Scotiabank’s attempts to sell to First Citizens failed

The content originally appeared on: INews Guyana

The Purchase and Sale Agreement between First Citizens Bank Limited and the Bank of Nova Scotia (Scotiabank) for the sale of Scotiabank’s retail operations in Guyana expired and the agreement has been terminated in accordance with its terms.

This was announced in a notice published by First Citizens Bank Limited, a Trinidad-based institution.

“First Citizens remains resolved to advance our geographic diversification and digital transformation strategies. These efforts will increase our shareholder value by active progression of all strategic options to expand our core commercial banking and other lines of business into new markets and territories while we continue to deliver digital products, channels and services to the markets that we serve,” the financial institution noted.

In a statement of its own, Canadian-based Scotiabank says it remains committed to providing the highest level of customer service and quality banking solutions to its customers in Guyana and across the Caribbean.

For several years now, Scotiabank has been trying to exit the Guyana market.

In March 2021, it had announced that it had agreed to sell its operations in Guyana to First Citizens Bank.

While the Canada-based multinational bank had said that the agreement was subject to regulatory approval and customary closing conditions, the Guyana Government had described the announcement of the sale as “premature and inappropriate”, since Scotiabank did not follow the necessary regulatory process for such transactions.

Scotiabank had previously attempted to sell its operations in Guyana to Republic Financial Holdings Limited in 2019, which was halted after the Bank of Guyana – having done its assessment – found that if the transaction had gone through with RBL, which is already operating in Guyana, it would have jeopardised the local market.