IT IS UNLIKELY THAT BARBADOS will be negatively affected by the sale of Scotiabank’s business in several territories.
That’s according to president of the Barbados Economic Society (BES), Shane Lowe.
Scotiabank announced yesterday its decision to leave nine countries in the Caribbean, as part of a shake-up of that business.
The bank said it would refocus its business in the region by selling its insurance operations in Jamaica and Trinidad and Tobago to Sagicor Financial Corporation, with whom it would partner to sell insurance products in those countries.
Scotiabank plans to sell its banking operations in Anguilla, Antigua, Dominica, Grenada, Guyana, St Kitts and Nevis, St Lucia, St Maarten and St Vincent and the Grenadines, to Republic Financial Holdings.
Lowe explained that as with any other business, “banks make decisions on their portfolio of assets and those assets are held throughout the region”. He said Scotiabank and Republic Holdings had quite different footprints across the Caribbean, with the former having an extensive spread across the English-, Dutch- and Spanish-speaking Caribbean and Latin America. (RD)
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