milestone in the financial restructuring of the largest financial group in the Dutch Caribbean, De Brauw advised Central Bank of Curaçao and Sint Maarten ("CBCS") and ENNIA as seller on the sale of Banco di Caribe ("BdC"). Each of the target (BdC), the seller (ENNIA) and United (purchaser) are institutions with systemic importance in the Netherlands Antilles. The sale was set up as a competitive, limited auction. The sale of BDC to United Group Holdings N.V. marks an important step in the financial restructuring of the ENNIA Group, which has been under emergency regulations since 2018, and CBCS's efforts to maximize value and reduce risk for ENNIA and its policyholders.