Stock market action - Sagicor sold! AND - Republic acquires Scotiabank's operations in nine Caribbean countries!

[elec2020]

^ didn't imbert say the same thing with guardian holdings and ncb? i can't remember if the guardian holdings and ncb sale of shares went through but i feel the MoF says these things to try to seem relevant in these matters.

[Habit7]

Things like this keep stoking the undercurrent of Trini resentment in Guyana. The Guyanese feel as if T&T is controlling all of the Guyanese biz, even before they found oil. Now that they have oil, T&T is still trying to take over. Guyana is longing for the day they can run all the Trini businesses and dominate themselves. Hence, they are reluctant to do oil and gas biz with us.

[agent007]

Thanks The Honorable, timeline updated:

Just thought I would share these links first so that we have a proper timeline to work with:

Mittal walks away from IBL to make way for JMMB ownership (7/10/13):
https://www.guardian.co.tt/article-6.2. ... e2b66f5f39

Scotiabank announces plans to close 35 branches in the Caribbean (5/11/14):
http://www.jamaicaobserver.com/news/Sco ... -Caribbean

RBL to acquire banking assets in EC and Guyana (27/11/18):
https://newsday.co.tt/2018/11/27/republ ... or-us123m/

Canada’s Alignvest to take over Sagicor and Sagicor to take over ScotiaLife (27/11/18):
https://www.spglobal.com/marketintellig ... gt5xwp2nw2

NCB Jamaica takes over Guardian Group (13/5/19):
https://www.guardian.co.tt/article-6.2. ... e2b66f5f39

Guyana blocks RBL buyout of the Scotiabank branches in their country (25/9/19):
https://www.stabroeknews.com/2019/09/25 ... cotiabank/

RBL buys out some Scotiabank operations in the Caribbean (1/11/19):
https://www.stabroeknews.com/2019/11/01 ... f-seven-sc

JMMB ended up with a Sagicor stake instead (12/12/19):
https://newsday.co.tt/2019/12/12/jmmb-b ... for-us332m

RBC’s exit strategy (13/12/19):
https://ewnews.com/canadian-banks-carib ... n-sell-off

Sagicor calls off deal with Scotiabank (2/7/20):
https://www.investmentexecutive.com/new ... nd-tobago/

Even CIBC wanted to bail out (3/2/21):
https://financialpost.com/news/fp-stree ... eject-deal

Changes to the banking system continues with ANSA Merchant acquiring Bank of Baroda (1/3/21):
https://www.looptt.com/content/ansa-mer ... operations

Scotiabank announces sale of branches in Guyana to FCB (3/3/21):
https://newsroom.gy/2021/03/03/scotiaba ... in-guyana/

[agent007]

Things like this keep stoking the undercurrent of Trini resentment in Guyana. The Guyanese feel as if T&T is controlling all of the Guyanese biz, even before they found oil. Now that they have oil, T&T is still trying to take over. Guyana is longing for the day they can run all the Trini businesses and dominate themselves. Hence, they are reluctant to do oil and gas biz with us.

https://oilnow.gy/featured/rowley-remin ... k-in-1996/

I think the reason why RBL got blanked initially was because they didn’t want “trinis” taking over. The well written response of avoiding a monopolistic banking environment to me is very convenient since RBL denied such.

They came here for decades illegally and sucked our resources. We wrote off their national debt and a little M&A or MoU they kicking up a fuss for? Ungrateful.

Anyway, not to derail the thread, there’s a reason why I’m doing what I’m doing where the timeline is concerned. Stick around, I’ll update as I see fit.

From an economic POV, it is important that we rally around proper investments made by RBL and FCB. Our economy desperately need some wins now especially when it comes to forex generation.

[bluefete]

Impsbert must be smiling.

Scotiabank announces sale of branches in Guyana to FCB (3/3/21):
https://newsroom.gy/2021/03/03/scotiaba ... in-guyana/

[88sins]

So, lemme see if I get this right.
RBL wanted to take over BNS ops in Guyana, but get blocked, and now a year or so later they want to turn it over to FCB, a somewhat smaller/weaker institution than RBL.
Anyone else get the feeling something smells like a dead rat about this?

That was because RBL is already Guyana's largest bank. So they were blocked to prevent a monopoly.

meanwhile back at the ranch:

However, the announcement was met with some bewilderment by Guyana’s Senior Minister with the responsibility for Finance Ashni Singh, who described the announcement as premature.

“It has just been brought to my notice that a press release was issued just a few minutes ago announcing the sale of the operations of Scotiabank Guyana to a Regional Bank, a Trinidadian Bank in particular. I wish to say that the government of Guyana considers it extremely unfortunate,” said Minister Singh, who explained that under Section 12 of Guyana’s Financial Institutions act such a sale would require the approval of the Bank of Guyana.

RBL being the largest bank operating in Guyana, acquiring BNS won't make them a monopoly in Guyana, it would just make them even bigger than the other 4 banks operating there by an even larger margin and they would dominate the market share there. Thats not the same thing as a monopoly. Other banks operating there would just have to step up their game to compete.

[tarzan]

competition in the banking industry equals more efficient workflow and a better customer experience....thats the bottomline, banks are going to thrive in guyana's newly found wealth also new banking services are going to be offered to the citizens of guyana such and investment opportunities and also wealth management.

[agent007]

In November 2012, Anya Schnoor took over the MD position at SBTT from Richard P. Young, a position Mr. Young inherited himself from Ronnie Chan (now deceased). After 5 years, Ms Schnoor was replaced by Stephen Bagnarol. After just 3.25 years, Mr Bagnarol is now replaced by Gayle Pazos. After 8.25 years, the helm of SBTT has returned to local born leadership.

[MarlonSam]

honestly starting to think the stock market is like gambling..