Scotiabank says sale of operations to Republic Bank will not move forward

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Some three days after the Central Bank of Guyana denied the application for Republic Financial Holdings Limited, the parent company of Republic Bank (Guyana), for the purchase/acquisition of the operations of Scotiabank in Guyana, the Canadian bank has said that it will continue business here until a solution can be made on the issue.

Scotiabank’s Manager – Communications and Corporate Social Responsibility (Caribbean), Cindy Mohammed, in a brief statement, said the sale of Scotiabank’s operations in Guyana to Republic Bank will not move forward at this time.

“We will continue to deliver business as usual and focus on the best long-term solution for our employees and customers,” Mohammed said in the statement.

President and CEO of Republic Financial Holdings Limited (RFHL), Nigel Baptiste had already expressed disappointment in Guyana’s Central Bank’s decision.

“As a group, we remain fully engaged and committed to supporting the nation of Guyana through our operations there, as well as toward ensuring the success of all activities for which we have received the requisite regulatory approvals, under the proposed BNS acquisition,” he had stated.

Last November, Republic Bank had announced that it was seeking to acquire Scotiabank operations in St Maarten, Guyana, Anguilla, St. Kitts and Nevis,Antigua and Barbuda, Grenada, Domini¬ca, St. Lucia, and St Vincent and the Grenadines.