Sale of Scotiabank Antigua to ECAB Limited Finalised

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Acquisition of Bank of Nova Scotia’s Antigua and Barbuda Operations by Eastern Caribbean Amalgamated Bank Limited Finalised

 

The Eastern Caribbean Central Bank (ECCB) hereby advises that effective 1 September 2021, the Bank of Nova Scotia (BNS) operations in Antigua and Barbuda will cease and the Eastern Caribbean Amalgamated Bank (ECAB’s) operations will include the previous BNS branches.

 

On 29 June, the ECCB, in consultation with the ECCB Monetary Council, approved the application for the transfer of the assets and liabilities of the Bank of Nova Scotia, Antigua and Barbuda branch to the Eastern Caribbean Amalgamated Bank, pursuant to Section 43 of the Banking Act, 2015 of Antigua and Barbuda (No 10 of 2015).

 

Pursuant to these approvals, the ECCB issued an updated banking licence to ECAB.

 

 

The Banking Business Vesting Orders have been signed and gazetted in the Antigua and Barbuda.

 

The former BNS branches will remain open to the public, but ECAB will make decisions as to the future of these branches in the coming months.

 

ECAB and BNS are bound by a transition services agreement which facilitates the sharing of services for a 12-18-month period to ensure a smooth transition post acquisition.

 

The ECCB is resolute about its mandate to protect the Eastern Caribbean Dollar and will continue to maintain high levels of foreign reserves while protecting the stability of the banking system.

 

Citizens and residents in ECCB member countries are encouraged to stay abreast of developments in the financial sector.

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12 COMMENTS

  1. Thanks to our visionary leader, the entire banking sector is back in local hands. Safe from CIBC /FCIB.
    Non-visionary Harold and his advisor Christian saw this as the most stupid move from our PM. I wonder what they have to say now. These are the things that separates the boys from the men. And is just another feather in the cap of GB. When the day will come for knighthood people should not be surprised. The list of accomplishments is already exceptionally long and that only after 7 years in office.

  2. BIG UP Hon.Gaston Browne. The best Prime Minister in the WORLD. I hope UPP and CHARLESWORTH TABOR see PROGRESS. Hon.Gaston Browne….A MAN WITH A VISION. Antigua is on the right track.

    • UPP was AGAINST the UNIVERSITY and the sale of SCOTIA BANK. I cannot wait to hear BLUE KOOLAID DRINKERS . UPP DEAD. DEAD. FINISHED. DONE.

      ABLP will win all 17 seats in 2023.

  3. UPP was AGAINST the UNIVERSITY and the sale of SCOTIA BANK. I cannot wait to hear BLUE KOOLAID DRINKERS . UPP DEAD. DEAD. FINISHED. DONE.

    ABLP will win all 17 seats in 2023.

  4. Here goes the million and one bank charges.
    I hope i will still be able to use my debit card at BofA without charges.

  5. CIBC , BANK OF NOVA SCOTIA , ROYAL BANK and UNIVERSITY All Antigua and Barbuda owned. What an ACCOMPLISHMENT. Antiguans and Barbudans let’s Us keep Hon.Gaston Browne and ABLP in office for the next 30 years at least.

  6. I can remember CHARLESWORTH TABOR was AGAINST the following..

    THE UNIVERSITY

    L.I.AT.

    BANK.OF.NOVA SCOTIA ( SALE)

    C.I.B.C ( SALE )

    ROYAL. BANK ( SALE )

    What say you HYPOCRITE TABOR. Now you are hiding just the UPP GANG.

  7. MR. PARSON (not an appropriate name for one who lies so much), you have never heard me comment on any of the issues you have listed. Please check the archives of ANR and you will see what I am saying is absolutely correct.

Comments are closed.