PM Tells Scotia Bank No Sale Without Government Approval

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 The Bank of Nova Scotia has been stopped from proceeding with any sale of its operations in Antigua and Barbuda until application is made to the Government and approval given.

Antigua and Barbuda Prime Minister Gaston Browne also wants assurances that local banks will be given priority to purchase the Scotiabank’s operations in Antigua, and that local persons’ investments and saving will be protected.

Writing today to Suzan Snaggs-Wilson, the General Manager of Scotiabank in Antigua, Prime Minister Browne lamented the fact“that the authorities of the Bank of Nova Scotia would decide to sell its operations in Antigua and Barbuda without any form of consultation with the regulators or the Finance Minister whose agreement and authority for such a sale are required by law”.

In his letter, the Prime Minister declared: “I hereby inform the authorities of the Bank of Nova Scotia that their decision to sell the operations in Antigua and Barbuda, without the requisite consultation and agreement of the regulators and the Government of Antigua and Barbuda, is unacceptable”.            

Having told Scotiabank that should it wish to divest its operations in Antigua and Barbuda, “it would be necessary to seek the government’s approval”.  The Prime Minister went on to express his government’s desire for “such divestment to be offered first to local banks as the priority”

He also disclosed that, “notwithstanding the unexpectedness of Bank of Nova Scoria’s announcement, a consortium of such banks has already expressed an affirmative interest to acquire”.

Prime Minister Browne stated that his government “now expects a formal application by the authorities of the Bank of Nova Scotia for the terms of any divestment, including a reasonable time to identify new local owners, and assurances of the safety of the assets and investments of local clients”. (ends)

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11 COMMENTS

  1. WHERE IS TYE REPARATION COMMITTEE?

    SCOTIA BANK MUST BE MADE TO PAY REPARATION BEFORE THEY EXIT!!!!

    TRILLIONS OF DOLLARS IN PROFIT WAS MADE FROM THE WORKING CLASS .
    .ALL THEY DID WAS CHARGE EXORBITANT INTEREST RATES AND FEES BY LENDING US OUR OWN MONEY.

  2. They wouldn’t be the only establishment leaving Antigua. This place is too political for words and we may just end up as poverty stricken as Haiti

  3. ECONOMIC POWERHOUSE THAT IS TRUE A MAN THAT DOD NOT ATTEND SECONDARY SCHOOL TOOK ANTIGUA TO PTOSPERITY NOW ONE THAT WENT TO UNIVERSITY IS SINKING US IRONIC

    • you chatting fart. Ease off the laxatives. This is a decision that will affect 9 Caribbean countries. So stop trying to make it seem like it’s only A&B. I reckon that you do not have an account with Scotiabank or you would be singing a different tune.

  4. It’s amazing that in these times of technology. You still find uniformed miseducated haters that spout their ignorance garbage in regards a progressive black leader. People do your research and you will comprehend it’s not only Antigua that will be affected. Everything should not about your political diatribes and your hatred. Raise the bar with your time and intellect.

  5. PM Browne is 100% totally correct about this. No country in the world let’s banks be sold without approvals from governments. One of the biggest concerns governments have is ensuring that the people that are buying the bank are of sound character and financial standing.

    I’d like our Scotia branch to be purchased by local banks, and I think PM is right about this too. Also, I’d like to see our banking system connect more with China, and not just the USA. The USA wants to kill our banks.

  6. @ Hon Gaston Browne I do not always agree with all that you do and say but I must say I respect you as a leader and a Prime Minister. This is what leadership looks like. Not waiting to see what the others will do or say but to act accordingly. Bravo!

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