{"id":118477,"date":"2020-10-16T06:57:28","date_gmt":"2020-10-16T10:57:28","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=118477"},"modified":"2020-10-16T06:57:28","modified_gmt":"2020-10-16T10:57:28","slug":"lovell-says-he-never-opposed-sale-of-scotiabank-to-local-interests","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/lovell-says-he-never-opposed-sale-of-scotiabank-to-local-interests\/","title":{"rendered":"Lovell says he never opposed sale of Scotiabank to local interests"},"content":{"rendered":"
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Harold Lovell, Political Leader of the United Progressive Party, is rejecting as \u201cfoolishness\u201d and \u201clies\u201d the claims and implications by Prime Minister Gaston Browne that the Party opposed the sale of Scotiabank Antigua to a local entity.<\/p>

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\u201cWe have never been against the acquisition of Scotiabank by any legitimate institution or consortium. That is foolishness!\u201d Lovell says.<\/p>\n

\u201cWhat we opposed and criticized was the behaviour of the Prime Minister in his approach to the matter.<\/p>

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\u201cWe refer, specifically, to the offensive and insulting language he used to describe the Canadian principals of Scotiabank and to the threatening statements he made about the Country Manager of the Bank, who, incidentally, is a CARICOM citizen,\u201d Lovell says.<\/p>

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The Political Leader also reminds Browne that Scotiabank had followed all the requirements for divestment, according to the existing law, and had duly advised the ECCB of its intention. However, it was he, Browne, who \u2013 after the fact \u2013 amended the legislation simply to withhold the necessary vesting order.<\/p>\n

\u201cThat was an act of bad faith and not of good negotiation skills,\u201d Lovell says, \u201cand it still holds implications for other investors.\u201d<\/p>

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Far from opposing the take-over of Scotiabank by a local institution, Lovell says the UPP \u2013 like other responsible parties \u2013 pressed Browne to name the entities that comprised the consortium to which he referred. But this information was never shared.<\/p>\n

Lovell also refers to Browne\u2019s often-repeated lies about \u201csaving ABIB.\u201d He reminds the banking fraternity and the public that the UPP\u2019s plan to save depositors\u2019 accounts and assets were centred on a take-over by the Eastern Caribbean Amalgamated Bank (ECAB): a plan that, after much posturing, was eventually adopted by Browne, himself.<\/p>

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Finally, says Lovell, the enduring proof of the UPP\u2019s support for local economic empowerment and the stability of the banking sector is the actual existence of ECAB, the former Bank of Antigua.<\/p>

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\u201cECAB, the very institution that Browne is now crowing about, is the same bank that the Spencer Administration stepped in \u2013 personally, as the Government, and regionally \u2013 to save, and without bad-playing anybody, to boot!\u201d Lovell declares.<\/p>\n

The Political Leader says his feelings mirror those of retired banker Everette Christian, who, earlier this week, expressed relief that the Scotiabank matter has been resolved.<\/p>\n

\u201cI am happy that this long and stressful period in the lives of the Bank\u2019s employees has come to what appears to be an amicable end,\u201d Lovell says.<\/p>\n

\u201cThe Prime Minister has assured the people that there will be no job losses by way of involuntary severance, and we are holding him to that.<\/p>\n

\u201cI also have every confidence in ECAB General Manager Michael Spencer and his team, and I wish them success in managing yet another acquisition in the interest of both their clients and the country,\u201d Lovell concludes.<\/p>\n

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Harold Lovell, Political Leader of the United Progressive Party, is rejecting as \u201cfoolishness\u201d and \u201clies\u201d the claims and implications by Prime Minister Gaston Browne that the Party opposed the sale of Scotiabank Antigua to a local entity. \u201cWe have never been against the acquisition of Scotiabank by any legitimate institution or consortium. That is foolishness!\u201d […]<\/p>\n","protected":false},"author":3,"featured_media":3161,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[118,119,117,116,107,88,102,94,96,91,90,99,92,114,115,98,108,106,104,109,95,105,110,112,113,111,101,103,97],"class_list":["post-118477","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics","tag-268-antigua","tag-268-antigua-barbuda","tag-268-antigua-today","tag-268-today","tag-advertise-in-antigua","tag-antigua","tag-antigua-barbuda","tag-antigua-and-barbuda","tag-antigua-breaking-news","tag-antigua-caribbean","tag-antigua-crime","tag-antigua-economy-news","tag-antigua-news","tag-antigua-news-rooom","tag-antigua-observer","tag-antigua-politics","tag-antiguan-news","tag-barbuda","tag-barbuda-news","tag-barbudan-news","tag-breaking-news-antigua","tag-news","tag-news-antigua","tag-news-antigua-barbuda","tag-news-antigua-and-barbuda","tag-news-barbuda","tag-news-in-antigua","tag-news-in-barbuda","tag-tourism-news"],"yoast_head":"\nLovell says he never opposed sale of Scotiabank to local interests - Antigua News Room<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/antiguanewsroom.com\/lovell-says-he-never-opposed-sale-of-scotiabank-to-local-interests\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lovell says he never opposed sale of Scotiabank to local interests\" \/>\n<meta property=\"og:description\" content=\"Harold Lovell, Political Leader of the United Progressive Party, is rejecting as \u201cfoolishness\u201d and \u201clies\u201d the claims and implications by Prime Minister Gaston Browne that the Party opposed the sale of Scotiabank Antigua to a local entity. \u201cWe have never been against the acquisition of Scotiabank by any legitimate institution or consortium. 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