BNS closes chapter on Antigua

The Eastern Caribbean Central Bank, ECCB, says the operations of the Bank of Nova Scotia in Antigua and Barbuda ended on Wednesday and that the Eastern Caribbean Amalgamated Bank, ECAB, will now include the previous BNS branches.

It comes three years after Scotiabank Canada’s initial attempt to exit the Antigua market via a sale of the operations to a Trinidad banking operation that was blocked. BNS trades as Scotiabank.

In a statement, the ECCB, which serves as the central bank for the member countries of the Organisation of Eastern Caribbean States, including Antigua, said the transfer of BNS operations to ECAB were approved on June 29, in consultation with the ECCB Monetary Council.

“The former BNS branches will remain open to the public, but ECAB will make decisions as to the future of these branches in the coming months,” the central bank said. “ECAB and BNS are bound by a transition services agreement which facilitates the sharing of services for a 12-18 month period to ensure a smooth transition post acquisition,” it said.

In 2018, Scotiabank Canada announced the sale of various Caribbean assets in Guyana, St Maarten, Anguilla, Antigua & Barbuda, Dominica, Grenada, St Kitts-Nevis, St Lucia and St Vincent & the Grenadines to Republic Financial Holdings Limited of Trinidad & Tobago, in a deal worth US$123 million.

However, Antigua and Guyana both expressed reservations about the proposed acquisition, with St John’s indicating then it would block the sale of the Antigua operations.

– CMC