Dominicans not alarmed by sale of Scotiabank

Scotiabank, Dominica

The decision by Scotia Bank to sell its operations in nine countries, including Dominica, does not appear to have alarmed the bank’s Dominica customers as much as it did in some of the other islands, particularly Antigua.

A staff member of Scotia Bank told Dominica News Online (DNO) that customers have not been closing their accounts.

“Nothing has changed really. People are not panicking and I don’t see a reason why they should,” the staff member said.

Our newsroom also spoke to a few account holders who said that they weren’t too concerned about the latest announcement.

“I have an account there and I don’t intent to close it. I think people are making a big deal about nothing really,” the individual said.

That source also told us that his wife has an account there and saw no reason to have it closed, at least not just yet.

Meantime in Antigua and Barbuda, holders of accounts at the Bank of Nova Scotia there have been lining up to have their accounts closed.

Some customers waited for hours to do so for fear of not being able to access their funds when the closure officially takes effect.

Scotiabank entered into an agreement to sell its banking operations in 9 non-core markets in the Caribbean namely Anguilla, Antigua, Dominica, Grenada, Guyana, St. Kitts & Nevis, St. Lucia, St. Maarten, St. Vincent & the Grenadines to Republic Financial Holdings Limited.

The purchaser is the Trinidad and Tobago-based Republic Financial Holdings Ltd. (RFHL).

The agreement is subject to regulatory approvals and customary closing conditions.

These transactions are not financially material to Scotiabank.

The Antigua aspect of the sale hit a snag when Antigua and Barbuda Prime Minister, Gaston Browne, wrote to the Bank of Nova Scotia stopping it from from proceeding with any sale of its operations in Antigua and Barbuda until application is made to the Government and approval given.

Browne is also seeking assurances that local banks will be given priority to purchase the Scotiabank’s operations in Antigua, and that local persons’ investments and saving will be protected.

DNO understands that Browne has written to the Eastern Caribbean Central Bank but has not yet received a response.

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21 Comments

  1. Lehwego
    December 6, 2018

    The people have realized that if a local entity takes it might end up like Stanford.Republic Bank has lots of liquidity and they ate strong in the Caribbean.

  2. Monster
    December 6, 2018

    Skeritt is a U.S resident,his wife and kids are U.S citizens and he has all his investments out of dominica.what make u guys think skeritt cares about dominica.he is running the country straight into the gutter and when he is done he is moving to the U.S.So continue to believe in that wicked…..

    • Joseph John
      December 6, 2018

      DNO I need to point out a slip up. You missed the latter part of this post that called our welled beloved Skerrit a “wicked …….” And why allowed personal attacks on the man’ s wife and innocent kids who are not political combatants. No even mobsters and gang bangers attack innocent kids.

      ADMIN: Thank you, for consistencies sake that should not have been allowed. We will still allow a bit more leeway in criticizing public officials but will strive for a balance between free speech and posting abusive language. The point about the citizenship of our political leader’s children or family has been raised on both sides so we will allow it.

  3. Heather Germanotta
    December 6, 2018

    Are Dominicans ever alarmed by anything ??? :-D :-D :-D

  4. Joseph John
    December 5, 2018

    Wow. Because Dominicans did not react in panic over the sale of private property or should we say transfer of ownership of a bank we are dumb. Dominicans are some of the smartest people on earth. We are reasonable and very informed of human behavior. Opposition forces are upset because we are not intimidated by their bombast and fake accusations. Business ownership changing hands is as normal as breathing. Some entities make a living buying and selling business and property. No biggy. But if the wind blow too hard, blame Skerrit. If the sky is cloudy is Skerrit that do that. Any right thinking person will realize that opposition forces is just an exercise in extreme, EXTREME STUPIDITY.

    • RandyX
      December 6, 2018

      Shut up little corrupt man with a brown tongue. Your comments are totally irrelevant and your constant apologising for the double doctors incompetence is not appreciated.

  5. Doctor doctor
    December 5, 2018

    Skerrit is the official DEATH PM as under him everything either died or in ICU. To be fair to him some of the things that died are not his fault though is not a lot. Let’s not forget he came into office after the death of Rosie and Piero. Under Skerrit we saw:
    1. The death of EO Leblanc, the FIRST Premier of Dominica. I don’t blame PM for that
    2. The death of Mary Euginia Charles, the FIRST female PM. ” ” ” ”
    3. American Eagles departure. Not PM fault.
    4. The CLOSURE of Marigot hospital. The Dr. Dr. killed it
    5.The Banana industry: Dr. Dr. killed it
    6.Amerijet the Dr.Dr. sent it to ICU
    7.The Belfast Palmolive: Dr. Dr. killed it
    8.Ross University: Dr. Dr. Killed it
    9. Breezy’s Mart: Dr and Chalo killed it
    10. The Young Farmers Program: Dr.Dr. Killed it
    11. Our International Airport: The Dr. Dr. gave it to Ralph Gonsalves
    12.Scotia Bank: Dr.Dr. gave it a wrong injection
    Time will fail to talk about the many stores, shops, gas stations, many…

