{"id":23263,"date":"2019-01-09T18:05:32","date_gmt":"2019-01-09T22:05:32","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=23263"},"modified":"2019-01-09T18:05:41","modified_gmt":"2019-01-09T22:05:41","slug":"st-kitts-republic-bank-scotiabank-officials-meet-with-st-kitts-nevis-pm","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/st-kitts-republic-bank-scotiabank-officials-meet-with-st-kitts-nevis-pm\/","title":{"rendered":"ST. KITTS-Republic Bank, Scotiabank officials meet with St. Kitts-Nevis PM"},"content":{"rendered":"
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Prime Minister Dr. Timothy Harris Wednesday held \u201ccordial and productive discussions\u2019 with officials of the Trinidad-based Republic Financial Holdings Limited (RFHL) and representatives of Scotiabank regarding the move to acquire Scotiabank operations in several Caribbean countries.<\/p>

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Last November, the RFHL announced that it was seeking to acquire Scotiabank operations even as Antigua and Barbuda and Guyana have expressed reservations about the proposed acquisition, with St. John\u2019s indicating that it would not be issuing a vesting order to facilitate the move.<\/p>\n\n\n\n

A RFHL statement said that the banks being acquired are located in Guyana, St. Maarten, Anguilla, Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines.<\/p>

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It said that the purchase price is US$123 million, which represents US$25 million consideration for total shareholding of Scotiabank Anguilla Limited; and a premium of US$98 million over net asset value for operations in the remaining eight countries\u2026<\/p>

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The RFHL delegation was led by its chairman, Ronald Harford, while Scotiabank was represented by a two-member team headed by Brendan King, Senior Vice President of International Banking.<\/p>\n\n\n\n

A government statement issued following the talks noted that Prime Minister Harris was informed of RFHL\u2019s commitment to welcoming all of Scotiabank\u2019s staff into the Republic Group.  It said this would increase the Group\u2019s staff complement to over 6,000 people.<\/p>

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\u201cNot one single staff member of Scotiabank will be displaced,\u201d said Ian De Souza, Principal Advisor at Advice Financial Company Limited (AdFIN), adding \u201cthey will not be affected in any form or fashion.<\/p>\n\n\n\n

\u201cTheir remuneration will remain whole,\u201d De Souza added.<\/p>

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Harford said \u201cit is very necessary to protect our reputation.  We will practice those high standards that Scotiabank has practiced.\u201d<\/p>

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He said the acquisition would create \u201ca strong regional champion\u201d with US$15 billion in assets up from US$10.5 billion.  Profits would also increase, post-acquisition, from US$198 million to US$270 million.<\/p>\n\n\n\n

\u201cThe Republic Group has served the Caribbean for 181 years, having opened its first office in Port of Spain, Trinidad, with the establishment of Colonial Bank in 1837.  It has branches in Grenada and St. Lucia.<\/p>\n\n\n\n

The company said it has financed over US$268 million in support of significant nation-building projects across the Caribbean since 2001 including US$7.4 million for the Carifesta Housing Development in St. Kitts in 2005.<\/p>\n\n\n\n

\u201cThe future of these islands is bright,\u201d Harford said,<\/p>\n\n\n\n

King said it was very important to Scotiabank \u201cthat our customers and employees be handled with care,\u201d adding that this was important in order to ensure that there \u201cis no disruption of any kind.\u201d<\/p>\n\n\n\n

He said the two banks \u201cshare the same core values,\u201d and that, \u201cour reputation is very important to us.\u201d<\/p>\n

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

Prime Minister Dr. Timothy Harris Wednesday held \u201ccordial and productive discussions\u2019 with officials of the Trinidad-based Republic Financial Holdings Limited (RFHL) and representatives of Scotiabank regarding the move to acquire Scotiabank operations in several Caribbean countries. Last November, the RFHL announced that it was seeking to acquire Scotiabank operations even as Antigua and Barbuda and […]<\/p>\n","protected":false},"author":3,"featured_media":23264,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-23263","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regional"],"yoast_head":"\nST. KITTS-Republic Bank, Scotiabank officials meet with St. Kitts-Nevis PM - 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\/st-kitts-republic-bank-scotiabank-officials-meet-with-st-kitts-nevis-pm\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ST. KITTS-Republic Bank, Scotiabank officials meet with St. Kitts-Nevis PM\" \/>\n<meta property=\"og:description\" content=\"Prime Minister Dr. Timothy Harris Wednesday held \u201ccordial and productive discussions\u2019 with officials of the Trinidad-based Republic Financial Holdings Limited (RFHL) and representatives of Scotiabank regarding the move to acquire Scotiabank operations in several Caribbean countries. Last November, the RFHL announced that it was seeking to acquire Scotiabank operations even as Antigua and Barbuda and […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/antiguanewsroom.com\/st-kitts-republic-bank-scotiabank-officials-meet-with-st-kitts-nevis-pm\/\" \/>\n<meta property=\"og:site_name\" content=\"Antigua News Room\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/antiguanewsroom\" \/>\n<meta property=\"article:published_time\" content=\"2019-01-09T22:05:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-01-09T22:05:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mlavawteztbj.i.optimole.com\/w:auto\/h:auto\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2019\/01\/Harris.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1079\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Editor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@AntiguaNewsRoom\" \/>\n<meta name=\"twitter:site\" content=\"@AntiguaNewsRoom\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Editor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/antiguanewsroom.com\/st-kitts-republic-bank-scotiabank-officials-meet-with-st-kitts-nevis-pm\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/antiguanewsroom.com\/st-kitts-republic-bank-scotiabank-officials-meet-with-st-kitts-nevis-pm\/\"},\"author\":{\"name\":\"Editor\",\"@id\":\"https:\/\/antiguanewsroom.com\/#\/schema\/person\/36cac05ef6398fe56ae3e6317f8535c5\"},\"headline\":\"ST. 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