Antigua still optimistic about sale of Scotiabank to local investors

ST JOHN’S, Antigua (CMC) — The Antigua and Barbuda Government says it remains optimistic that an agreement could be reached regarding the sale of Scotiabank to a consortium of local stakeholders.

Information Minister Melford Nicholas says while the Gaston Browne administration is maintaining its position regarding the sale of the bank, it is still optimistic that an agreement can be reached to benefit both parties.

“…logic has returned to the conversation and I think that there is going to be in the coming weeks a meeting of the minds again and we may well have a median position that everyone can live with,” he said.

“But clearly, it is just not a question in the government of Antigua and Barbuda’s mind about the continuation of the bank under a different name, but it is about understanding that within the context of that equation there is wealth that is being generated (and) the Government of Antigua and Barbuda has clearly stated its position that it wants to be a part of retention of that wealth within the economy,” Nicholas added.

Last November, the Trinidad-based Republic Financial Holdings Limited (RFHL) announced that it was seeking to acquire Scotiabank operations in several Caribbean countries.

Read more at: Jamaica Observer