Scotiabank announces the sale of its operations in Antigua and Barbuda to ECAB


Scotiabank announced today that it has reached an agreement for the sale of its operations in Antigua and Barbuda to the Eastern Caribbean Amalgamated Bank Limited (“ECAB”). The agreement is subject to regulatory approvals and other customary closing conditions.

This transaction supports the Bank’s strategic decision to focus on operations across its footprint where it can achieve greater scale and deliver the highest value for customers. Scotiabank’s current operations in Antigua and Barbuda encompass two branches and less than 75 employees. Scotiabank acknowledges the Government of Antigua and Barbuda’s support for this transaction and looks forward to working with the relevant authorities to obtain the required regulatory approvals.

ECAB is a full-service commercial bank located in Antigua and Barbuda that is committed to growing its business and providing high quality products and services to all stakeholders. ECAB offers personal and commercial banking products and services including deposits, loans, cards, foreign exchange and other services to individual and business clients in Antigua and Barbuda and across the Caribbean.

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  1. Given the ownership structure of ECAB this is a much better outturn than any of the other indigenous banks that are fully owned by Antiguans taking over. There remain some insulation from the politicians and their desire to have access to funds.

      • Notes From A Native Son Of The Rock! “The Afrocentric paradigm is a revolutionary shift in thinking proposed as a constructural adjustment to black disorientation, dislocation, decenteredness, and lack of agency. … What is any better
        than operating and acting out of our own collective interest? What is any greater than seeing the world through our eyes? What resonates more with people than
        understanding that we are central to our history, not someone else’s? If we can, in the process of materializing our consciousness, claim space as agents of progressive
        change, then we can change our condition and change the world.” – Dr. Molefi Asante, Afrocentricity, The Theory of Social Change!

        Once again, “who let the dogs out” on the “nattering nabobs of negativity” and the “pusillanimous pussyfooters” and the “hysterical hypochondriacs of history!”

        Here’s how VC Bird in 1949 focused like a laser on them: “Some aver that things were peaceful before the Union acme on the island. That is possible to concede, for circumstance did not permit otherwise. After all there is peace in a graveyard.” Clearly, PM Browne in concert with the ECCB is Transforming (Redesign, Reengineer, Restructure, Realign) Banking in Antigua and Barbuda and more widely the OECS as envisioned by other Prime Ministers (Anguilla, St. Kitts & Nevis, Dominica, St. Vincent and the Grenadines), and Governors Venner and Antoine! That the “edge up arrivistes” would be so hostile to a National Interest confirms their deeply held “ethical Badmindedness” – as defined by Dr. Paget Henry, – an ethical discourse in which people are seen as acting out of bad motives rather than good ones: “acting out of spite, hate, acting with the intention to deceive, to dominate the other or to advance oneself at the expense of the other.” or Dr. Charles Ephraim’s “Ressentiment” – “an attempt to evade human reality through flights of misanthropy and other forms of bad faith …”

        What is so difficult for these “supercilious. sad-sack, sophisticates” to understand! They will also miss the RBC buyouts by OECS National Banks, just as they have missed the Shareholder Composition as detailed by mi gud fren Tenman! Instead, they froth with False Equivalences and Logical Fallacies! “Mr. Bird intensely dislikes interference from London. … He is rightly proud of his achievements, sees Antigua as on the verge of self sufficiency, and is in no mood to be dictated to.” – Professor Sir Arthur Lewis, The Agony of the Eight (1965)! Some did not have the Vision then and some are incapable of learning the Vision, Mission and Values now!

        Charles, mi gud fren, if nothing else, see this as an opportunity to fully create, develop and implement a digital wallet or e-wallet platform for cell phone applications throughout the OECS for ease of doing business by the People of African Descent! “Each generation must discover its mission, fulfill it or betray it, in relative opacity.” ― Frantz Fanon, The Wretched of the Earth!

    • You do know that the government of A&B owns the majority of the shares (160k in total which consists of 60K ordinary and 100K preference shares)? The remainder is East Caribbean Financial Holding Company Ltd. with 48K, St. Kitts Nevis Anguilla National Bank Ltd 38400, Antigua Commercial Bank Ltd.37,200, National Bank of Dominica Ltd. 37,200, Bank of St. Vincent and the Grenadines
      Ltd 19,200. The government has moved to change the 100K (they have 60K ordinary shares) preference shares into ordinary shares. Those preference shares are worth more than the ordinary shares

      • @tenman and From The Sideline

        Let us parallel a situation, follow me and stick to the point. Now

        The PM and his Cabinet refused to accede to Scotiabank request to sell majority of its shares to a CARICOM entity that he is apart of. Now

        The PM said he did not sell any land to Yida, all the lands was purchased from Stanford liquidators, with me so far? Now

        Did the PM and his Cabinet grant an allian land ownership certificate to allow Yida to purchase several square miles of the country?

