The Eastern Caribbean Central Bank (ECCB) has approved the application for the transfer of the assets and liabilities of the Bank of Nova Scotia (BNS) to the Republic Financial Holding Limited (RFHL) in Grenada, Anguilla, the commonwealth of Dominica, St Kitts and Nevis, Saint Lucia and St Vincent and the grenadines, pursuant to section 43 of the banking act.
This was done in consultation with the ECCB monetary council.The ECCB Monetary Council says it met on Friday via video conference, to discuss the ECCB’s assessment of the republic financial holdings Limited’s application to acquire the Bank of Nova Scotia’s operations in ECCB member countries.
The approval granted, ECCB says is subject to the condition that republic will be required to make a stake of its ECCU operations available to the people of the ECCU, through approved ECCU entities.
Discussions, the ECCB says, on the future of Scotiabank’s operations in Antigua and Barbuda are ongoing.
