Republic edges closer to complete Scotia transaction

Republic Financial Holdings Limited is one step closer to expanding its reach within the Caribbean region, after the Eastern Caribbean Central Bank approved the transfer of Bank of Nova Scotia’s assets and liabilities in Anguilla, Dominica, Grenada, St. Kitts and Nevis, Saint Lucia and St. Vincent and the Grenadines.

Trinidad-based Republic Group announced the acquisition of Bank of Nova Scotia banking operations in various Caribbean territories in November 2018.

The transaction still remains subject to all regulatory and other customary approvals and conditions.

Republic Financial Holdings, which also acquired Cayman National Corporation this year, had previously obtained a letter of no objection from the Central Bank of Curacao and St. Maarten and approval from the Central Bank of Trinidad and Tobago.

RFHL Chairman Ronald F. deC. Harford said in a statement, “This is a crucial and promising step toward an even brighter and more expansive future for the Republic Group. We appreciate the ECCB’s faith in our group’s potential to be of great benefit to our other Caribbean counterparts, through this transaction.”