It is no news at this time that Scotia has been purchased by Trinidad’s biggest bank Republic Bank. Let us first look at the history of these two financial institutions.
Scotia Bank
The Bank of Nova Scotia (French: La Banque de Nouvelle-Écosse), operating as Scotiabank (French: Banque Scotia), is a Canada Multinational bank. It is the third largest bank in Canada by deposits and market capitalization.
It serves more than 24 million customers in over 50 countries around the world and offers a range of products and services including personal and commercial banking, wealth management, corporate and investment banking.
With a team of more than 88,000 employees and assets of $998 billion (as at October 31, 2018), Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges (NYSE: BNS).
Founded in Halifax, Nova Scotia in 1832, Scotiabank moved its executive offices to Toronto, Ontario, in 1900. Scotiabank has billed itself as “Canada’s most international bank” due to its acquisitions primarily in Latin America and the Caribbean, and also in Europe and parts of Asia. Through its subsidiary ScotiaMocatta, it is a member of the London Bullion Market Association and one of five banks that participates in the London gold fixing
Scotiabank’s Institution Number (or bank number) is 002. The company ranked at number 41 on the SNL Financial World’s 100 biggest banks listing, September 2013 and is led by President and CEO Brian J. Porter.
The bank was incorporated by the Legislative Assembly of Nova Scotia on March 30, 1832, in Halifax, Nova Scotia, with William Lawson (1772–1848) serving as the first president.
Scotiabank was founded in Halifax, Nova Scotia, in 1832 under the name of The Bank of Nova Scotia. The bank intended to facilitate the trans-Atlantic trade of the time. Later, in 1883, The Bank of Nova Scotia acquired the Union Bank of Prince Edward Island, although most of the bank’s expansion efforts in the century took the form of branch openings.
The bank opened a branch in Kingston, Jamaica in 1889 to facilitate the trading of sugar, rum, and fish. This was Scotiabank’s first move into the Caribbean and historically the first branch of a Canadian bank to open outside of the United States or the United Kingdom.
By the end of the 19th century, the bank was represented in all of the Maritimes, Quebec, Ontario, and Manitoba.
In 1900, the bank moved its headquarters to Toronto, Ontario.
Republic Story
Originally called Colonial Bank, we were born in 1837 as the first commercial bank in Trinidad and Tobago. Our 181-year history is testimony to a successful growth strategy fuelled by expansion through acquisition, prudent risk management principles, comprehensive and innovative corporate social investment programmes and initiatives, and visionary leadership paired with multitalented and loyal employees.
Through the years, we continuously evolved to match the demands of growing economies and the rapid social changes in the markets where we currently operate. Significant expansion during this period, through the acquisition of several subsidiaries, resulted in Republic Bank performing dual roles of a licensed commercial bank and a holding company for its subsidiaries. While the roles were well managed, the Group needed a more sustainable structure to facilitate even more effective management and good governance given our current and future strategies.
In December 2015, a decision was taken to form Republic Financial Holdings Limited by a Vesting Order, under the Financial Institutions Act, Chap 79:09, of the Laws of Trinidad and Tobago; successfully bringing the structure of the Republic Group in line with international best practices to facilitate future growth.
Who are they today
Headquartered in Trinidad and Tobago, Republic Financial Holdings Limited (RFHL) is the registered owner of all of the banks in the Republic Group – Republic Bank Limited, Republic Bank (Guyana) Limited, Republic Bank (Barbados) Limited, Republic Bank (Grenada) Limited, Republic Bank (Suriname) N.V., and Republic Bank (Ghana) Limited, as well as Republic Securities Limited and other subsidiaries. Across these markets, RFHL offers an extensive range of banking services, including credit and debit card issuance and processing, leasing, trustee services, mutual fund and investment management, and merchant banking.
As at September 30, 2016, the Group’s asset base stood at US$10.1 billion, and declared a net profit after tax and non-controlling interest of US$142.4 million.
The Group currently employs more than 5,590 staff in 16 subsidiaries in Trinidad and Tobago, Grenada, Guyana, the Cayman Islands, Barbados, Ghana, and Suriname.
The Question I ask is …………Does anyone understand the consequences of this deal for the OECS?
They sold the OECS for US$123M. In the scheme of things, not big money! But for the OECS they (Republic Bank ) get control of the largest commercial bank and with that, access to the Eastern Caribbean Central Bank (ECCB) foreign currency reserves! Trinidad does not have foreign currency and now wants to take control of the OECS reserves!
All OECS citizens should advise the individual politicians to NOT ALLOW the purchase to go through! It does not benefit the OECS, only the Trinidadian companies, that will abuse our foreign exchange reserves!
Ask yourself what will happen if we deplete the foreign reserves to the point that when normal people want to buy currency the bank says they do not have!
They start telling you come back next week! Because some big business just purchased $US 100 Million at a time!
Do you remember Antigua and Barbuda’s Prime Minister, Gaston’s who was a banker and businessman wrote a very firm letter to Scotiabank, two days ago?
He revealed in that letter that such a move by Scotiabank has to be first discussed with the OECS Governments, who then need to consult with their Eastern Caribbean Central Bank principals.
Don’t take what you hear at face value! Please my people, investigate!”
Remember this ………….Scotiabank did not sell Trinidad, Barbados, Jamaica, Cayman or The Bahamas.
The Heads are meeting in Trinidad the week of the 1st of December will this be a main topic on the agenda ?
