The row between the Bank of Nova Scotia, also known as Scotiabank, and Antigua’s government over demands by authorities for the institution to sell its assets to a local bank rather than to a rival is heating up, with authorities there threatening to nationalize Scotiabank’s assets in the interest of the public.
Late last year, the Canadian financial institution announced plans to sell off assets in nine Caribbean countries, Guyana in the south and countries in the north and eastern Caribbean, to Trinidad’s Republic Bank.
In several of the countries, governments had expressed concerns and discomfort about the unusually large financial footprint that Republic Bank would have after it gobbles up Scotiabank’s assets, saying that Scotiabank now has cartel-like control and dominance of local banking markets.
In the case of Guyana, where it has several branches, authorities expressed deep reservation that Republic will soon have control of over 51 percent of the market, up from 35.4 percent of national banking assets and 36.8 percent of deposits after the acquisition in the coming months.
“The Scotiabank decision, which is made when Guyana’s economy is on the cusp of financial transformation with the onset of a massive new oil and gas sector, raises concerns and is regretted,” the Ministry of Finance said. “The effect on competition and the potential for Republic Bank to have too much influence on the pricing of banking products and rates, issues related to correspondent banking options and loss of jobs as a result of Republic Bank consolidating branches were other concerns.”
As it relates to Antigua, the administration of Prime Minister Gaston Browne is demanding that Scotiabank sell its assets to a local bank because the spinoff effects would be good for the economy and ordinary citizens alike . Read More…../http://amsterdamnews.com/news/2019/jan/10/antigua-threatens-scotiabank-row-over-asset-sale/
Trending
- PRESS RELEASE – COVID 19 : Return of “compelling reasons” for travel to and from French West Indies
- Job Vacancy At Meridian Trust Company Limited- SENIOR FIDUCIARY & LEGAL OFFICER
- NRP calls on Federal Government to aid Nationals in devastated neighboring Islands.
- TDC Shipping Department – Change in Schedule Notice
- C43 – Miss Culture Swimwear
- Human Resource: CAREER OPPORTUNITY.
- Ministry of Social Development: Press Release.
- Sherry’s “RISE” an Afrocentric Fashion Production.
- Libra’s All White Full Moon Birthday Bashment 2016.
- I.R.D: Wheel Tax Notice.
- TRUST & FIDUCIARY SERVICES ADMINISTRATOR: Job Vacancy.
- I.R.D : Registration Renewal…
- T.D.C: Child Month
- The St.Kitts Music Festival Line Up….
- I.R.D: Property Tax..
- Development Bank marks 35th anniversary with renewed commitment
- Sherry’s Beauty World: Special…
- Brown Hill Communications…..Job Vacancy
- Sherry’s Beauty World: Special Runs for the month of April ( MASSAGES ).
- Digicel Play…D.B.H
- THE UWI OPEN CAMPUS, ST.KITTS & NEVIS.
- I.R.D: Consumer Information Notice.
- The Nevis Historical and Conservation Society: Job Vacancy.
- Morning Star Holdings Limited: Job Vacancy.
- Five Parishes Relay Competition Sponsors Present Shirts
- Hamilton Shooting Incident Under Police Investigation
- Desalination Plant Will Be a Critical Component to Nevis’ Water Infrastructure, Says the Honourable Spencer Brand
- Jamari Herbert Charged with Murder
- Usain Bolt Named ICC Men’s T20 World Cup 2024 Ambassador
- MOE Welcomes Teachers Back To In-Service Training.
- DPP Press Release No.5 Of 2024: Director of Public Prosecutions Urgent Call Seeking the Co-Operation of Witnesses in Serious Cases
- Press Release No.4 Of 2024: Director of Public Prosecutions Brings Murder Trial of Calvin Powell to A Halt
- Nevis’ Number One Female Cricket Fan Laid to Rest
- Ministry Of Agriculture Strives to Enhance Accessibility With Shuttle Service At 29th Agriculture Open Day