Antigua-Barbuda PM invites Scotiabank to early meeting to discuss purchase of Antigua holdings

5
Prime Minister Gaston Browne

ST JOHN’S, Antigua — Prime Minister Gaston Browne has invited the competent authorities of the Bank of Nova Scotia to a meeting by January 7, 2019, to discuss the purchase of the bank’s branch holdings in Antigua and Barbuda.

The invitation is contained in a letter sent on December 13 by the prime minister to Scotiabank’s branch manager in Antigua, Suzan Snaggs-Wilson.

In the letter, the prime minister said that the proposed meeting would be between high officials of the Bank of Nova Scotia and representatives of a “consortium comprising the government, local banks and other qualified and competent local institutions” desirous of purchasing Scotiabank’s branch holdings in Antigua.

He said, “The purpose of the meeting would be to discuss the parameters of the sale which would not necessarily exclude participation by any regional entity approved by the government and the regulatory authorities”.

Explaining the government’s position to the Bank of Nova Scotia, Browne stated: “The government of Antigua and Barbuda makes it clear that its primary concern is to build resilience in the local banking sector and reduce its vulnerability to de-risking strategies employed by foreign owned entities that weaken our national capacity to participate in the global financial and trading system effectively.”

He added, “It is important that the ownership of the vital banking sector be re-balanced to improve the strength and capacity of local shareholding. This in no way affects foreign-owned banks that now operate in Antigua and Barbuda.”

The prime minister also made clear that “the Bank of Nova Scotia’s decision to sell its branch holdings provides the opportunity for strengthening the local banking sector, improving their members’ resilience, and enhancing the nation’s utilization of its own wealth, including keeping profits at home for re-investment in economic growth and social development”.

The prime minister copied his letter to the chairman of the board of Republic Financial Holdings Limited of Trinidad and Tobago, with which, he said, his government understands Bank of Nova Scotia had discussed arrangements for the possible sale of its Antigua branch holdings, subject to all legal and regulatory requirements.

print

5 COMMENTS

  1. This is the kind of leadership we want in the Caribbean. A leader who has a vision, who respects his Caribbean culture. Thank you, Mr. PM, for including Rastafari in your vision.

    • This is not “leadership.” This is pandering to the worst chauvinistic instincts of the mindless masses.

      BNS has always followed all the laws and requirements of Antigua-Barbuda and the Eastern Caribbean Central Bank. It has no obligations greater or lesser than other banks, namely to provide competitive banking services to the citizenry while trying to enhance the investment earnings of its thousands of shareholders all around the world who have invested their hard-earned wealth in buying shares in the bank on various stock markets.

      Unlike the sketchy indigenous Caribbean banks where a single person can own all the banks private assets and do with them what they like, Canadian banking laws prohibit any person or entity from owning more than around 2.5 percent of the total outstanding shares in the bank, thereby prohibiting a single entity to control the bank, reducing the possibility of graft and corruption.

      Leave BNS alone and be grateful that it proudly and honestly served the Caribbean countries for 50 years.

  2. BNS should respectfully but firmly decline attendance at such a political grandstanding meeting by saying that the issue of the sale of its assets in Antigua-Barbuda to Republic Financial Holdings is now being considered by the relevant oversight body, the Eastern Caribbean Central Bank, and that attendance at such a meeting would be a sign of acting in bad faith in its already concluded dealings with Republic that could also cause a run on the BNS branch in Antigua for which it could be held legally libel.

    Shame on PM Browne for trying to fool the Antiguan people into believing that this ain’t a done deal.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.