Republic Bank has denied the claim that it would control up to 51% of Guyana’s banking assets should its acquisition of Scotiabank’s banking operations here go ahead.
“The combined Republic and Scotia entity would not account for much more than 33% of the financial system assets in Guyana,” Michelle Palmer-Keizer, General Manager, Group Marketing and Communications, for the Trinidad and Tobago-owned Republic Bank said in response to questions from Sunday Stabroek.
“The Guyana market has always been a very competitive market and we do not see this changing following this transaction. We have noted the reference to 50% of the banking system’s assets but we believe that this underestimates the importance of the non-banking members of the financial system – such as the building societies and trust companies – who have always been strong players in the market,” Palmer-Keizer noted.