While the Eastern Caribbean Central Bank (ECCB) continues to review Republic Financial Holdings Limited (RFHL) takeover of Scotia Bank operations in several Caribbean territories, several representatives from RFHL and Scotia Bank met with the Prime Minister of St. Kitts and Nevis, Dr. Timothy Harris, yesterday, Wednesday.
The RFHL delegation was led by its chairman, Ronald Harford, while Scotia Bank was represented by a two-member team headed by Brendan King, Senior Vice President of International Banking.
A government statement issued following the talks noted that Prime Minister Harris was informed of RFHL’s commitment to welcoming all of Scotia Bank’s staff into the Republic Group. It said this would increase the Group’s staff complement to over 6,000 people.
Harford said “it is very necessary to protect our reputation. We will practice those high standards that Scotia Bank has practiced.”
“Not one single staff member of Scotia Bank will be displaced,” said Ian De Souza, Principal Advisor at Advice Financial Company Limited (AdFIN), adding “they will not be affected in any form or fashion.
“Their remuneration will remain whole,” De Souza added.
It said that the purchase price is US$123 million, which represents US$25 million consideration for total shareholding of Scotia Bank Anguilla Limited; and a premium of US$98 million over net asset value for operations in the remaining eight countries.
A RFHL statement said that the banks being acquired are located in Guyana, St Maarten, Anguilla, Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, St Lucia, and St Vincent and the Grenadines.
Antigua and Barbuda and Guyana have expressed reservations about the proposed acquisition, with St. John’s indicating that it would not be issuing a vesting order to facilitate the move.