Brink family wields power in BBS crisis

BBS shareholders are set to meet on April 30 where five new nominees will face off against five current directors at the Annual General Meeting (AGM) in an election for the board. Shareholders, including the Brinks, will have to choose between the current directors and the five new nominees. The incumbent directors whose terms expire on April 26, have put themselves up for re-election but at an April 1 meeting, also resolved to extend their terms by 90 more days after April 30, “so that due process may be concluded”.

Whichever board wins the election on April 30 will lead the BBS and consequently, its shareholders, into becoming the country’s first indigenous commercial bank. The building society is scheduled to reapply for a banking licence and begin commercial banking activities between October and December this year.