Scotiabank plan to sell Caribbean banks hits hurdle: The Globe & Mail

This post was originally published on this site

https://i-invdn-com.akamaized.net/news/LYNXNPEB8506G_M.jpg
© Reuters. Scotiabank plan to sell Caribbean banks hits hurdle: The Globe & Mail© Reuters. Scotiabank plan to sell Caribbean banks hits hurdle: The Globe & Mail

(Reuters) – Bank of Nova Scotia’s (TO:) efforts to pull out of nine Caribbean and South American countries hit another block this week as a proposed deal to sell its operations in Guyana was turned down by the central bank, The Globe and Mail reported.

The Bank of Guyana cited concerns about concentration and competition in denying Scotiabank permission to sell the business to Republic Financial Holdings Ltd, the Trinidad and Tobago-based parent company of Republic Bank, according https://tgam.ca/2ndTmvyto the report.

Canada’s third-biggest lender said last November that it planned to exit nine countries in the Caribbean, including Antigua and Grenada, by selling its operations to Republic Financial Holdings.

Scotiabank did not immediately respond to a Reuters request for comment.

The bank has been locked in a standoff with the government of Antigua and Barbuda, which has refused to approve the sale of Scotiabank’s Antiguan branch, according to the report.

Scotiabank had been selling non-core businesses and focusing its international operations on the Pacific Alliance trading bloc of Peru, Mexico, Chile and Columbia, which now accounts for around a quarter of its revenue.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add Comment