Guyana frowns on Repub­lic shift

UK Barbados Nation - - NEWS -

GE­ORGE­TOWN – The Guyana gov­ern­ment has de­scribed as “un­ac­cept­able’ a move that would al­low the Trinidad-based Repub­lic Bank to “ac­tu­ally own” at least 53 per cent of the bank­ing ser­vices in the coun­try.

Min­is­ter of State Joseph Har­mon said that the move by Repub­lic Bank to ac­quire the op­er­a­tions of Sco­tia­bank in Guyana and eight other Caribbean coun­tries is still be­ing as­sessed.

He said while he notes the ob­jec­tions of the gov­ern­ment in An­tigua and Bar­buda, each coun­try has its own pe­cu­liar­i­ties.

“While Sco­tia­bank is in all these coun­tries, the sit­u­a­tion in Guyana is not the same . . . . What [Fi­nance] Min­is­ter [Win­ston] Jor­dan has said is that the pro­posal, which has come out, is for Repub­lic Bank, in buy­ing out the own­er­ship of Sco­tia­bank in Guyana, to ac­tu­ally own 51 per cent or 53 per cent of the bank­ing ser­vices in this coun­try and that is un­ac­cept­able,’ Har­mon said, adding that the David Granger gov­ern­ment would de­ter­mine what is in Guyana’s best in­ter­est.

“I be­lieve the state­ment made by the Prime Min­is­ter of An­tigua and Bar­buda is a good state­ment. It deals with his sit­u­a­tion. Our Min­is­ter of Fi­nance has made a state­ment also, on the mat­ter here, and I be­lieve we are go­ing to as­sess the sit­u­a­tion and we will make a de­ter­mi­na­tion as to how it af­fects us here,” he said.

An­tigua and Bar­buda Prime Min­is­ter Gas­ton Browne said his ad­min­is­tra­tion would not be is­su­ing a vest­ing or­der to fa­cil­i­tate the sale af­ter the Trinidad-based Repub­lic Fi­nan­cial Hold­ings Lim­ited (RFHL) said Tues­day it had en­tered into an agree­ment to ac­quire Sco­tia­bank’s bank­ing op­er­a­tions in nine Caribbean coun­tries.

A RFHL state­ment said that the banks be­ing ac­quired are lo­cated in Guyana, St Maarten, An­guilla, An­tigua and Bar­buda, Do­minica, Gre­nada, St Kitts and Ne­vis, St Lu­cia, and St Vin­cent and the Gre­nadines.

It said that the pur­chase price is US$123 mil­lion, which rep­re­sents

US$25 mil­lion con­sid­er­a­tion for to­tal share­hold­ing of Sco­tia­bank An­guilla Lim­ited; and a pre­mium of US$98 mil­lion over net as­set value for op­er­a­tions in the other eight coun­tries. (CMC)

Min­is­ter of State Joseph Har­mon

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