PM Browne Not Happy With Stance Taken By Scotia Bank

Prime Minister Gaston Browne has described the recent stance taken by the Bank of Nova Scotia, as a total disregard for the Laws of Antigua and Barbuda.

The Canadian Bank has indicated in a recent letter to the Prime Minister, it will have to review it’s options including closing down as it is unable to conclude the sale of the financial institution to Republic Financial Holdings Limited of Trinidad and Tobago.

This stance was reflected in a letter by the bank dated 19th August.

However Prime Minister Gaston Browne says his letter to the Bank dated 9th August indicated that the government and a consortium of local banks are interested in purchasing the bank.

He also said that the Bank of Nova Scotia’s response shows a total disregard for the laws of Antigua and Barbuda.

The Prime Minister said these laws give the government the right to safeguard the banking sector.

According to the Prime Minister he does acknowledge the right of the bank to close it’s operations after fulfilling it’s obligations

The Prime Minister restated that the government and a consortium of local banks are interested in purchasing the bank which,has been operating in the country for the past sxity years

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