Scotiabank Guyana to be sold but regulator in the dark – CARICOM Business

The Bank of Guyana, which regulates local financial institutions, has advised that Trinidad’s First Citizens Bank has not applied for a banking licence in Guyana although it has agreed to buy ’s operations there.

“FCB does not have a licence to operate in Guyana. FCB has not submitted
an application,” the Bank of Guyana said in a statement. The Central Bank notes that an application must be made in keeping with the requirements of the Financial Institutions Act 1995 (FIA), to the Bank of Guyana to acquire control of a bank (in this case the Bank of Nova Scotia) operating in Guyana.

The Bank of Guyana further notes that the Bank of Nova
Scotia entered into a purchase and sale agreement “without
informing” the Central Bank.

Extract from CARICOM BUSINESS Vol. 4 No. 9

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Source: CARICOM TODAY