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Bank of Guyana

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The Bank of Guyana has stated it has not been informed about the sale of Scotiabank’s operations in Guyana to Trinidad and Tobago’s First Citizens Bank Limited.

In a release yesterday, the bank said, “The Bank of Guyana (BOG) notes that FCB entered the said agreement without informing the BOG.”

The bank also pointed out in the release that First Citizens’ Bank does not currently 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.”

The announcement of the sale of Scotiabank’s operations in Guyana was made by the Bank of Nova Scotia via a press release posted online.

In that release, Scotiabank said, “the agreement is subject to regulatory approval and customary closing conditions.”

Guyana’s Senior Minister with the responsibility for Finance Ashni Singh responded to the announcement moments after it broke, stating it was premature and required the approval of the Bank of Guyana.

The Bank of Guyana had previously blocked the sale of Scotiabank to Republic Bank Ltd in September 2019, citing concerns that it would lead to a monopoly in the market.