No job losses expected when Scotia changes ownership

Basseterre, St. Kitts, Friday 23rd August, 2019, (MyVueNews.com) – Staff who currently work at the local branches of the Bank of Nova Scotia in Basseterre and Charlestown, can now breathe a sigh of relief.

It was back in November last year, (2018), that news broke that the Republic Financial Holdings Limited (RFHL) had bought out the operations of Scotiabank’s banking operations in nine Caribbean territories.

These include St. Maarten, Anguilla, Antigua and Barbuda, Dominica, Grenada, Guyana, St. Kitts and Nevis, Saint Lucia, and St. Vincent and the Grenadines.

Managing Director, of RFHL, Nigel M. Baptiste, who along with other colleagues met this week in Basseterre with Minister of Finance and Prime Minister, Timothy Harris, assured government that there will be do displacement of Scotiabank’s staff after the transaction is completed.

Mr. Baptiste indicated that the Republic Bank is presently in the process of acquiring the regulatory approvals which it hopes should be completed by the end of September, 2019.

He said all of the bank’s current staff will be welcomed into the Republic Group.

This should serve as welcomed news for all local employees and their families.

Baptiste described the meeting with the St. Kitts and Nevis Government as cordial and positive and said his group understands the main concerns of the administration.

These he said relate to the willingness of the Republic Bank to support the drivers of the economy of St. Kitts and Nevis, the most important of which is the CBI (Citizenship by Investment) initiative.

But he said, while there’s more information that we require to understand it a bit more, the bank is certainly open to support it because that is crucial to the success of the economy.

He added, “As any onlooker would see and the people who are aware of the work that we have done in some of the other Caribbean jurisdictions such as Guyana, Grenada, Barbados and down in Suriname, Republic Bank is a very strong supporter of all of the sectors of the economy and one of the areas where we are particularly strong is the corporate commercial sector. Our belief is that to the extent that you give strong support to that sector you drive economic development, you drive employment, you drive growth and you help develop the economy as a whole.”
Representing the Republic Bank at Tuesday’s meeting was its Managing Director, Nigel M. Baptiste and Principal Advisor at Advice Financial Company Limited (AdFIN), Ian De Souza.

The prime minister was supported by Deputy Financial Secretary, Sylvia Gumbs, and Chief Executive Officer of the Citizenship by Investment Unit, Les Khan.


Meeting between Prime Minister Dr. the Hon. Timothy Harris and representatives of Republic Bank. (L-R): Principal Advisor at Advice Financial Company Limited (AdFIN), Mr. Ian De Souza; Deputy Financial Secretary, Mrs. Sylvia Gumbs; Chief Executive Officer of the Citizenship by Investment Unit, Mr. Les Khan; Prime Minister Harris, and Managing Director of Republic Bank, Mr. Nigel M. Baptiste