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The benefit of this transaction to Trinidad, far exceeds any existing corporate commitment
DEAR EDITOR,
In the Kaieteur News of Sunday December 2, 2018, Peeping Tom showed his/her/their true colours and failings all in one article. The contributor was eager to attribute the Scotiabank sell out of their Guyana operations as the Global Bank not having faith in the Guyana Government, and by extension the Guyana economy. The current and former Scotiabankers know that this is absolute rubbish!
The contributor further failed to see this move for what it is: An unlawful act in the form of economic espionage hatched up in Trinidad to take over and control the economics of the region which is now pointing directly to Guyana as the new Caribbean economic frontier, based on our oil find and potential. The remaining countries sold are economically dead for the bank. The deal maker and the deal breaker is, and has always been, Scotiabank Guyana.
Scotiabank Guyana consistently makes GY$2.5- 3.0 billion in profits annually. If you add back in the support fees paid for all the jobs taken away from Guyana and transferred to Trinidad, those profits can quickly grow to another GY$1.0 billion. A rough estimate indicates that these profits currently equate to $13.0 million US and the potential if the jobs had stayed in Guyana to approximately $20.0 million US. Republic Bank Limited’s Guyana operations, which feature double the outlets and triple the staff of Scotiabank Guyana, yield marginally higher profits than Scotiabank Guyana.
Again, Scotiabank profits are declared after monies paid to Scotiabank Trinidad for management and oversight. These fees paid for jobs deliberately and unnecessarily outsourced to Scotiabank Trinidad is oppressive and Scotiabank Guyana’s staff has been feeling colonized since the reporting relationship commenced. There have been drastic changes that see Scotiabank Guyana importing everything possible from Trinidad, no matter the cost, at a total disadvantage to local content and business.
Scotiabank Guyana makes more profits for the Global Bank than all of the other eight territories included in this deal of trickery combined. The highest being probably Anguilla, whilst the others are still reeling after abnormal weather patterns and hurricanes.
Scotiabank International is a model institution for Compliance. In fact Scotiabank Guyana has been the first Compliance-ready institution on the local scene because of its international standards. As Guyana becomes Compliance-aligned, the local rule books are being written using Scotiabank as a model. So there is no Compliance issue in the Guyana market for Scotiabank – that is unless something changed with the new reporting relationship with Scotiabank Trinidad.
What is interesting is that Scotiabank is selling their Guyana operations in a territory that is working assiduously to become more aligned with the international standards of Compliance, but seems to be investing heavily in territories that have debatable Compliance standards.
Let us see this deal for what it is. Despite it being different banks, the benefit of this transaction to Trinidad as a state, far exceeds any existing corporate commitment. Peeping Tom should also be willing to assess this situation as a Guyanese and see the disadvantage it puts the country’s business at, and not seize the opportunity to score cheap political points to slant arguments and views to be adverse towards a party or Government that he/she/they do not favour. This is about Guyana and Guyanese as a whole.
Concerned Scotiabankers
(past and present)
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