Tuesday 27th November, 2018-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 Brown, who is also the Minister of Finance, Corporate Governance and Public/Private Partnerships 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”.