Scotiabank has announced that the agreement for the sale of its Guyana operations to First Citizens Bank of Trinidad and Tobago has expired and the agreement has been therefore terminated in keeping with the terms of the agreement.

The bank made the announcement this morning in a brief statement from its headquarters.

According to the statement, Scotiabank remains committed to providing the highest level of customer service and quality banking solutions to its customers in Guyana and across the Caribbean.

The termination of the agreement with First Citizens Bank is the second time that a plan to sell the Guyana operations of the bank has fallen apart.

In 2018, a plan by the bank to sell its Guyana operations to Republic Bank was blocked by the Central Bank of Guyana which was worried that the sale to Republic Bank would have resulted in Republic Bank being in control of more than 50% of all bank deposits in Guyana and having a greater hold on foreign currency.

In 2021, the bank surprisingly announced the sale of its Guyana operations to First Citizens Bank of Trinidad and Tobago.

The announcement came before there was any approval from the Central Bank of Guyana and the Guyana Government immediately made known its displeasure with the announcement which it contended was premature.

Scotiabank which is headquartered in Canada has been moving away from the Caribbean and has been selling out many of its Caribbean operations.

Related posts:

Scotiabank Guyana sold to Trinidad’s First Citizens Bank; Govt. still to grant final approval Scotiabank to continue doing business as usual after Central Bank blocks sale CARICOM Competition Commission monitoring ScotiaBank’s move to sell out operations in Nine Caribbean States to Republic Bank ScotiaBank announces plan to sell operations in Guyana and eight other Caribbean countries to Republic Holdings