Farewell Scotiabank BVI, Welcome Republic Bank Financial Holdings (RFHL)
Written by Fuze Team on June 3, 2020
What was once a cream building draped with red, in the heart of Road Town has now turned blue, which signaled the acquisition of Scotiabank BVI by Republic Holdings Limited.
The sale was completed last week, and it became official on June 1st, 2020.
This follows approvals from the Central Bank of Trinidad and Tobago, and The Financial Services Commission of the British Virgin Islands, as well as the execution of the General Banking License in the BVI.
The bank said that the acquisition will add 51 team members to RFHL’s staff complement of approximately 6,077, US$551.7 Million to the Group’s total asset size and US$15 million to its net profits. The total asset base of the Republic Group will grow to approximately US$15.3Billion
President and CEO of the RFHL Group, Nigel Baptiste expressed thanks to the Regulators and the Government for their expressions of confidence in the Group.
Baptiste also expressed thanks to his staff of both RFHL and Scotiabank who he said worked tirelessly to make it a reality and gave the assurance to all of the Group’s stakeholders that their confidence and efforts are not misplaced and that the Group is looking forward to creating tremendous value in the BVI.
Baptiste welcomed all new team members and said that the RFHL Group is built on their people, since they believe that is what differentiates them from any other financial institution.
He said it was important to them that the people behind the success of Scotia’s operations in the BVI continued to be the main drivers of the success of their new operations here.