    • Preacher
      December 6, 2018

      Hurricane hit Dominica doctor S cause i
      Landslide and down in Roseau valley
      The Doctor cause it
      Well well Dominica s

    • Joseph John
      December 6, 2018

      No 12 is very interesting ….Scotia is selling 20 of their bank branches all over, and they have already identified a buyer , but is “SKERRIT DO THAT” ! But those gang bangers insist that the DLP is stupid. By now we really know what stupid really is. I think I will start a new one word dictionary . I will write the word “stupid” on one side and on the opposite side I will write UWP in explanation.

      ONE WORD DICTIONARY

      Stupid………UWP

      • Neville
        December 6, 2018

        Nothing and I mean nothing more stupid than DLP supporters. Don’t you forget it!

        ADMIN: We have allowed this response only because we did publish the first comment. However, we will take the opportunity to remind you to make your point without hurling personal insults or insults that blanket entire groups. The resulting insult match derails any valid discussion.

      • Joseph John
        December 6, 2018

        DNO , thanks for your comment on my and Neville post. I knew mine would get your attention as I intended. Congratulations, your credibility at higher level.
        I have endured all kind of insults on this media and been called all kinds of nasty names. Puttiing attacks on ignor but now fight fire with fire . I have learnt that the only way to stop a bully is to be a bigger bully .

        That self defense or the defense of your fellowmen is a legal right.
        So I just hope you will continue to monitor postings and delete all insulting language. Thanks.
        It does not and will not bother me if anything I say is deleted or just not featured. No big deal. That is life. Anyone is free to disagree with me, that is life. But challengers must be warned that I will deliver as I receive and I capable of being more uncivilized and more unchristianlike than anyone can ever be. I have been in combat, been to hell and back, and if I get in defensive mode, have a lot of social media to vent on.

      • Joseph John
        December 6, 2018

        Admin, while I admire your courage to stamp out uncivilized insults and fake accusations, I think you have missed several under this header. Look again at the postings of the following: Monster,Randyx, Doctor Doctor , Neville and Bee. What is the difference. They can all be given the same discription in line with your admonition, your comments. Maybe in future I will monitor comments and draw it to your attention when you miss them. Maybe I should help that way before making any judgement when comments do not meet with you stated code policies.
        ( N. B. You know that in combat one is taught to set traps like hunters and gathers)

  6. jaded
    December 5, 2018

    Antiguan PM Brown is just posturing. He is merely running on the spot. Form over substance. The Antiguan branch will he sold.

  7. Too late
    December 5, 2018

    That is if dominicans even know anything about the scotia situation all they know is they love their pm

  8. LuccLu
    December 5, 2018

    Because Dominicans numb to everything!! So of course there’s no reaction to this. I need to come and get my money.:

  9. World's Moistest Jheri Curl
    December 5, 2018

    good for Antiguans!

  10. An Observer
    December 5, 2018

    The Antigua aspect of the sale hit a snag when Antigua and Barbuda Prime Minister, Gaston Browne, wrote to the Bank of Nova Scotia stopping it from from proceeding with any sale of its operations in Antigua and Barbuda until application is made to the Government and approval given……

    Gaston Brown may just be blowing steam, DNO, please refer your readers to the ECCB statement re consideration being given to Republic’s request to acquire Scotia’s operations in the ECCU. ECCB is the regulator and the party to grant the approval.

    https://www.eccb-centralbank.org/news/view/eccb-commences-review-of-republicas-application-to-acquire-scotiabankas-operations-in-the-eccu

    • Director
      December 5, 2018

      Thanks for this!

    • Anon
      December 6, 2018

      I read it, but at least he is not just laying down and doing nothing or not having a say in the outcome for his economy. Think 8) !

  11. Joseph John
    December 5, 2018

    Dominica should buy the bank, the local branch. Brown is just playing politics. For one a government cannot prevent a company from selling its property. Antigua does no even have a central bank.

  12. Bee
    December 5, 2018

    Nothing alarm Dominicans. Crooks and criminals around the world have Dominican passport and they not alarmed. Skerrit leaving in a million dollar house on his salary and they no alarmed. Melissa and her family flying in private jet when we know poponne coolay and they not alarmed. McIntyre have materials meant for relief pooweeying in his yard and they not alarmed. Austrie building mansion after mansion in north and they not alarmed…. why should they be alarmed over Scotia Bank? Be real…..

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