Latest update November 29th, 2024 1:00 AM
Republic Bank may still be the victors
Dear Editor,
The Government of Guyana did not sanction the sale of Scotiabank Guyana to Republic Bank. This is a breath of fresh air for Guyana, but the damage has already been done! Republic Bank may however be the victors in all of this.
Since 2014 when Scotiabank Guyana changed Country Managers for the last time, many of the very experienced employees and sometimes entire departments were seemingly pushed out to create employment in Trinidad. Others walked because the eagerness to get rid of experienced employees or those who would mount a challenge to the current in-country hierarchy and its very bold underlings.
It is interesting to note that some people are of the view that the impending sale of Scotiabank to Republic Bank was a strategic effort to control the Guyana Banking sectors by a TT company, thus the same reason why Bank of Guyana denied the sale confirming that Republic Bank will dominate the Banking sector by over 50 percent.
Within the last year, some opted to resign, while others jumped to other financial institutions.
In an international news report, dated 27 September, 2019, Bank of Nova Scotia (BNS.TO) said it will not proceed with a proposed sale of its operations in Guyana following opposition from the Central Bank.
The question is with the handling of the BNS sale to Republic Bank, also Government of Antigua and Guyana concerns that BNS did not seek the requisite permission prior to the sale, coupled with the exodus of BNS top Bankers and customers, it will take years before BNS Guyana once again becomes the people’s favourite Bank. Perhaps with new leadership, it could be done.
Carlos Prowell
Former Scotiabank
Branch Manager
Bartica
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