The Eastern Caribbean Central Bank (ECCB) has approved the sale of Bank of Novia Scotia (BNS) to Republic Financial Holding Limited (RFHL). Republic Group will operate in Dominica, Anguilla, Grenada, St. Kitts and Nevis, St. Lucia and St. Vincent and the Grenadines, pursuant to Section 43 of the Banking Act. RFHL is owned by Trinidad and Tobago.
It will not operate in Antigua and Barbuda yet.
Antigua and Barbuda’s Prime Minister Gaston Browne first condemned the sale when it was first announced, but now it seems talks are ongoing to extend the services of the newly-owned bank to the twin-island. Browne, who is also Antigua and Barbuda’s finance minister, said his country is a better position now to host the new BNS.
The RFHL quoted the ECCB as saying that the Eastern Caribbean Currency Union (ECCU) will benefit greatly from the Republic Group’s sterling banking performances across its extensive network of correspondent banks.
Republic Group first announced late last year that they were acquiring BNS across the Caribbean markets. The ECCB Monetary Council approved the sale because Republic Group will also be inheriting the assets and liabilities of the bank. The sale is subject to all regulatory and conventional requirements in the financial sector.
Earlier approval for the acquisition indicated that the Central Bank of Curacao and St. Maarten, as well as the Central Bank of Trinidad and Tobago, did not object to the proposed sale. This latest approval by the ECCB lends further strength to the acquisition drive.
This article is copyright © 2019 DOM767
