There has been much concern in Anguilla, and a number of other Caribbean islands, since the announcement – late last year – about the withdrawal of the long-established Scotiabank and its planned acquisition by Republic Financial Holdings Ltd.
The latest information, aimed at allaying fears, was released on Tuesday, January 8, following a top level meeting in Anguilla. The press release, issued by the office of the Chief Minister and Minister of Finance, Mr. Victor Banks, stated that the acquisition of Scotiabank would not impact customers and employees of the bank.
Following is the full text of that release:
“Hon. Chief Minister and Minister of Finance, Mr. Victor F. Banks, and Permanent Secretary Finance, Dr. Aidan Harrigan, received a courtesy call today from the Principals of Scotiabank, Brendan G. J. King, Senior Vice President International Banking, and David Parks Managing Director Caribbean East, and Republic Financial Holdings Ltd (RFHL), Ronald F. DeC. Harford, Chairman RFHL and Republic Bank Ltd, and Ian De Souza Principal Advisor to Republic Financial Holdings Ltd.
The discussions centered around the proposed arrangements for the acquisition of Scotiabank Anguilla Ltd. by Republic Financial Holdings Ltd. The key issue is how this transition will work pending approval by the Eastern Caribbean Central Bank and the other regulatory agencies in Trinidad & Tobago, Curacao and Guyana. The Government of Anguilla has been assured that the acquisition will not impact customers and employees of Scotiabank Anguilla and Scotiabank will continue to provide support for up to 30 months after the acquisition has been approved.
Chairman Harford stated: “RFHL subscribes to a philosophy of expansion through organic growth and acquisition. Though Caribbean-based, RFHL is a global player that adds value to the market it enters, through a developmental approach that ensures strong local input, strong local knowledge, and strong local influence in decision making. RFHL expansion success is driven by human resources development a local approach to service and a strong emphasis on corporate social responsibility.”