        So in fact Like the Scotiabank issue the PM sold the land to Yida, yes? Because he and his Cabinet could have denied the request, no?

        Responsibility of power to act in one case over the other. Facts, yes?

        • And when you compare one action against another, allowing Republic Bank to take over Scotia would have given them great power over our finance and banking market. It is with that in mind that the PM said NO we cannot let our financial industry to be controlled by a Trinidadian company, apart from the fact that we already had a very bad experience with CLICO and we, meaning our economy, our citizens lost over $300 million dollars, which today cannot be recovered. On the other hand authorizing the sale of land to YIDA who have pledge to invest hundreds of millions of dollars into our economy overtime, and are spending millions , but not at the rate that we would have liked to see, is a totally different thing. Republic Bank would only be taking from the country and bringing nothing. No Asset nothing. The money in the bank is that of the customers. All they take over are some buildings, some owned some leased and furniture and equipment. And that while our local banks are in need of expanding because of the difficulty of D-Risking. US Bank and Canadian banks do not really want to be bothered with small banks. nd since this trend will continue the future will see many mergers to come.
          So it is amazing how you guys cannot think outside the box and look at the bigger picture. Totally different situation. I do hope one day you will understand and see the wisdom. RBC will be purchased by ACB. And I look forward to the day of merger of ECAB and ACB. Even if they start with a Joint Venture to share certain aspects of the business. Like Credit Cards Processing Software and ATMs. It was done in Europe why not here. if I have an account with one bank I can still go to the ATM of the other bank and cash money. One machine for everyone. When you go to places like Epicuren you see an ATM for every bank. Pure stupidity.

          • @From The Sideline
            “Let us parallel a situation, follow me and stick to the point.”

            I specifically asked you to stay on point.

            The PM and his Cabinet gave Yida an Alien Land holders licences which allowed him to purchased several square miles of a limited scarce resource where the entire population has vested interest.

            You would agree that in principle the PM and his Cabinet sold the land to Yida, no?

            Remember the vesting order would have allowed the sale to be completed.

            Stick to the point From The Sideline and yes it is the same thing just a different situation.

        • @Mel.. you make big leaps as if you are superman. Mind you don’t defecate on yourself. Guy so transport board don’t just license vehicle and people, they actually sell the cars? Take a look at the tourism and special incentive act passed during the UPP tenure. It makes clear that for investments of over 100 million EC, the non citizen withholding is waived. SIB liquidators make clear Yida paid over 160 million EC for said assets. Also let me remind you of a OMG article just before the 2014 elections where Harold Lovell makes clear:
          “Finance Minister Harold Lovell said Yida International Investment Antigua Limited, led by Yida Zhang, is seeking approval under the Citizenship by Investment Programme (CIP) as well as incentives under the Business and Tourism (Special Incentives) Act for a mega resort and residential development on Guiana Island and surrounding areas.
          “Government has approved the project and is willing to give the necessary concessions,” Lovell said.
          “We have done everything we can to facilitate the project and get it moving,” he added. “The possibilities exist that we do what is necessary in order to ensure that the project comes off the ground.”…Lovell said the government has been doing its part to ensure the mega project can move ahead full speed, but is waiting for the group to finalise its purchase from the Stanford liquidators. see Gov’t keen to offer incentives for Guiana Island project
          Article Published: May 9, 2014, Daily Observer

      • Banks and Airlines will be combining forces to build a better base . But with the NOT fair banking laws for the Caribbean Islands we can never have the powers of North America. Where you only need a driver license to open up a bank account not DNA and RNA and eye scan and finger prints and spilt samples and hair samples …..

        • Sorry I forgot it was Lovell that was Minister of Finance at that time. And after the PM explained the deal today in parliament I was totally shocked. This guy Lovell is really inept when it comes to understanding Finance. How can he pay $54 million which he had to borrow from Dwight and then put it in ECAB and get only 25% while other that put in $15million get 25% as well. The man is a real idiot. He should never ever come close to the leadership of our government.

      • @Tenman:In regards to the shares you mentioned. Did the other shareholders of ECAB vote to change the “preference shares” to “common shares” own by the Government.

          • @ From The Sideline and Tenman

            The PM was his bombastic self as usual in parliament demanding the the preferred shares be converted to common giving his government control of the bank. No government should control a bank, especially one headed by someone like Gaston. He will borrow the money and never repay. He will strip the bank of all its funds just like he did all the Statutory Corporations.
            I hope that the Preferred shares have a redeemable feature. In that case the bank should redeem all the government’s preferred shares and not convert them. No government should control any bank. I hope the Bank Regulators do not approve the government becoming majority common shareholder as the people’s deposits need to be protected from Gaston.
            I listened to his tirade in Parliament and it just disgusting.

