September 27, 2019 / 3:55 PM / 22 days ago

UPDATE 1-Scotiabank abandons plan to sell Guyana operations

(Adds comment from the bank)

Sept 27 (Reuters) - Bank of Nova Scotia said on Friday it will not proceed with a proposed sale of its operations in Guyana following opposition from the central bank.

Canada’s third-biggest lender agreed in November to sell the business to Republic Financial Holdings Ltd, the Trinidad and Tobago-based parent company of Republic Bank, as part of a plan to exit nine countries in the Caribbean, including Antigua and Grenada.

The Bank of Guyana cited concerns about concentration and competition in denying Scotiabank permission, The Globe and Mail reported here earlier.

A Scotiabank spokesman said the bank is in final stages of closing its deals in Anguilla, Dominica, Grenada, St. Maarten, St. Lucia, St. Kitts and St. Vincent.

The bank’s efforts to sell its Antiguan branch have been held up due to opposition from the government of Antigua and Barbuda.

Scotiabank had been exiting non-core businesses and focusing its international operations on the Pacific Alliance trading bloc of Peru, Mexico, Chile and Columbia, which now accounts for around a quarter of its revenue. (Reporting by Abhishek Manikandan and C Nivedita in Bengaluru; Additional reporting by Nichola Saminather in Toronto; Editing by Sriraj Kalluvila)

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