Update from CCC on Scotia Bank & Republic Bank transactions
April 1, 2019
CARICOM Competition Commission
Completion of a preliminary assessment and intention to request preliminary examination pursuant to Article 176(1) of the Revised Treaty of Chaguaramas (RTC) on the sale of assets by the Bank of Nova Scotia to Republic Financial Holdings and Sagicor Financial Corporation
On 5th December 2018, the Commission advised the public that it took note of an announcement on 28th November 2018 by the Bank of Nova Scotia (“Scotiabank”) of an intended sale of banking assets in nine (9) territories in the Caribbean to Republic Financial Holdings Ltd (“Republic Financial”) and life insurance operations in another two (2) territories (Jamaica and Trinidad and Tobago) to Sagicor Financial Corporation (“proposed transaction”).
For the full statement please click here.