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Scotiabank BVI being sold to Republic Bank of T&T

- Sale subject to regulatory approval & customary closing conditions
Scotiabank will be exiting the Virgin Islands as it has reached an agreement for the sale of 100% of its shares in Scotiabank (British Virgin Islands) Limited to Republic Financial Holdings Limited (‘Republic Bank’) Bank. Photo: VINO
On October 31, 2019, Scotiabank completed the sale of its banking operations in Anguilla, Dominica, Grenada, St. Kitts & Nevis, St. Lucia, St. Maarten and St. Vincent & the Grenadines to Republic Bank and the release noted that an agreement has been reached an for the sale of 100% of its VI shares in the local Scotiabank. Photo: Internet Source
On October 31, 2019, Scotiabank completed the sale of its banking operations in Anguilla, Dominica, Grenada, St. Kitts & Nevis, St. Lucia, St. Maarten and St. Vincent & the Grenadines to Republic Bank and the release noted that an agreement has been reached an for the sale of 100% of its VI shares in the local Scotiabank. Photo: Internet Source
ROAD TOWN, Tortola, VI - Scotiabank is looking to exit the Virgin Islands as the Bank of Nova Scotia has reached an agreement for the sale of 100% of its shares in Scotiabank (British Virgin Islands) Limited to Republic Financial Holdings Limited (‘Republic Bank’) Bank.

The announcement of the agreement of sale on Thursday, November 28, 2019 comes a year after Scotiabank, Canada’s third-biggest lender, had announced it planned to exit nine countries in the Caribbean, including Antigua, St Kitts & Nevis, St Lucia, St Vincent & the Grenadines, Anguilla, Dominica, St Maarten and Grenada, by selling its operations to Republic Financial Holdings.

The agreement is subject to regulatory approval and customary closing conditions, a press release from Scotiabank on November 28, 2019 stated.

“This transaction supports the Bank’s strategic decision to focus on operations across its footprint where it can achieve greater scale and deliver the best value for customers,” according to the press release.

Scotiabank had been selling non-core businesses and focusing its international operations on the Pacific Alliance trading bloc of Peru, Mexico, Chile and Columbia, which now accounts for around a quarter of its revenue.

Scotiabank's Caribbean exit

On October 31, 2019, Scotiabank completed the sale of its banking operations in Anguilla, Dominica, Grenada, St Kitts & Nevis, St Lucia, St Maarten and St Vincent & the Grenadines to Republic Bank.

The governments of Antigua and Barbuda and Guyana; however, have resisted the sale of Scotiabank in their countries.

The Bank of Nova Scotia announced on Friday, September 27, 2019 it would not proceed with a proposed sale of its operations in Guyana following opposition from the central bank.

The Bank of Guyana cited concerns about concentration and competition in denying Scotiabank permission.

Republic Bank is said to be a leading financial institution founded in 1837 in Trinidad and Tobago, providing a broad range of financial services to individuals, corporate and institutional clients across the Caribbean.

14 Responses to “Scotiabank BVI being sold to Republic Bank of T&T”

  • Bum (29/11/2019, 09:05) Like (26) Dislike (3) Reply
    Hope the service improves. Too many long lines and empty teller slots. Still not the worst bank in the BVI...CIBC First Caribbean gets that prize
  • eat that (29/11/2019, 09:23) Like (9) Dislike (18) Reply
    Get in line to borrow money from a down island bank
  • SOS (29/11/2019, 10:47) Like (1) Dislike (0) Reply
    Scotia ship start to take on water
    • @sos (29/11/2019, 12:07) Like (14) Dislike (0) Reply
      Which Scotia?

      The Big Goons always sell or spin off what they see as unprofitable to them. No one sells “profitable” business. So it may not be Scotia ship taking on water but what is happening in the economy in which they are operating and or how that part of their business/segment achieves their global objectives.

      Read between the lines. If the Scotia registered BVI company is in trouble, who really is in trouble? That is a question to ask.
      • Nice try (29/11/2019, 13:27) Like (4) Dislike (0) Reply
        Why did they also sell so many branches this year throughout the Caribbean?
    • Enforcement is Key (30/11/2019, 00:11) Like (3) Dislike (1) Reply
      Scotia sinking? I think not. Scotia is just wise to what's happening in the Caribbean. Money laundering, AML initiatives, compliance, cost and risk to move money off islanbd 2-3 times per week, as well as no central BVI depository make for a losing venture for them.
  • Hmmmmmmm (29/11/2019, 11:57) Like (1) Dislike (0) Reply
    What does the book of business of Scotiabank (British Virgin Islands) Limited really looks like, futuristically speaking. No one really sells “profitable” book of businesses when that book is expected to be profitably growing.
  • Who is RFHL (29/11/2019, 12:00) Like (1) Dislike (0) Reply
    Republic Financial Holdings Limited (RFHL) is the registered owner of all of the Banks in the Republic Group – Republic Bank Limited, Republic Bank (Guyana) Limited, Republic Bank (Barbados) Limited, Republic Bank (Grenada) Limited, Republic Bank (Suriname) N.V, Republic Bank (Cayman) Limited, Republic Bank (Ghana), Cayman National Corporation as well as Republic Securities Limited and other subsidiaries. In keeping with international best practice, this holding company was formed with the aim of offering increased operational efficiencies and optimum management of the Group; ultimately leading to greater value for our shareholders and clients while enabling greater strategic focus and diversification.

    https://rfhl.com/about-us/
  • Hmm let's see (29/11/2019, 13:26) Like (3) Dislike (1) Reply
    https://m.youtube.com/watch?v=8M5Iy6tUOhQ
    Republic Bank: Frustration in Guyana
  • watch out (29/11/2019, 13:54) Like (3) Dislike (0) Reply
    Now that the sale has gone through, watch out for layoffs in First Caribbean and whats left of Scotiabank.
  • rip off (29/11/2019, 20:02) Like (2) Dislike (1) Reply
    I want my money back for 2 years I've been back and forth with this bank up to this moment the issue is not resolved. People keep your eyes open with this bank. I say no more
  • South America (03/12/2019, 15:23) Like (0) Dislike (0) Reply
    That’s why the cartels love we trini.. we I’ll get the money to go south!
  • former customer (03/12/2019, 19:20) Like (0) Dislike (0) Reply
    One good reason for Scotias' parent company in Toronto to sell these, is to reduce their liability, in their eyes
    for the ridiculous antics and gestapo invasions of depositors privacy, should the bank branches in the Caribbean
    finally be sued. Scotia bent over backwards to scrutinize customers innocent of wrongdoing in order to impress
    governments like Obamas' regime. The reason not so many lawsuits is that it is very expensive to sue across
    national borders even if you have a very good case. Scotia banks' owners went to far into socialism and
    communism. They did not respect the privacy of the depositors. But the parent company can still be sued for
    a great deal of money.


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