{"id":25404,"date":"2019-04-02T18:27:38","date_gmt":"2019-04-02T22:27:38","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=25404"},"modified":"2019-04-02T18:27:40","modified_gmt":"2019-04-02T22:27:40","slug":"caricom-body-warns-sale-of-scotiabank-could-have-anti-competitive-effect-in-three-member-states","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/caricom-body-warns-sale-of-scotiabank-could-have-anti-competitive-effect-in-three-member-states\/","title":{"rendered":"CARICOM body warns sale of Scotiabank could have anti-competitive effect in three member states"},"content":{"rendered":"<div id=\"antig-3524840319\" class=\"antig-ecab antig-entity-placement\"><a href=\"https:\/\/discoverflow.co\/web\/antigua\" aria-label=\"ANU CVP Digital Broadband 1200x400_1\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1201\/h:401\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1201\/h:401\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 1201w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:100\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:1024\/h:342\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 1024w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:256\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 768w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1201\" height=\"401\"   \/><\/a><\/div><div id=\"antig-3590963057\" class=\"antig-before-content antig-entity-placement\"><a href=\"https:\/\/www.facebook.com\/medicalbenefitsscheme\" aria-label=\"ce741a73-c70c-446b-af7f-da2abe2b62bb\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1200\/h:400\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2024\/12\/ce741a73-c70c-446b-af7f-da2abe2b62bb.jpeg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1200\/h:400\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2024\/12\/ce741a73-c70c-446b-af7f-da2abe2b62bb.jpeg 1200w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:100\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2024\/12\/ce741a73-c70c-446b-af7f-da2abe2b62bb.jpeg 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:1024\/h:341\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2024\/12\/ce741a73-c70c-446b-af7f-da2abe2b62bb.jpeg 1024w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:256\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2024\/12\/ce741a73-c70c-446b-af7f-da2abe2b62bb.jpeg 768w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1200\" height=\"400\"   \/><\/a><\/div>\n<p>The Suriname-based Caribbean Community (CARICOM) Competition Commission (CCC) says the intended sale of Scotiabank\u2019s assets in nine Caribbean countries could have anti-competitive effects in at least three CARICOM member states.<\/p><div id=\"antig-2752981745\" class=\"antig-content_5 antig-entity-placement\"><a href=\"https:\/\/www.facebook.com\/ablpag\" aria-label=\"Full-ABLP-Team-Digital-Billboard-1920x1080px\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1920\/h:1080\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2023\/01\/Full-ABLP-Team-Digital-Billboard-1920x1080px.jpg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1920\/h:1080\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2023\/01\/Full-ABLP-Team-Digital-Billboard-1920x1080px.jpg 1920w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:169\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2023\/01\/Full-ABLP-Team-Digital-Billboard-1920x1080px.jpg 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:1024\/h:576\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2023\/01\/Full-ABLP-Team-Digital-Billboard-1920x1080px.jpg 1024w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:432\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2023\/01\/Full-ABLP-Team-Digital-Billboard-1920x1080px.jpg 768w, https:\/\/mlavawteztbj.i.optimole.com\/w:1536\/h:864\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2023\/01\/Full-ABLP-Team-Digital-Billboard-1920x1080px.jpg 1536w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1920\" height=\"1080\"   \/><\/a><\/div>\n\n\n\n<p>\u201cThe Commission remains cognizant of the provisions of Article 175 of the RTC (Revised Treaty of Chaguaramas), and at this time reminds national competition authorities and member states of this critical provision.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/cananewsonline.com\/main\/wp-content\/uploads\/2019\/04\/Scotiaiibank.jpg\"><img decoding=\"async\" src=\"https:\/\/cananewsonline.com\/main\/wp-content\/uploads\/2019\/04\/Scotiaiibank.jpg\" alt=\"\" class=\"wp-image-219368\"\/><\/a><figcaption>(File Photo)<\/figcaption><\/figure>\n\n\n\n<p>\u201cThe Commission also informs that it shall approach those national competition authorities and sector regulators in affected member states in accordance with Article 176(1), for the conduct of preliminary examinations of proposed transaction between the enterprises,\u201d it said in a statement.<\/p><div id=\"antig-2291886520\" class=\"antig-content_4 antig-entity-placement\"><a href=\"https:\/\/discoverflow.co\/web\/antigua\" aria-label=\"ANU CVP Digital Broadband 1200x400_1\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1201\/h:401\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1201\/h:401\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 1201w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:100\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:1024\/h:342\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 1024w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:256\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 768w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1201\" height=\"401\"   \/><\/a><\/div><div id=\"antig-2627474236\" class=\"antig-content_12 antig-entity-placement\"><a href=\"https:\/\/www.facebook.com\/ablpag\" aria-label=\"IMG_0979\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:883\/h:1080\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/04\/IMG_0979.jpg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:883\/h:1080\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/04\/IMG_0979.jpg 1047w, https:\/\/mlavawteztbj.i.optimole.com\/w:245\/h:300\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/04\/IMG_0979.jpg 245w, https:\/\/mlavawteztbj.i.optimole.com\/w:838\/h:1024\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/04\/IMG_0979.jpg 838w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:939\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/04\/IMG_0979.jpg 768w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1047\" height=\"1280\"   \/><\/a><\/div>\n\n\n\n<p>Last November, the Trinidad-based Republic Financial Holdings Limited (RFHL) announced that it was seeking to acquire Scotiabank operations in several Caribbean countries.