Republic moves closer to acquiring several Scotiabank assets

REPUBLIC Financial Holdings says it has moved closer to acquiring the Bank of Nova Scotia’s assets and liabilities in seven Caribbean territories.In a newspaper advertisement on Tuesday, Republic said it has received the necessary regulatory approval to “conclude the acquisition” of Scotiabank’s assets in Anguilla, Dominica, Grenada, St Lucia, St Kitts & Nevis and St Vincent and the Grenadines.Republic had originally entered into a “purchase and sale agreement” for Scotiabank’s assets in nine territories.However, the Central Bank of Guyana officially denied Republic’s application for the purchase of Scotiabank’s operations in the South American country. Republic has also not received regulatory approval to acquire the Antigua and Barbuda operations.In a statement to Newsday recently, Republic Bank’s president and CEO Nigel Baptiste said the Guyana development was disheartening.“While this development is disappointing, we do not dwell on disappointment. As a group, we remain fully engaged and committed to supporting the nation of Guyana through our operations there, as well as toward ensuring the success of all activities for which we have received the requisite regulatory approvals, under the proposed BNS acquisition. We appreciate the Bank of Guyana’s acknowledgement of the value of our longstanding role in the development of Guyana’s financial landscape and our continued contribution to the financial sector,” Baptiste said.