The Bank of Guyana (BoG) yesterday warned that a Trinidad bank which has entered an agreement to buy Scotiabank’s operations here does not have a licence to operate in this country.
The BoG in a statement said: “First Citizens Bank Limited (FCB) published a Notice in the Trinidad Guardian on its decision to enter into a purchase and sale agreement with the Bank of Nova Scotia (BNS) to purchase its operations in Guyana.
“The Bank of Guyana (BOG) notes that FCB entered the said agreement without informing the BOG.
“FCB does not have a licence to operate in Guyana. FCB has not submitted an application, in keeping with the requirements of the Financial Institutions Act 1995 (FIA), to the BOG to acquire control of a bank (BNS) operating in Guyana”.
Scotiabank’s announcement of the deal on Wednesday appeared to have caught the Guyana Government off guard.
Minister with responsibility for Finance Dr Ashni Singh described the announcement as “premature and inappropriate”.
