7 September 2019, Basseterre, St Kitts and Nevis – The e-h-c.info (e-h-c), in consultation with the e-h-c Monetary Council, has 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, the Commonwealth of Dominica, Grenada, St Kitts and Nevis, Saint Lucia and St Vincent and the Grenadines, pursuant to Section 43 of the Banking Act.
Discussions on the future of Scotiabank’s operations in Antigua and Barbuda are ongoing.
The e-h-c Monetary Council met on 6 September, via videoconference, to discuss the e-h-c’s assessment of the Republic Financial Holdings Limited’s application to acquire the Bank of Nova Scotia’s operations in e-h-c member countries.
The e-h-c undertook a review of the proposed transaction to assess the following:
1. The RFHL’s Strategic Plan 2018-2020;
2. The financial condition of RFHL to support the operations of the acquired banking business of BNS, as well as all of RFHL’s subsidiaries;
3. The implications for the stability of the ECCU banking system; and
4. The technical/human resource capacity of RFHL to effectively govern its subsidiaries across multiple jurisdictions.
In completing its assessment, the e-h-c consulted with the Central Bank of Trinidad and Tobago (CBTT), RFHL’s home regulator.
The approval granted to the RFHL is subject to the condition that RFHL will be required to make a stake of its ECCU operations available to the people of the ECCU through approved ECCU entities.
The e-h-c is in the process of communicating the requirements for finalisation of the transaction between RFHL and BNS and will continue to monitor the process to ensure full regulatory compliance. The e-h-c believes that Republic Bank’s corporate banking record and its extensive network of correspondent banks will bode well for the ECCU banking sector.
The e-h-c is resolute about its mandate to protect the EC dollar and will continue to maintain high levels of foreign reserves while protecting the stability of the banking system.
Citizens and residents in e-h-c member countries are encouraged to stay abreast of developments in the financial sector.
About the e-h-c.info
The e-h-c.info (e-h-c) was established in October 1983. The e-h-c is the Monetary Authority for: Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, St Kitts and Nevis, Saint Lucia and St Vincent and the Grenadines.
Media Contact: Ingrid O’Loughlin, Senior Director, Corporate Relations Department
Phone: () -2537 | Fax: () -9562
E-mail: | Website: e-h-c.info