Tuesday 5th February, 2019-Government is refusing to change its position on the sale of Scotiabank to Republic Financial Holdings Ltd despite officials meeting to discuss the matter in the hope of finding a solution.
Scotiabank sold its operations in nine Caribbean countries, including Antigua and Barbuda to Republic Financial, but Prime Minister Gaston Browne, who also holds the finance portfolio, wants a local banking consortium to have the first right of refusal in the sale and has refused to grant a vesting order unless that is done.
A meeting was held last month between officials of the government, Scotiabank and Republic Financial Holdings, but there appears to be no agreement as outlined by Prime Minister Browne and he is reiterating the position he took when he first learnt of the sale.
The banking institutions are seeking the government of Antigua and Barbuda’s approval of the sale, which will be in the form of a vesting Order. But for now that request remains denied.