Posted: Friday, November 1, 2019. 4:03 pm CST.
By Aaron Humes: Trinidad and Tobago-based Republic Bank Limited has acquired the operations of the Bank of Nova Scotia ( BNS ) in much of the Eastern Caribbean effective today, Friday.
The Eastern Caribbean Central Bank (ECCB) says the takeover affects operations in Anguilla, the Commonwealth of Dominica, Grenada, Saint Lucia, St Kitts and Nevis and St Vincent and the Grenadines which will now be run by the Republic Financial Holding Limited (RFHL) in these countries.
The ECCB, in consultation with the ECCB Monetary Council, approved on September 6th, the application for the transfer of the assets and liabilities of the Bank of Nova Scotia to the Republic Financial Holding Limited in the said territories, pursuant to Section 43 (42 in Anguilla) of the Banking Act.
Approval was also granted for the RFHL operations in the ECCU to include the following:
Republic Bank (EC) Limited – a Saint Lucia based subsidiary which will operate branches in the Commonwealth of Dominica, St Kitts and Nevis and St Vincent and the Grenadines;
Republic Bank (Anguilla) Limited, a subsidiary of Republic Bank (EC) Limited; and
Republic Bank (Grenada) Limited, which will acquire the BNS Grenada operations.
Pursuant to these approvals, the ECCB issued banking licences to Republic Bank (EC) Limited, Republic Bank (Anguilla) Limited and a variation of licence to Republic Bank (Grenada) Limited.
The RFHL and BNS are bound by a transition services agreement, which facilitates the sharing of services for an 18-24 month period to ensure a smooth transition post acquisition.
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