Four days after the Bank of Guyana blocked the sale of Scotiabank Guyana operations to Republic Bank, Scotiabank is indicating that it intends to continue doing business as usual in Guyana.
In a brief statement today, Scotiabank said it will continue to deliver business as usual and focus on the best long-term solution for its employees and customers.
Scotiabank was hoping to sell out all of its Guyana operations to Republic Bank as part of a move across the Caribbean.
However, Guyana’s Central Bank blocked the move, citing competition and other concerns.
Republic Bank in a statement of its own said it is disappointed by the decision to block the sale but it will not dwell on it.
The Government of Guyana was against the sale from the inception since it could have seen Republic Bank, which is a foreign owned bank, being in control of 51% of the deposits and banking assets in Guyana.