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Acquisition of Bank of Nova Scotia ECCU operations by Republic Bank finalised

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The Eastern Caribbean Central Bank (ECCB) advises that 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:

  1. 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;
  2. Republic Bank (Anguilla) Limited, a subsidiary of Republic Bank (EC) Limited; and
  3. 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.

Eastern Caribbean Central Bank

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Caribbean & World

GTA highlights Statistical Performance for 2019.

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Grenada Tourism Authority press conference highlighting its Statistical Performance for 2019.

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Caribbean & World

Man charged with arson | NOW Grenada

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One man has been arrested and charged in connection with two of the recent fires in St George’s.

Andy St John, 57 years, of no fixed place of abode, has been charged with six counts of Arson; five of the charges are associated with the inferno at Grenville Street and the other at Church Street.

St John is due to appear at the St George’s Magistrate’s Court on Tuesday, 28 January 2020.

Office of Commissioner of Police

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Post-Cabinet Briefing on 28 Jan. 2020

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Post-Cabinet briefing facilitated by Minister for Health, Social Security and International Business, Hon. Nickolas Steele; and Head of the Physical Planning Unit Mr. Carlton Frederick

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