Scotia, Sagicor moves a wake-up call – Barbados Central Bank

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Trinidadian banking powerhouse Republic Financial Holdings’ planned buyout of some of Scotiabank’s operations in the Caribbean and the acquisition of Sagicor by Canadian firm Alignvest have been described by Central Bank Governor Cleviston Haynes as “unfortunate” developments.

But he suggested that the move should not come as a surprise since businesses were operating in a global environment where they would “seek to reposition themselves from time to time”.

“I think this is perhaps a slightly unfortunate development for the region because I think that certainly as it relates to banking the region has benefited both during the global financial crisis and more recently with the de-risking initiatives being taken from having these large Canadian banks in our presence,” Haynes told the Barbados Chamber of Commerce and Industry (BCCI) luncheon at the Hilton Resort on Wednesday.

The region’s financial system was jolted by the announcement that Sagicor Financial Corporation planned to sell its shares, valued at approximately US$536 million, to Toronto-based special purpose acquisition firm Alignvest Acquisition II Corporation.

Read more at: Barbados Today

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