The Vice President and Managing Director of Eastern Caribbean for Scotiabank, David Parks, has informed that after Scotiabank sells its banking operations to the Republic of Financing Holding Limited (RFHL) based in Trinidad and Tobago, the employees would join the new company.
“As part of the agreement, all impacted Scotiabank employees will be joining Republic.”
Parks made the disclosure during an exclusive telephone interview from Barbados this week.
The Bank of Nova Scotia of Canada (operating as Scotiabank) announced last Tuesday that it has entered into an agreement to sell its banking operations in nine countries in the Caribbean which includes St.Kitts and Nevis.
The other countries are Anguilla, Antigua, Dominica, Grenada, Guyana, St. Lucia, St. Maarten and St. Vincent and the Grenadines.
It was also revealed that as part of the partnership, Scotiabank Jamaica and Scotiabank Trinidad and Tobago have entered into agreements to sell their respective insurance subsidiaries: Scotia Jamaica Life Insurance Company and ScotiaLife Trinidad and Tobago Limited to Sagicor.
Parks describes RFHL as “A leading financial institution based in Trinidad and Tobago with operation across the Caribbean and they are committed to investing in growing the business and delivering enhanced financial products and services to best serve our customers’ needs.”
Asked when Scotiabank expects to close the deal for the agreement, he said: “We don’t have a specific date for the closure. We’re working directly with Republic and with all of the local regulators to obtain necessary approvals to close the transaction so until such time, until we have regulatory approvals all obtained and the transaction closes, all Scotiabank operation will continue to operate as they are today.”
When asked if there is a time window being looked at for such, Parks said that “window will be determined by the regulators.”
According to the top Scotiabank official: “Our hope would be over the next 4 to 6 months.”
Commenting on concerns of countries Guyana and the neighbouring island of Antigua in, Parks told: “We are committed to work closely with Republic group to get approval and wok through necessary legal process in the interim and once we have that approval, we will ensure that the transition is as smooth as possible for our customers and for our employees
He emphasised that the regulatory procedures will be carried out “before we close the deals” whilst noting that “we are working diligently.”