BVI News

Scotiabank BVI bank sold for $120M to T&T company

Scotiabank BVI has been sold to Trinidad & Toboggan company, Republic Financial Holdings Ltd (RHFL).

In an announcement late last month, the Trinidadian company said it now owns 100 percent of the shares for Scotiabank BVI. This comes a month after RHFL took ownership of Scotibanks in other Eastern Caribbean states such as Anguilla, Dominica, Grenada, St. Kitts & Nevis, St Lucia, St Maarten and St Vincent & the Grenadines.

“This transaction supports RHFL’s strategic decision to focus on operations across the region where it can achieve greater scale and deliver the best value for customers,” RHFL said in a media release about the Scotiabank BVI.

$120 million deal

In the meantime, Trinidadian media outlet, Trinidad Express, reported that Republic Financial Holdings Ltd purchased Scotiabank BVI to the tune of $120 million.

The deal was reportedly announced via a T&T Stock Exchange notice.

“On November 27, 2019, the Board of Directors of Republic Financial Holdings Ltd (RFHL) passed a resolution to enter into a purchase and sale agreement with the Bank of Nova Scotia to acquire its shareholding in Scotia Bank BVI ltd for the total sum of US$120 million, subject to regulatory approvals,” Trinidad Express reported.

Scotiabank BVI has already confirmed the transaction on their website.

It said: “This transaction supports the bank’s strategic decision to focus on operations across its footprint where it can achieve greater scale and deliver the best value for customers.”

Republic Bank was founded in 1837 in the twin-island state.

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16 Comments

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  1. No no no no no says:

    I was moving my money to another Bank, so glad I don’t mess with Scotia Bank. Trinidad can’t even keep track of their unless money. We going let their crook a$$ looking after ours lmaoooooooo ??????

    Like 7
    Dislike 9
    • Father Time says:

      I can’t wait to see this bad decision play out.

      Like 5
      Dislike 4
    • Huh says:

      Well u was allowing Canada to look after yours and they pulled out on you… First Caribbean is next!!!! Well lord how the VIP supporters not calling out the Premier for this? And please don’t tell me there is nothing he could have done because other Caribbean countries have blocked the sale of the said bank in their respective countries…..

      Like 4
      Dislike 2
      • @Huh says:

        The other islands did not block anything. Any law maker can tell scotiabank or any when to sell or to whom? Those politicians in the other islands merely grandstanding, its a done deal.

        Like 3
        Dislike 5
    • @no no no my @$$ says:

      Wait what! Trinidad can’t keep track of their OIL OOPS I MENT THEIR NATURAL GAS,GASOLINE, OR DIESEL, SAND GRAVEL, CEMENT..MY BAD I MENT OWN CURRENCY AHHHHHH.. THEY ARE BUYING UP BANKS THROUGHOUT THE CARIBBEAN…THATS A TRUMP PLAYBOOK MOVE TO ME THAT YOU MUST BY CRAPING MONEY OUT YOUR @&$ TO DO! you can’t stan to see anybody other than you make progress but yet you still your mouth open like a seagull waiting for something to drop in..SMDH

  2. BVI says:

    WHATS IN IT FOR WE?

    Like 1
    Dislike 4
    • CW says:

      STRUPE COMMENT.
      This is a private transaction between two companies. It has zero to do with you. Why would you gain from this? Oh right.
      Entitlement is the reason. You think that simply by being in the area where the bank operating you somehow deserve extra.

      SMDH I bet you always crying about the slow recovery too

      Like 7
      Dislike 2
  3. Copy editor says:

    I guess they call it Trinidad and Toboggan because they got some big hills down there…

  4. wow says:

    Would be nice if the bank actually advised their customers of this change. First I am hearing this !!

  5. 9 o clock in da mawnin says:

    gunman in she hoollleeee

  6. Business says:

    Has anyone got any useful intel on Republic Bank, what they will offer and whether any good? The current offerings here are pretty rubbish. And ridiculously expensive.
    We need better options to be encouraged by a refreshed and better experienced FSC

  7. Did you research ? says:

    Finally; the bank is doing well in Barbados.yall need to do your research

  8. I hope says:

    They bring someone up here who knows about customer service because Scotia disgusting bad

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