<\/p><div id=\"antig-2127710328\" class=\"antig-content antig-entity-placement\"><a href=\"https:\/\/www.antiguabarbudaculinarymonth.com\/\" aria-label=\"culinary\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1920\/h:843\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/04\/culinary-scaled.jpg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1920\/h:843\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/04\/culinary-scaled.jpg 2560w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:132\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/04\/culinary-scaled.jpg 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:1024\/h:450\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/04\/culinary-scaled.jpg 1024w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:337\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/04\/culinary-scaled.jpg 768w, https:\/\/mlavawteztbj.i.optimole.com\/w:1536\/h:675\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/04\/culinary-scaled.jpg 1536w, https:\/\/mlavawteztbj.i.optimole.com\/w:1920\/h:842\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/04\/culinary-scaled.jpg 2048w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"2560\" height=\"1124\"   \/><\/a><\/div>\n\n\n\n<p>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>\n\n\n\n<p>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.<\/p><div id=\"antig-159767823\" class=\"antig-content_2 antig-entity-placement\"><a href=\"https:\/\/www.courts.com\/antigua\/\" aria-label=\"IMG_0783\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:500\/h:500\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/03\/IMG_0783.png\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:500\/h:500\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/03\/IMG_0783.png 500w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:300\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/03\/IMG_0783.png 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:150\/h:150\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/03\/IMG_0783.png 150w\" sizes=\"(max-width: 500px) 100vw, 500px\" width=\"500\" height=\"500\"   \/><\/a><\/div>\n\n\n\n<p>In its statement, the CCC recalled that in December last year, it had advised the public that it had taken \u201cnote\u201d of the announcement regarding the proposed sale as well as the life insurance operations in another two territories, namely Jamaica and Trinidad and Tobago, to Sagicor Financial Corporation.<\/p>\n\n\n\n<p>\u201cIn accordance with Article 173(2)(a) of the RTC, the Commission further advised that it would continue to monitor these developments in the banking and insurance sectors and that any impact to the CARICOM Community by the proposed transaction would be assessed in accordance with the provisions of the RTC.\u201d<\/p><div id=\"antig-1295220569\" class=\"antig-content_3 antig-entity-placement\"><a href=\"https:\/\/www.courts.com\/antigua\/\" aria-label=\"1000436969\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:864\/h:1080\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/04\/1000436969.jpg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:864\/h:1080\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/04\/1000436969.jpg 1080w, https:\/\/mlavawteztbj.i.optimole.com\/w:240\/h:300\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/04\/1000436969.jpg 240w, https:\/\/mlavawteztbj.i.optimole.com\/w:819\/h:1024\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/04\/1000436969.jpg 819w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:960\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/04\/1000436969.jpg 768w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1080\" height=\"1350\"   \/><\/a><\/div>\n\n\n\n<p>The CCC said that it has \u201cnow completed a preliminary assessment pursuant to Article 173(2)(a) of the RTC\u201d and that \u201csuch assessment indicates that the proposed transaction or parts thereof could possibly have&nbsp; anticompetitive effects in at least three member states in the Community.\u201d<\/p><div id=\"antig-169133721\" class=\"antig-content_6 antig-entity-placement\"><a href=\"https:\/\/discoverflow.co\/web\/antigua\" aria-label=\"ANU CVP Digital Broadband 1200x400_1\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1201\/h:401\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1201\/h:401\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 1201w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:100\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:1024\/h:342\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 1024w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:256\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/11\/ANU-CVP-Digital-Broadband-1200x400_1-1.jpg 768w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1201\" height=\"401\"   \/><\/a><\/div>\n\n\n\n<p>The statement did not name the states likely to be affected as a result but said that \u201cin furtherance of its commitment to fair and transparent processes for both the business community and consumers\u201d it will &nbsp;\u201ccontinue to monitor this activity in the Community and will inform as appropriate on further progress of this matter in affected member states.\u201d<\/p>\n\n\n\n<p>Last week, Antigua and Barbuda Prime Minister Gaston Browne, who has openly expressed reservations about the sale, reiterated his government\u2019s position that it would not issue a vesting order to facilitate the sale of Scotiabank operations in his country.<\/p>\n\n\n\n<p>Browne told legislators that workers at Scotia Bank had brought several issues to the attention of his administration including the issue of severance payments.<\/p>\n\n\n\n<p>\u201cIn the case of Antigua and Barbuda, and by the way we are not giving Scotia Bank any vesting order. They are not getting it. We are very firm on that. However, in the unlikely event they were successful in selling this Antiguan branch to Republic Bank they will have to pay the severance\u2026<\/p>\n\n\n\n<p>\u201cWe are giving the staff options, the right to exercise options of taking the severance and continue to work, take the severance and leave or if they wish to commute their service. The employee must have that right. It\u2019s his labour, it is his fundamental right to determine for whom he works,\u201d Browne said.<\/p>\n<div id=\"antig-2937218980\" class=\"antig-in-comments_2 antig-entity-placement\"><a href=\"https:\/\/www.facebook.com\/@hadeedmotorsltd\" aria-label=\"Hadeed_WEB_Banner_MG-2\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1000\/h:250\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2024\/12\/Hadeed_WEB_Banner_MG-2.png\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1000\/h:250\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2024\/12\/Hadeed_WEB_Banner_MG-2.png 1000w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:75\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2024\/12\/Hadeed_WEB_Banner_MG-2.png 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:192\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2024\/12\/Hadeed_WEB_Banner_MG-2.png 768w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1000\" height=\"250\"   \/><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>The Suriname-based Caribbean Community (CARICOM) Competition Commission (CCC) says the intended sale of Scotiabank\u2019s assets in nine Caribbean countries could have anti-competitive effects in at least three CARICOM member states. \u201cThe Commission remains cognizant of the provisions of Article 175 of the RTC (Revised Treaty of Chaguaramas), and at this time reminds national competition authorities [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":22089,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-25404","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.1 (Yoast SEO v24.1) - 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