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ACQUISITION OF BANK OF NOVA SCOTIA ECCU OPERATIONS BY REPUBLIC BANK FINALIZED

According to The Eastern Caribbean Central Bank (ECCB), effective 1 November, the Bank of Nova Scotia operations in Anguilla, the Commonwealth of Dominica, Grenada, Saint Lucia, St Kitts and Nevis and St Vincent and the Grenadines will cease and the Republic Financial Holding Limited (RFHL) operations will commence in these territories.

The ECCB, in consultation with the ECCB Monetary Council, approved on 6 September, the application for the transfer of the assets and liabilities of the Bank of Nova Scotia  to the Republic Financial Holding Limited in the said territories, pursuant to Section 43 (42 in Anguilla) of the Banking Act.

Approval was also granted for the RFHL operations in the ECCU to include the following:

Republic Bank (EC) Limited –  a Saint Lucia based subsidiary which will operate branches in the Commonwealth of Dominica, St Kitts and Nevis and St Vincent and the Grenadines;

Republic Bank (Anguilla) Limited, a subsidiary of Republic Bank (EC) Limited; and

Republic Bank (Grenada) Limited, which will acquire the BNS Grenada operations.

Pursuant to these approvals, the ECCB issued banking licences to Republic Bank (EC) Limited, Republic Bank (Anguilla) Limited and a variation of licence to Republic Bank (Grenada) Limited.

The Banking Business Vesting Orders have been signed and gazetted in the aforementioned territories.

The RFHL and BNS are bound by a transition services agreement, which facilitates the sharing of services for an 18-24 month period to ensure a smooth transition post acquisition.

The ECCB is resolute about its mandate to protect the EC dollar and will continue to maintain high levels of foreign reserves while protecting the stability of the banking system.  Citizens and residents in ECCB member countries are encouraged to stay abreast of developments in the financial sector.

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