Antigua blocking Scotia sale
ST JOHN’S – Prime Minister Gaston
Browne says the Antigua and Barbuda government will not be held responsible for any run on Scotiabank, as he reiterated his administration’s position in not providing a vesting order to facilitate the sale of the financial institution here to the Trinidad-based Republic Financial
Holdings Limited (RFHL).
A vesting order creates or transfers legal ownership of a property.
“What if there is a run on the bank? Whose problem is it? It will be the problem of Scotia Canada, who will have to spend millions of dollars to fix the problem. If Scotiabank fails to provide some form of local participation, then whatever happens to the branches here and the Caribbean is their problem,” Browne said at a ceremony in memory of the country’s first prime minister, V.C. Bird, in the capital.
“I say here, we cannot be a coward, people.
When Sir Vere Cornwall Bird Senior and the 39ers were fighting the planter class, they had to get involved in unconditional activities in order to fuel change.
“I say publicly without any fear of contradiction that if Scotiabank fails to provide some form of local participation, then whatever happens to the branch here and in the Caribbean, that is their problem,” Browne told the audience.
CUBAN WOMEN shopping at a street market in Port-au-prince, Haiti.