{"id":31784,"date":"2019-05-20T11:03:15","date_gmt":"2019-05-20T15:03:15","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=31784"},"modified":"2019-05-20T11:13:13","modified_gmt":"2019-05-20T15:13:13","slug":"antigua-and-barbuda-still-optimistic-about-sale-of-scotiabank-to-local-investors","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/antigua-and-barbuda-still-optimistic-about-sale-of-scotiabank-to-local-investors\/","title":{"rendered":"Antigua and Barbuda still optimistic about sale of Scotiabank to local investors"},"content":{"rendered":"<div id=\"antig-2261715397\" 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-2802905374\" 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><p>The Antigua and Barbuda government says it remains optimistic that an agreement could be reached regarding the sale of Scotiabank to a consortium of local stakeholders.<\/p><div id=\"antig-2330804402\" class=\"antig-content_5 antig-entity-placement\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:771\/h:1080\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/04\/quueens.jpeg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:771\/h:1080\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/04\/quueens.jpeg 1143w, https:\/\/mlavawteztbj.i.optimole.com\/w:214\/h:300\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/04\/quueens.jpeg 214w, https:\/\/mlavawteztbj.i.optimole.com\/w:732\/h:1024\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/04\/quueens.jpeg 732w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:1075\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/04\/quueens.jpeg 768w, https:\/\/mlavawteztbj.i.optimole.com\/w:771\/h:1080\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/04\/quueens.jpeg 1097w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1143\" height=\"1600\"   \/><\/div>\n<p>Information Minister Melford Nicholas says while the Gaston Browne administration is maintaining its position regarding the sale of the bank, it is still optimistic that an agreement can be reached to benefit both parties.<\/p>\n<p>\u201c, logic has returned to the conversation and I think that there is going to be in the coming weeks a meeting of the minds again and we may well have a median position that everyone can live with,\u201d he said.<\/p><div id=\"antig-1209934819\" 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-310680714\" class=\"antig-content_12 antig-entity-placement\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1320\/h:730\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/02\/IMG_5614.jpg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:1320\/h:730\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/02\/IMG_5614.jpg 1320w, https:\/\/mlavawteztbj.i.optimole.com\/w:300\/h:166\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/02\/IMG_5614.jpg 300w, https:\/\/mlavawteztbj.i.optimole.com\/w:1024\/h:566\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/02\/IMG_5614.jpg 1024w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:425\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/02\/IMG_5614.jpg 768w, https:\/\/mlavawteztbj.i.optimole.com\/w:696\/h:385\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2026\/02\/IMG_5614.jpg 696w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1320\" height=\"730\"   \/><\/div>\n<figure id=\"attachment_222468\" class=\"wp-caption alignleft\"><a href=\"https:\/\/cananewsonline.com\/main\/wp-content\/uploads\/2019\/05\/Melford-Nicholas.jpg\"><img decoding=\"async\" class=\"wp-image-222468\" src=\"https:\/\/cananewsonline.com\/main\/wp-content\/uploads\/2019\/05\/Melford-Nicholas.jpg\" alt=\"\" width=\"350\" height=\"413\" \/><\/a><figcaption class=\"wp-caption-text\">Melford Nicholas (File Photo)<\/figcaption><\/figure>\n<p>\u201cBut clearly, it is just not a question in the government of Antigua and Barbuda\u2019s mind about the continuation of the bank under a different name, but it is about understanding that within the context of that equation there is wealth that is being generated (and) the government of Antigua and Barbuda has clearly stated its position that it wants to be a part of retention of that wealth within the economy,\u201d Nicholas added.<\/p><div id=\"antig-989139694\" 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<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>\n<p>Antigua and Barbuda and Guyana had initially 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><div id=\"antig-3551470655\" 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<p>The 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<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-2849301429\" class=\"antig-content_3 antig-entity-placement\"><a href=\"https:\/\/www.courts.com\/antigua\/\" aria-label=\"IMG_1115\"><img src=\"https:\/\/mlavawteztbj.i.optimole.com\/w:864\/h:1080\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/04\/IMG_1115.jpeg\" alt=\"\"  srcset=\"https:\/\/mlavawteztbj.i.optimole.com\/w:864\/h:1080\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/04\/IMG_1115.jpeg 1080w, https:\/\/mlavawteztbj.i.optimole.com\/w:240\/h:300\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/04\/IMG_1115.jpeg 240w, https:\/\/mlavawteztbj.i.optimole.com\/w:819\/h:1024\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/04\/IMG_1115.jpeg 819w, https:\/\/mlavawteztbj.i.optimole.com\/w:768\/h:960\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/04\/IMG_1115.jpeg 768w\" sizes=\"(max-width: 696px) 100vw, 696px\" width=\"1080\" height=\"1350\"   \/><\/a><\/div>\n<p>Antigua and Barbuda has said that it wants assurances that local banks will be given priority to purchase Scotiabank\u2019s operations on the island and that local persons\u2019 investments and savings will be protected.<\/p><div id=\"antig-2931357986\" 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<p>St. John\u2019s, which has already indicated that it would not be issuing a vesting order so as to facilitate the sale of the bank here, had requested a meeting with Scotiabank officials to dismiss the matter and a statement issued after the Cabinet meeting last week noted that the \u201cCabinet was informed that the parties interested in the sale and purchase are still holding discussions\u201d.<\/p>\n<p>But Nicholas said that the government maintains a principled position regarding the sale of the bank and made reference to the controversy that had followed when the government and the Jamaica-based hotel chain, Sandals, were at odds over tax payment.<\/p>\n<p>\u201cWhen\u2026we have a solution (Scotiabank) and everyone could live with, I think the region will begin to see the value of the position the government has taken,\u201d he said, adding \u201cI see a parallel between this issue and the issue that started two years ago with the Sandals Group.<\/p>\n<p>\u201cAnd again this is not to peel any scab off an old wound but when the government of Antigua and Barbuda took a position to say look the position that Sandals has was unsustainable and we could not deal with the level of subsidy that was required,\u201d he added.<\/p>\n<p>In April, the Suriname-based Caribbean Community (CARICOM) Competition Commission (CCC) said the intended sale of Scotiabank\u2019s assets in nine Caribbean countries could have anti-competitive effects in at least three CARICOM member states.<\/p>\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<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 the proposed transaction between the enterprises,\u201d it said in a statement.<\/p>\n<div id=\"antig-2883608184\" 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 Antigua and Barbuda government says it remains optimistic that an agreement could be reached regarding the sale of Scotiabank to a consortium of local stakeholders. Information Minister Melford Nicholas says while the Gaston Browne administration is maintaining its position regarding the sale of the bank, it is still optimistic that an agreement can be [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":22089,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-31784","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) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Antigua and Barbuda still optimistic about sale of Scotiabank to local investors - 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\/antigua-and-barbuda-still-optimistic-about-sale-of-scotiabank-to-local-investors\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Antigua and Barbuda still optimistic about sale of Scotiabank to local investors\" \/>\n<meta property=\"og:description\" content=\"The Antigua and Barbuda government says it remains optimistic that an agreement could be reached regarding the sale of Scotiabank to a consortium of local stakeholders. 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