Governor of the Central Bank of Barbados Cleviston Haynes has described the acquisition of Scotiabank’s operations in several Caribbean countries by Republic Bank, as “a slightly unfortunate development for the region”.
His observations were made following Tuesday’s announcement in which a Canadian company is acquiring the Barbadian financial company Sagicor, in a $1 billion deal involving Republic Bank and Scotiabank.
He pointed out the Caribbean had to recognise it was operating in a “mobile economy where firms will seek to reposition themselves from time to time” and observed that both instances represented “situations where entities are re-appraising their future development.”
In the case of Sagicor, Haynes told members of the business community attending a Chamber of Commerce luncheon: “What we have in the Caribbean generally are very small enterprises and to be successful globally really means critical mass and I suspect that is part of the decision-making which influenced Sagicor’s decision.” (GC)
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