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Republic Bank Managing Director says company’s purchase of Scotia Caribbean is legal and subject to regulations

H8h8uiiF_400x400Republic Bank Managing Director Nigel Baptiste seeks to allay concerns following the companys purchase of Scotia Caribbean.


The news has triggered some disquiet in the region.


On Tuesday, Republic Financial Holding Limited announced that it was acquiring Scotiabank operations in Guyana, St. Maarten and the eastern caribbean territories, including Anguilla, Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines.


Speaking with Newscenter 5 yesterday Mr. Baptiste said there are major benefits ahead.


But Antigua and Barbuda Prime Minister Gaston Browne is concerned.


Via a statement Mr. Browne told the Bank of Nova Scotia that government approval is needed for divestment of the bank in Antigua and Barbuda.


Mr. Browne also expressed disappointment that the bank would move to sell its operations without any form of consultation with the regulators and the Minister of Finance.


However Mr. Baptiste said the sale .

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