A major shake-up is looming on the financial landscape, as Canadian-based Scotia Bank will be pulling out its operations in Guyana and a number of other countries. The bank branches will in turn be bought over by Republic Bank.
Guyana Times understands that the deal is worth US$123 million.
According to Chairman of Republic Financial Holdings Limited (RFHL) Ronald Harford, who made the announcement, the move will benefit everyone in the long-run. This includes Scotiabank clients and employees and the group’s own stakeholders.
But Scotia bank’s presence in Guyana is of such a magnitude that even Government is concerned about the transaction, with the Finance Ministry expressing regret at the buyout soon after it was announced.
According to a statement from the Ministry, the Financial Institutions Act (FIA) has clear stipulations regarding ‘acquisition of control’ and requires approval from the Bank of Guyana. The Ministry noted that an application must first be submitted and due diligence conducted.
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