Acquisition of shares in another local licensee

(1) Notwithstanding section 58 (1) and (2) a licensee that is a local bank shall not acquire or hold any share in another local licensee or in a local international bank unless, pursuant to sub- section (3), it acquires or holds shares in such number that the other local licensee or the local international bank is its subsidiary. (2) A licensee that is a local bank that, upon the date that this section comes into force, holds any shares in another local licensee or in a local international bank other than pursuant to sub-section (3), shall, within three years from that date, or within such reasonable time as the Central Bank may order, dispose of such shares. (3) Subject to the prior approval in writing of the Central Bank, the limitations contained in sub-section (1) and sections 58 (1) and (2) shall not apply to the acquisition by a local bank of— (a) shares in another licensee that is a local bank or a local financial institution, or in a local international bank, providing such acquisition results in the other licensee or local international bank becoming a subsidiary of the local bank; (b) shares in a foreign bank or foreign financial institution providing that such acquisition results in the foreign bank or foreign financial institution becoming a subsidiary of the local bank; or (c) shares in a company formed by a licensee that is a local bank for the execution of nominee, executor, trustee functions or other functions incidental to a banking business, providing such acquisition results in the company becoming a subsidiary of the local bank.