PM says A&B is better off after ECCB approves Scotiabank sale in six OECS countries

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The Eastern Caribbean Central Bank (ECCB) has approved the sale of Scotiabank’s operations to Trinidad & Tobago’s Republic Financial Holding Limited (RFHL) in several countries of the sub-region, minus Antigua and Barbuda.

But this has in no way fazed Prime Minister Gaston Browne, who says the twin island is now in a better position than before.

“In the first instance, the only leverage that we had would have been not issuing the vesting order. Now we’re in a better position because, guess what? They neither have approval from the Central Bank nor would they get the vesting order. So our position is even stronger today [Saturday] than it was two days ago,” Browne, who is also the country’s Finance Minister, said.

The ECCB disclosed the information in a release on Saturday, stating that it has, “in consultation with the ECCB Monetary Council, approved the application for the transfer of the assets and liabilities of the Bank of Nova Scotia (BNS) to the Republic Financial Holding Limited (RFHL) in Anguilla, Dominica, Grenada, St. Kitts and Nevis, St. Lucia and St. Vincent and the Grenadines, pursuant to Section 43 of the Banking Act.”

The release added that “discussions on the future of Scotiabank’s operations in Antigua and Barbuda are ongoing.”

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