Guyana’s Central Bank blanks sale of Scotia branch to Trinidad-based financial institution

The Central Bank of Guyana (CBG) says it will not sanction the sale of the operations of Scotiabank here to the Trinidad-based Republic Financial Holding Limited (RFHL).

Governor of the Central Bank, Dr Gobin Ganga, has since communicated the CBG’s position to the two banks, citing a number of concerns.

Finance Minister Winston Jordan said that the Guyana government had been made aware of the CBG’s position.

Jordan said that the matter had been brought to the attention of Cabinet on Tuesday.

Ganga said that a complete evaluation of the takeover plan had been done and a decision was made not to grant approval to the proposed move. He said there were several factors that influenced the decision, including competition and concentration in the market.

Last November, the RFHL announced that it was seeking to acquire Scotiabank operations in Guyana, St. Maarten, Anguilla, Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines.