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Wednesday, April 14, 2021
HomeBusinessScotiabank Agrees to sell Guyana Operations but Trinidad First Citizens has not...

Scotiabank Agrees to sell Guyana Operations but Trinidad First Citizens has not Applied for Licence- Central Bank

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(Demerara Waves) The Bank of Guyana, which regulates most local financial institutions, has frowned said Trinidad First Citizens Bank has not applied for a banking licence in Guyana although it has agreed to buy Scotiabank’s operations.

“FCB does not have a licence to operate in Guyana. FCB has not submitted an application,” the Bank of Guyana said in a statement.

The Central Bank notes that an application must be made in keeping with the requirements of the Financial Institutions Act 1995 (FIA), to the Bank of Guyana to acquire control of a bank (in this case the Bank of Nova Scotia) operating in Guyana.

The Bank of Guyana further notes that the Bank of Nova Scotia entered into a purchase and sale agreement “t without informing” the Central Bank

FCB published a notice in the Trinidad Guardian on its decision to enter into a purchase and sale agreement with the Bank of Nova Scotia (BNS) to purchase its operations in Guyana.

That notice was published in the Trinidad Guardian on its decision to enter into a purchase and sale agreement with the Bank of Nova Scotia (BNS) to purchase its operations in Guyana.

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