{"id":22050,"date":"2018-11-27T17:12:54","date_gmt":"2018-11-27T21:12:54","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=22050"},"modified":"2018-11-27T17:12:56","modified_gmt":"2018-11-27T21:12:56","slug":"pm-tells-scotia-bank-no-sale-without-government-approval","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/pm-tells-scotia-bank-no-sale-without-government-approval\/","title":{"rendered":"PM Tells Scotia Bank No Sale Without Government Approval"},"content":{"rendered":"
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 The Bank of Nova Scotia has been stopped from proceeding with any sale of its operations in Antigua and Barbuda until application is made to the Government and approval given.<\/p>

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Antigua and Barbuda Prime Minister Gaston Browne also wants assurances that local banks will be given priority to purchase the Scotiabank\u2019s operations in Antigua, and that local persons\u2019 investments and saving will be protected.<\/p>\n\n\n\n

Writing today to Suzan Snaggs-Wilson, the General Manager of Scotiabank in Antigua, Prime Minister Browne lamented the fact\u201cthat the authorities of the Bank of Nova Scotia would decide to sell its operations in Antigua and Barbuda without any form of consultation with the regulators or the Finance Minister whose agreement and authority for such a sale are required by law\u201d.<\/p>

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In his letter, the Prime Minister declared: \u201cI hereby inform the authorities of the Bank of Nova Scotia that their decision to sell the operations in Antigua and Barbuda, without the requisite consultation and agreement of the regulators and the Government of Antigua and Barbuda, is unacceptable\u201d.            <\/p>

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Having told Scotiabank that should it wish to divest its operations in Antigua and Barbuda, \u201cit would be necessary to seek the government\u2019s approval\u201d.  The Prime Minister went on to express his government\u2019s desire for \u201csuch divestment to be offered first to local banks as the priority\u201d<\/p>\n\n\n\n

He also disclosed that, \u201cnotwithstanding the unexpectedness of Bank of Nova Scoria\u2019s announcement, a consortium of such banks has already expressed an affirmative interest to acquire\u201d.<\/p>

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Prime Minister Browne stated that his government \u201cnow expects a formal application by the authorities of the Bank of Nova Scotia for the terms of any divestment, including a reasonable time to identify new local owners, and assurances of the safety of the assets and investments of local clients\u201d. (ends)<\/p>\n

\"\"<\/a><\/div>","protected":false},"excerpt":{"rendered":"

 The Bank of Nova Scotia has been stopped from proceeding with any sale of its operations in Antigua and Barbuda until application is made to the Government and approval given. Antigua and Barbuda Prime Minister Gaston Browne also wants assurances that local banks will be given priority to purchase the Scotiabank\u2019s operations in Antigua, and […]<\/p>\n","protected":false},"author":3,"featured_media":16039,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13,5],"tags":[],"class_list":["post-22050","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-news"],"yoast_head":"\nPM Tells Scotia Bank No Sale Without Government Approval - 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\/pm-tells-scotia-bank-no-sale-without-government-approval\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PM Tells Scotia Bank No Sale Without Government Approval\" \/>\n<meta property=\"og:description\" content=\" The Bank of Nova Scotia has been stopped from proceeding with any sale of its operations in Antigua and Barbuda until application is made to the Government and approval given. 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