{"id":39019,"date":"2019-06-18T18:07:34","date_gmt":"2019-06-18T22:07:34","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=39019"},"modified":"2019-06-18T18:07:34","modified_gmt":"2019-06-18T22:07:34","slug":"eccb-monetary-council-to-discuss-sale-of-scotiabank","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/eccb-monetary-council-to-discuss-sale-of-scotiabank\/","title":{"rendered":"ECCB Monetary Council to discuss sale of Scotiabank"},"content":{"rendered":"
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The Monetary Council of the Eastern Caribbean Central Bank (ECCB) will discuss the sale of Scotiabank in the sub-region amid suggestions that governments of the Organisation of Eastern Caribbean States (OECS) are prepared to pool their resources to acquire the branches of the financial institution up for sale.<\/p>

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Antigua and Barbuda Prime Minister, who is also the chairman of the nine-member OECS grouping, told a news conference that the sale of Scotiabank will be an issue that will be discussed at the next meeting of the Council. He did not indicate when that meeting will be held.<\/p>\n

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OECS chairman and Prime Minister of Antigua and Barbuda, Gaston Browne, speaking at news conference (CMC Photo)<\/figcaption><\/figure>\n

\u201cIt is an issue that we intend to raise at the Monetary Council at the next meeting\u2026and to try and get a consensus within the OECS as to whether or not we should conjoin and purchase the branches of Scotia,\u201d he said following the two-day meeting of the OECS leaders here.<\/p>

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\u201cI would have outlined the opportunities by so doing,\u201d he added.<\/p>

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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

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>

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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

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>

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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>

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Dominica\u2019s Prime Minister Roosevelt Skerrit told reporters that \u201cup to this moment Scotiabank has not yet gotten back to the respective governments in respect to the final approvals required for this acquisition to be consummated.<\/p>\n

\u201cWe will have a more in-depth and focus discussion on this matter at the Monetary Council where it is better placed as opposed to the OECS Authority. But we are keen to discuss this matter.<\/p>\n

\u201cObviously our interest is to ensure that in all actions taken by the various stakeholders, the governments themselves, we always want to ensure that the best interest, first and foremost of our citizens and residents are protected and therefore we would need to have a role to play in assuring that this protected at all reasonable costs,\u201d Skerrit added.<\/p>\n

He said he wanted to make it clear that \u2018there\u2019s \u201cno opposition to private transactions or the free economy. It is ensuring that the interest of our citizens and the interest of our countries are assured and protected.<\/p>\n

\u2018That is the fundamental responsibility of a government and one must not allow \u2026political ramblings in our countries to set aside that very lofty responsibility,\u201d: he said.<\/p>\n

Last December, the ECCB, which serves as a central bank for Antigua and Barbuda, Dominica, Grenada, St. Lucia, St. Vincent and the Grenadines, St. Kitts-Nevis and \u00a0Montserrat\u00a0 urged citizens of and residents in the Eastern Caribbean Currency Union (ECCU) to remain calm, following the announcement of the sale by Scotiabank.<\/p>\n

In a statement, the ECCB said then that it received an application from Republic Financial Holdings, \u201cseeking regulatory approval to acquire the Bank of Nova Scotia\u2019s operations and businesses in the Eastern Caribbean Currency Union (ECCU),\u201d and that it has since commenced a review of this application, pursuant to the Banking Act.<\/p>\n

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The Monetary Council of the Eastern Caribbean Central Bank (ECCB) will discuss the sale of Scotiabank in the sub-region amid suggestions that governments of the Organisation of Eastern Caribbean States (OECS) are prepared to pool their resources to acquire the branches of the financial institution up for sale. Antigua and Barbuda Prime Minister, who is […]<\/p>\n","protected":false},"author":3,"featured_media":38805,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13,5],"tags":[],"class_list":["post-39019","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-news"],"yoast_head":"\nECCB Monetary Council to discuss sale of Scotiabank - 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\/eccb-monetary-council-to-discuss-sale-of-scotiabank\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ECCB Monetary Council to discuss sale of Scotiabank\" \/>\n<meta property=\"og:description\" content=\"The Monetary Council of the Eastern Caribbean Central Bank (ECCB) will discuss the sale of Scotiabank in the sub-region amid suggestions that governments of the Organisation of Eastern Caribbean States (OECS) are prepared to pool their resources to acquire the branches of the financial institution up for sale. Antigua and Barbuda Prime Minister, who is […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/antiguanewsroom.com\/eccb-monetary-council-to-discuss-sale-of-scotiabank\/\" \/>\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=\"2019-06-18T22:07:34+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\/06\/Gaston.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"960\" \/>\n\t<meta property=\"og:image:height\" content=\"502\" \/>\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=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/antiguanewsroom.com\/eccb-monetary-council-to-discuss-sale-of-scotiabank\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/antiguanewsroom.com\/eccb-monetary-council-to-discuss-sale-of-scotiabank\/\"},\"author\":{\"name\":\"Editor\",\"@id\":\"https:\/\/antiguanewsroom.com\/#\/schema\/person\/36cac05ef6398fe56ae3e6317f8535c5\"},\"headline\":\"ECCB Monetary Council to discuss sale of Scotiabank\",\"datePublished\":\"2019-06-18T22:07:34+00:00\",\"dateModified\":\"2019-06-18T22:07:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/antiguanewsroom.com\/eccb-monetary-council-to-discuss-sale-of-scotiabank\/\"},\"wordCount\":642,\"commentCount\":5,\"publisher\":{\"@id\":\"https:\/\/antiguanewsroom.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/antiguanewsroom.com\/eccb-monetary-council-to-discuss-sale-of-scotiabank\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/mlavawteztbj.i.optimole.com\/w:960\/h:502\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2019\/06\/Gaston.jpg\",\"articleSection\":[\"Economy\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/antiguanewsroom.com\/eccb-monetary-council-to-discuss-sale-of-scotiabank\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/antiguanewsroom.com\/eccb-monetary-council-to-discuss-sale-of-scotiabank\/\",\"url\":\"https:\/\/antiguanewsroom.com\/eccb-monetary-council-to-discuss-sale-of-scotiabank\/\",\"name\":\"ECCB Monetary Council to discuss sale of Scotiabank - 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