Thursday 9 July, 2020

Scotiabank abandons plans to sell bank in Guyana

The Bank of Nova Scotia will not proceed with a proposed sale of its operations in Guyana.

According to a Reuters report, the decision was taken following opposition from Guyana's central bank

On Wednesday it was reported in the Guyanese media that Central Bank Governor, Dr. Gobin Gang said if Republic Bank was allowed to take over Scotiabank’s operations, it would have dominated the banking sector by more than 50 percent, resulting in huge risk to Guyanese should something go wrong.

He said the decision to block the Scotia-Republic deal followed analyses done by the Central Bank and the Caribbean Competiton Commission. 

The Eastern Caribbean Central Bank recently approved the sale of Scotia in six countries: Anguilla, Dominica, Grenada, St Kitts and Nevis, Saint Lucia and St Vincent and the Grenadines. The bank noted that the Government of Antigua and Barbuda is still negotiating with Scotiabank to sell its assets to them.

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