‘Premature and inappropriate’ for Scotiabank to announce sale of operations –Min. Singh

(Department of Public Information Press Release) Senior Minister in the Office of the President with responsibility for Finance, Hon. Dr. Ashni Singh has expressed his dissatisfaction with the decision by Scotiabank Guyana to announce the sale of its local operations. Minister Singh in a statement today described the move by the Bank as “premature and inappropriate.”

The Finance Minister said any such transaction is subject to a specified regulatory process. He said Government finds it unfortunate that the announcement was made, since section 12 of the Financial Institutions Act stipulates no financial institution may transfer the entire or a substantial part of its operations without prior approval from the Bank of Guyana.

“Considering that the laws of Guyana require this process, we consider it premature to announce a transaction of this nature, particularly given that the regulatory process to consider the request for any such transaction is yet to be initiated, much less to be concluded,” the Minister pointed out.

Read more at: Department of Public Information

Source: CARICOM TODAY