According to the Government Scotia Bank wrote to them, in response to the government’s appeal to purchase local branch, to indicate that it would either sell to RFH or close its branch.
While nine branches in the Caribbean jurisdiction were being sold by Scotiabank to Republic Financial Holdings, Antigua and Barbuda insisted that Scotiabank must first offer for sale its Antigua Branch assets to a consortium of local banks and the government.
RFH indicated by a writing to the Prime Minister, received on August 8, that it would not wish to purchase Scotiabank Antigua assets. The Prime Minister wrote immediately to both RFH and to Scotiabank Canada, indicating that Antigua would purchase the Branch for the same amount that RFH negotiated to pay.
The Cabinet says they will stand firm on the offer to purchase, and awaits the next step by Scotiabank Canada. They are optimistic that Scotiabank will eventually yield to the offer and that the benefits that will flow to Antigua and Barbuda as a result of the sale to a local consortium will be huge.
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Well,well,well…sticking his nose in private sales and threatening them, has the potential now to put all those employees out of work.
Congratulations!!..😑
Can ECCB saves this bank like they did Bank of Antigua which now ECAB? There will be a lot family and businesses that would be affected if it closed operations in Antigua and Barbuda.
Save wha? There is nothing to save, Scotia just bad minded. Me a move fu mi account now.
Let them close and go about their business. ACB can absorb the accounts. Our locals built it from a penny bank to what it is today. Would a certain politician’s father-in-law suggest what his son- in-law is pro porting? A lot of people think/believe that anything good has to come from the outside of A&B. Sometimes one has to take a stance even if it may hurt in the beginning. A&B has been duped too many time by our own Caribbean companies in the MDC’s. Hopefully the board of directors at ACB can start putting things in place for the accounts that will be coming their way. They are not the first bank to close their doors. Our country may be small but gone are the days when we would accept almost anything from any country. The only negative thing from this is all the employees may not be absorb by the banking industry thereby some people will be losing their jobs. Is it a small price to pay for not been pushed around? Not sure of the end results however it worth a try.
WELL SAID.
While one may think its a small price to pay, people have real lives and children and mortgages etc. It is inhumane even to suggest oh a few ppl may lose their jobs. No there must be a better way in the art of negotiation one must not be heavy handed else it could backfire. Scotiabank never really cared about our nation or else they would not even hint at closing as they clearly don’t care about their staff. However our PM gave them this hand and they will gladly play it as to close or not to close will not affect their bottom line in the end.
It’s time that we stand for something, this is a good place to start.
Stand firm Mr PM. Just like how you brought home UWI, inspite of all the doubters.
Bring this one home also. It’s time for us to have greater control of our economy.
Comrade “Mel” you are right again. Wha happen to you man? Yes, the People’s governmnet must gain “greater conrol of our economy”, for the benefit of the People. Scota take millions out of this country. They need to be mannersed! The comrade PM is on the right track, and he has the backing of the Nation. Thanks Mel for such clear reasoning. Keep it up.
Seems like you do not understand fully how these things go. @ your ACB suggestion.
Kindly do some more research
Which Banks are in the consortium of so called Banks to purchase Scotia Bank? I have some ocean front properties in All Saints to sell.I need a consortium of Banks to buy such properties from me.
Where does this leave the customers that have been banking with Scotia bank for over 40 years?
Needless to say the employees of bank?
BONS will not sell to the Government
When they leave will we have any internatonal banks here?
What would happen to those in school overseas using Scotia accounts :/
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