        • The big dawg doesn’t think he needs a vote. He will just bark orders and the other shareholders will accede to his demands. I am sure the other shareholders will look out for theirs and the bank’s interest.

    • CONGRATULATIONS to Hon.Gaston Browne on this GREAT achievement. All the NAYSAYERS ( LOVELL ,TABOR, KNIGHT, SERPENT and UPP ) all licking Their wounds.We have the best PRIME MINISTER in the world.He is a FINANCIAL WIZARD. A man of VISION. Hon. Gaston Browne the EINSTEIN of the COMMONWEALTH.

      • PHILLIP G. what was my NSYSAYING? I have never before spoken on the issue of the sale ofthe Scotia Bank to Republic Bank of Trinidad and Tobago. Under CARICOM Agreement and in particular the creation of a Single Market and Economy, there was nothing sinister with Republic Bank wanting to buy Scotia Bank. Gaston Browne was only able to stop the sale because of the vesting order that was required from the government to approve the sale. In the instant case, therefore, I have no wounds to lick. I am a Regionalist and support the move for a single market and economy and was not opposed to the sale.

        • @ TABOR
          You and UPP CASTIGATED the Hon.Gaston Browne for not issuing the VESTING order. Now that EGGS on your Faces. UPP Operatives are taking a different trend. I am waiting to hear an OFFICIAL statement from your Leader Harold Lovell who was a total OPPOSITION to the Hon.Gaston Browne. Shame on UPP. Hon.Gaston Browne the EINSTEIN of the COMMONWEALTH.

  2. Thanks to our leader with a vision that stands up for our country even when others criticize him. If we didn’t Trinidad would have control he ECCB completely

    • FROM THE SIDELINE if the sale of Scotia Bank to Republic Bank had gone through, how would that give Republic Bank control of the Eastern Caribbean Central Bank (ECCB). No individual banking institution can control the ECCB. Please educate me since you are a financial wizard like Gaston Browne how this control would operate.

  3. So, what happens to the employees? Surely ECAB will not require all of them. Let’s hope they will be re-employed. Too many people unemployed now.

  4. ECAB credit cards stink because they are not chip cards. Travelling overseas with an ECAB outdated swipe card is embarrassing as retailers look at it like it is a fossil. Most times the cashier has no idea how to process the swipe card and has to call a manager. Come on ECAB!

    • Yes ECAB cards and the entire suite of products they offer stink. Im a SB customer and have no interest in banking at ECAB.

    • Yeah right! All of a sudden, ECAB services stink. Fortunately, here in Antigua and Barbuda we still have freedom of choice. We are not forced to suck sour grapes unless we want to…. or have to.

        • No one can force you to become a customer. Everyone is free to bank with whomever they want. So don’t say you’ll be force. When ABIB bought over Swiss American bank, many customer of Swiss American closed their account and left. Many went to the overseas banks like Scotia and RBC. I guess they feel that local banks cannot handle their money. Well to bad for the prejudiced opinion. But all the foreign banks have decided to leave so you may start keeping your money in your house under you bed or leave your money offshore. Good luck with that

    • Agreed with you on that. ECAB and others will now have to step up their game. They cannot expect Scotia Customers to do with less then what they had before. I have a CIBC Chip Card and I don’t even need to pin. Just wave my card in front of the machine at an establishment such a restaurant and I’m good to go. It’s scary in the beginning cause if you lose it, that’s it.

  5. CONGRATULATIONS to Hon.Gaston Browne on this GREAT achievement. All the NAYSAYERS ( LOVELL ,TABOR, KNIGHT, SERPENT and UPP ) all licking Their wounds.We have the best PRIME MINISTER in the world.He is a FINANCIAL WIZARD. A man of VISION. Hon. Gaston Browne the EINSTEIN of the COMMONWEALTH.

    • Americans call this type of rhetoric “brown-nosing”. Look it up. You might want to wipe off your nose.

      • Is it because you were one of them that castigated the PM for this now that it has come through you guys are once again left to lick your tails. Leadership matters.

  6. @Melchisedec
    I stayed on point as you asked me. I draw a comparison between the two issues showing you that the Scotia one would give control to a Trinidadian company on our banks in the ECCB while the YIDA investment would bring a large investment to the country, yet you are telling me I’m not staying on point. I guess you cannot grasp the entire situation. You and what I have always charged the likes of yours from the UPP just cannot think big and outside the box. That is why when in office for ten years they could not get things done. A simple construction to solve the ABIB debacle couldn’t be done. The poor Governor Dwight was tired to plead with them to solve it. Because it was looming to affect the entire ECCB banking market. They couldn’t close the deal with WIOC. They could finish the Car Park. They could dredge the harbour. Just name it they had no idea how to run the country.

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