Government’s Planned Meeting With Scotiabank Pushed Back

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Thursday 10th January, 2019-Scheduling appears to have been the reason behind a crucial meeting between government officials and executives of Scotiabank not taking place this week.

Last week, a statement from the Office of the Prime Minister detailed that Scotiabank’s Antigua Manager, Suzan Snaggs-Wilson, had welcomed a meeting with the Government of Antigua and Barbuda to be held this week.

According to the statement, Snaggs-Wilson penned that “We and Republic would welcome a meeting with you early in January to provide further details on the merits of the proposed transaction…”

However, what was gleaned from Information Minister and Cabinet Spokesperson Melford Nicholas, is that the time may not have been suitable for all parties.

No new date for the meeting was revealed.

The role of the government is an import one in the divestment of Scotiabank’s assets and liabilities. Prime Minister Gaston Browne must issue a vesting order in order for the transaction to be finalized.

However, that move remains uncertain, since the prime minister who is also the minister of finance wants to explore other options for divestment, particularly providing a consortium of local banks the right of first refusal to acquire the Antigua and Barbuda operations.

Minister Nicholas told reporters the matter was down for discussion on Wednesday when ministers met the first Cabinet meeting for 2019 was convened.